Landsvirkjun

Reykjavík, Iceland

Landsvirkjun

Reykjavík, Iceland
SEARCH FILTERS
Time filter
Source Type

News Article | May 19, 2017
Site: www.theguardian.com

Harnessing the power of Iceland’s volcanoes to provide energy to British homes is one of those ideas that resurfaces every few years, but sounds too good – or whacky – to be true. However, interest from a clutch of international companies in a geothermal project in northern Iceland suggests the idea is not just achievable but commercially viable too. Scientists working on the Krafla Magma Testbed plan to drill more than 2km below the Earth’s crust into a molten magma lake, starting a process they say could see the UK receiving energy from Iceland’s volcanoes within 20 years. In an experiment due to begin in 2020, the researchers will drill an initial borehole down to the magma body, into which water can be pumped through reinforced U-shaped pipes. The resulting “supercritical steam” could, in theory, be used to power turbines and the energy generated sent across the North Atlantic via underwater cables. While geothermal power already generates a quarter of Iceland’s electricity production, on a global scale the sector has failed to flourish in the same way as solar or wind. Held back by high upfront development costs, it currently produces less than 1% of the world’s electricity, according to the World Energy Council. However, new technology of the type being piloted in Krafla could accelerate the sector’s growth, according to Freysteinn Sigmundsson, a geophysicist at the University of Iceland and an investigator on the project. Professor Yan Lavallée, a volcanology and magma research chair at Liverpool University, says the renewable potential is enormous. “Even a small body of magma in the order of a fraction of a cubic kilometre could power a whole country the size of the UK,” he says, adding that the possibility of storing the energy generated in large batteries or old mines is also under discussion. The promise of bountiful, clean volcano power appears to be attracting the attention of a host of large corporations, including those from the fossil fuel and mining sectors. “We have had discussions with a number of international oil and gas companies,” says John Ludden, the director of the British Geological Survey (BGS), which is coordinating the Krafla project with Iceland’s Geothermal Research Group. The Norwegian oil and gas giant Statoil confirmed an “informal dialogue” with the Krafla project, while Canada’s Falco Resources, a mining company, has part-funded a research post that is exploring collaborative work with the Krafla team. The researchers are also working with US-based Sandia National Laboratories, a nuclear contractor to the US government, to assess how to deal with magma at temperatures of 900C, says Ludden. “It’s not impossible to imagine that Iceland could send 2GW of energy at a time to the UK, Holland or Denmark via underwater cables,” he says – enough to power around 1.5m homes. “Perhaps that could happen in the next two decades.” Those underwater cables would, of course, come at a cost: one assessment (pdf) puts the price of a 1,000km-long interconnector across the North Atlantic at up to €3.5bn (£2.7bn), almost twice the cost of the London Array, one of the largest offshore wind farms in the world. Hordur Arnarson, CEO of Icelandic utility Landsvirkjun, which will develop the Krafla site, has warned that his company would need fixed price guarantees and long-term contracts, along the lines of the support given to the Hinkley Point C nuclear reactor. He has also previously raised concerns that Brexit could complicate the process. However, a UK-Iceland joint task force concluded (pdf) last July – after the referendum – that there was a viable business case for such a connector, and the European commission has put the cable on its list of “projects of common interest”. In any case, the cable would need five more years of assessments and preparatory work before construction could begin, according to Landsvirkjun, providing plenty of time for any opposition to organise. In Iceland, people living near the Krafla site have been told a risk assessment involving them will take place, says Bjarni Pálsson, a project manager for Landsvirkjun. Researchers have said, so far, that they see no risk their drilling will trigger an eruption, and that they will insert magma flow sensors specifically geared to detect future eruptions. Exporting the energy, rather than using it to boost domestic industry, is also likely to raise eyebrows. Pálsson describes exports as “just an option that the government is looking into”. “It is definitely a political issue and it will have to go through a lot of dialogue before being realised,” he says. Sign up to be a Guardian Sustainable Business member and get more stories like this direct to your inbox every week. You can also follow us on Twitter.


News Article | July 4, 2017
Site: globenewswire.com

Moody’s Investors Service has confirmed unchanged credit ratings for Landsvirkjun. Landsvirkjun’s credit rating without the guarantee of collection is Baa3 and with the guarantee of collection Baa1. Outlook is stable. For further information, please contact Rafnar Lárusson, CFO. Phone nr. +354 515 9000, email: rafnar@landsvirkjun.is


News Article | July 7, 2017
Site: globenewswire.com

Matsfyrirtækið Moody‘s hefur staðfest óbreyttar lánshæfiseinkunnir Landsvirkjunar. Lánshæfiseinkunn Landsvirkjunar án ríkisábyrgðar er Baa3 en með ríkisábyrgð Baa1. Horfur eru metnar stöðugar. Reykjavík, 4. júlí 2017 Nánari upplýsingar veitir Rafnar Lárusson, framkvæmdastjóri fjármálasviðs. Sími 515 9000, netfang: rafnar@landsvirkjun.is


News Article | May 30, 2017
Site: globenewswire.com

Key figures from the interim financial statements Operating revenues amounted to USD 118.8 million and increased by USD 13.3 million (12.6%) from the same period in the previous year.   EBITDA amounted to USD 88.3 million. EBITDA ratio is 74.3% compared to 77.9% in the same period in the previous year.   Profit before unrealised financial items amounted to USD 43.8 million compared to USD 37.8 million in the same period in the previous year which is an increase by 15.7% between periods.   The profit for the period was USD 49.4 million but was USD 3.4 million in the same period the previous year. The increase between periods is in part due to an increase in revenues but a greater part is due to changes in unrealised financial items.    Net liabilities increased by USD 5.3 million from the beginning of the year and amounted to USD 1,965.8 million at the end of March.   Cash flow from operations amounted to USD 66.3 million which is a decrease of 3.5% compared to the same period in the previous year. “The results in the first quarter are quite acceptable, as revenues in the quarter are among the highest in Company history. Higher aluminium prices and an increase in sales compared to the first quarter in 2016,  contributed to the increase in revenues. The Icelandic Krona has strengthened considerably between years and thus there was an increase in expenditures measured in USD. Profit before unrealised financial items, a metric used by Landsvirkjun to evaluate the Company´s operations, increased by 16% between years, with the quarter results one of the best since the Company´s inception.”


News Article | May 30, 2017
Site: globenewswire.com

Key figures from the interim financial statements Operating revenues amounted to USD 118.8 million and increased by USD 13.3 million (12.6%) from the same period in the previous year.   EBITDA amounted to USD 88.3 million. EBITDA ratio is 74.3% compared to 77.9% in the same period in the previous year.   Profit before unrealised financial items amounted to USD 43.8 million compared to USD 37.8 million in the same period in the previous year which is an increase by 15.7% between periods.   The profit for the period was USD 49.4 million but was USD 3.4 million in the same period the previous year. The increase between periods is in part due to an increase in revenues but a greater part is due to changes in unrealised financial items.    Net liabilities increased by USD 5.3 million from the beginning of the year and amounted to USD 1,965.8 million at the end of March.   Cash flow from operations amounted to USD 66.3 million which is a decrease of 3.5% compared to the same period in the previous year. “The results in the first quarter are quite acceptable, as revenues in the quarter are among the highest in Company history. Higher aluminium prices and an increase in sales compared to the first quarter in 2016,  contributed to the increase in revenues. The Icelandic Krona has strengthened considerably between years and thus there was an increase in expenditures measured in USD. Profit before unrealised financial items, a metric used by Landsvirkjun to evaluate the Company´s operations, increased by 16% between years, with the quarter results one of the best since the Company´s inception.”


News Article | May 30, 2017
Site: globenewswire.com

Key figures from the interim financial statements Operating revenues amounted to USD 118.8 million and increased by USD 13.3 million (12.6%) from the same period in the previous year.   EBITDA amounted to USD 88.3 million. EBITDA ratio is 74.3% compared to 77.9% in the same period in the previous year.   Profit before unrealised financial items amounted to USD 43.8 million compared to USD 37.8 million in the same period in the previous year which is an increase by 15.7% between periods.   The profit for the period was USD 49.4 million but was USD 3.4 million in the same period the previous year. The increase between periods is in part due to an increase in revenues but a greater part is due to changes in unrealised financial items.    Net liabilities increased by USD 5.3 million from the beginning of the year and amounted to USD 1,965.8 million at the end of March.   Cash flow from operations amounted to USD 66.3 million which is a decrease of 3.5% compared to the same period in the previous year. “The results in the first quarter are quite acceptable, as revenues in the quarter are among the highest in Company history. Higher aluminium prices and an increase in sales compared to the first quarter in 2016,  contributed to the increase in revenues. The Icelandic Krona has strengthened considerably between years and thus there was an increase in expenditures measured in USD. Profit before unrealised financial items, a metric used by Landsvirkjun to evaluate the Company´s operations, increased by 16% between years, with the quarter results one of the best since the Company´s inception.”


News Article | May 30, 2017
Site: globenewswire.com

Key figures from the interim financial statements Operating revenues amounted to USD 118.8 million and increased by USD 13.3 million (12.6%) from the same period in the previous year.   EBITDA amounted to USD 88.3 million. EBITDA ratio is 74.3% compared to 77.9% in the same period in the previous year.   Profit before unrealised financial items amounted to USD 43.8 million compared to USD 37.8 million in the same period in the previous year which is an increase by 15.7% between periods.   The profit for the period was USD 49.4 million but was USD 3.4 million in the same period the previous year. The increase between periods is in part due to an increase in revenues but a greater part is due to changes in unrealised financial items.    Net liabilities increased by USD 5.3 million from the beginning of the year and amounted to USD 1,965.8 million at the end of March.   Cash flow from operations amounted to USD 66.3 million which is a decrease of 3.5% compared to the same period in the previous year. “The results in the first quarter are quite acceptable, as revenues in the quarter are among the highest in Company history. Higher aluminium prices and an increase in sales compared to the first quarter in 2016,  contributed to the increase in revenues. The Icelandic Krona has strengthened considerably between years and thus there was an increase in expenditures measured in USD. Profit before unrealised financial items, a metric used by Landsvirkjun to evaluate the Company´s operations, increased by 16% between years, with the quarter results one of the best since the Company´s inception.”


News Article | December 28, 2016
Site: www.businesswire.com

REYKJAVIK, Iceland--(BUSINESS WIRE)--Iceland Naturally invites you to take a virtual trip to Reykjavik with a Facebook Live video stream of the city’s dazzling fireworks show on New Year’s Eve hosted by Iceland’s famous TV personality Benedikt Valsson. Simply head to www.facebook.com/icelandnaturally at 6:50 p.m. EST / 3:50 p.m. PST on December 31 to watch more than 200,000 Icelanders ring in the new year with their famous fireworks display. Since Iceland is several hours ahead of North America, you can watch the celebrations before yours even begin! The majority of proceeds from fireworks sales in and around Reykjavik go to Iceland’s volunteer rescue group, Icelandic Association for Search and Rescue (ICE-SAR). This, coupled with the fact that there are no fireworks restrictions in Iceland, make for an incredible display; almost everyone in Reykjavik sets off fireworks and the sky becomes illuminated with awe-inspiring lights as far as the eye can see. In Iceland, New Year's Eve is honored as a historic and traditional holiday, full of laughter, music and magic. The festivities kick off with dinner, followed by bonfires (“brenna”) and a gathering of family and friends to listen to music. Bars and restaurants stay open all night so the dancing and celebrating lasts well into the morning. Don’t miss out on this unique opportunity to be a part of Iceland’s New Year’s Eve celebration from the comfort of your own home! Tune in to Iceland Naturally’s live stream at www.facebook.com/icelandnaturally just before midnight Icelandic time on New Year’s Eve and share with your friends by tweeting @IcelandNatural using #ReykjavikNYE. About Iceland Naturally Iceland Naturally is a cooperative marketing organization that promotes the services, products and culture of Iceland. Through events, promotions and online marketing, Iceland Naturally introduces Iceland’s creativity and natural wonders to North Americans. The group is comprised of Iceland’s top companies and organizations: Icelandair, Icelandic Group, Islandsbanki, Reyka Vodka, City of Reykjavik, Icelandic Glacial, Blue Lagoon, Keflavik International Airport (KEF), Landsvirkjun, Ölgerðin, Promote Iceland, Icelandic Provisions and the Government of Iceland. For more information, visit: www.icelandnaturally.com.


News Article | February 21, 2017
Site: www.businesswire.com

BOSTON--(BUSINESS WIRE)--Taste of Iceland, an annual festival that celebrates Iceland’s vibrant culture, returns to Boston with a series of events from March 16-20, 2017. Presented by Iceland Naturally, the five-day festival highlights the best of Icelandic food, music, art and more giving Bostonians a taste Icelandic culture. This year’s events include a special Icelandic menu at The Merchant; the Reykjavik Calling Concert at The Middle East; an Icelandic film screening at The Brattle Theatre, an Icelandic literature presentation by the First Lady of Iceland at WBUR; and a discussion of Icelandic visual arts at The Kingston Gallery at SoWa. Icelandic Menu at The Merchant March 17-20 | 4-11PM Daily | The Merchant | 60 Franklin Street, Boston, MA 02110 Icelandic chef Siggi Helga of Grillið restaurant will fly to Boston with a number of fresh Icelandic ingredients to collaborate with local Boston chef Steve Brady of The Merchant. Known for his innovative style, chef Siggi will bring Icelandic cuisine to The Merchant’s kitchen and work with chef Brady to create an authentic and fresh dinner menu. Brennivin’s 2015 cocktail champion, mixologist Kári Sigurðsson, will also make the flight from Iceland to join the Merchant’s bar manager, Bryan Ames, in mixing unique cocktails featuring Iceland’s favorite vodka, Reyka Vodka, and aquavit, Brennivin, to pair perfectly with your dinner. For reservations call (617) 482-6060 or reserve online here. Reykjavik Calling Concert March 18 | 8PM | The Middle East | 472 - 480 Massachusetts Ave, Cambridge, MA 02139 The annual Reykjavik Calling concert, sponsored by WERS, returns to The Middle East. This year’s lineup features Icelandic bands Fufanu, who just dropped their new album Sports, and Mammut, winner of the 2014 Icelandic Music Awards’ Album of The Year and Song of the Year, along with local Boston band The Dirty Dottys, winner of Best Pop Act at the New England Music Awards. Admission is free and will be granted on a first-come, first-served basis. Doors open at 8:00 p.m.; show begins at 9:00 p.m. Must be 18+. RSVP The Write Stuff: How Iceland Inspires Lovers of the Written Word March 16 | 5:30PM | WBUR | 890 Commonwealth Avenue, Boston, MA 02215 This Icelandic literature event, sponsored by WBUR, celebrates Iceland’s robust storytelling culture with a 30-minute presentation from author and Iceland’s First Lady, Eliza Reid. A Reykjavik-based writer and editor, Reid co-founded the Iceland Writers Retreat, an annual gathering for published and aspiring writers. After her presentation on how Iceland inspires lovers of the written word, Reid will answer questions, lead a discussion with attendees, and share details of the Iceland Writers Retreat coming up on April 5-9, 2017; tickets are still available! While immersing themselves in Icelandic literature, guests will also enjoy Icelandic bites and cocktails prepared by chef Siggi and mixologist Kári, respectively. Admission is free; registration is required. RSVP Shortfish: Iceland’s Premier Short Film Festival March 19 | 12PM | The Brattle Theatre | 40 Brattle Street, Cambridge, MA 02138 Enjoy an afternoon of Icelandic short films and popcorn at The Brattle Theater in Harvard Square. The screening will feature six short films from the 2016 Shortfish competition (the short film division of Iceland’s premier film festival, Stockfish). The winner of the 2016 Shortfish competition, Like it’s up to you by Brynhildur Þórarinsdóttir, will be among the shorts screened. The program will run for approximately 75-minutes with each short running between five and twenty minutes. There are no restrictions on these films, however, they are not recommended for children. Doors open at 11:30 a.m.; program starts at noon. Admission is free and will be granted on a first-come, first-served basis. RSVP The Icelandic Art Center Presents: Iceland’s Thriving Contemporary Visual Arts Scene March 17 | 5:30PM | The Kingston Gallery at SoWa | 450 Harrison Avenue, No. 43, Boston, MA 02218 Join Björg Stefánsdóttir, director of the Icelandic Art Center, for a 60-minute presentation and discussion on Icelandic visual arts. Björg will offer insight into how Iceland (with a population of 340,000) is able to maintain a thriving contemporary art scene and spread Icelandic art across the world through its artist-driven community and The Icelandic Art Center. Admission is free and will be granted on a first-come, first-served basis. RSVP Media Reception March 15 | 6PM A media reception will be held on Wednesday, March 15 for members of the press who would like to preview the festival and meet with Icelandic guests before the events kick off on March 16. Interested media should email iceland@bigfishpr.com for event details. Win an Icelandic Prize! At each Taste of Iceland in Boston event you attend, make sure to grab an event pin from the entrance of the venue for your chance to be entered into a drawing for an Icelandic prize! Enter by tweeting a picture of all your buttons to @IcelandNatural with the hashtag #TOIBostonChallenge by March 21. The more events you attend, the more buttons you collect and the greater your chances of winning! Stay up-to-date on Taste of Iceland in Boston by following @IcelandNatural and #TasteofIceland on Twitter and Instagram, ‘Liking’ Iceland Naturally on Facebook and RSVPing to the Facebook event. Can’t make it to the concert on Saturday night? Iceland Naturally will be streaming the show via Facebook Live - tune in at 9 p.m. ET! To learn more about Taste of Iceland in Boston, visit www.icelandnaturally.com. About Taste of Iceland in Boston Taste of Iceland in Boston is presented by Iceland Naturally in cooperation with Icelandair, Reyka Vodka, Blue Lagoon, Visit Reykjavik, Icelandic Glacial, Promote Iceland, Ölgerðin Egill Skallagrímsson, Icelandic Provisions, Brennivin, Iceland Airwaves, WERS, The Merchant, The Middle East, The Brattle Theatre, WBUR The Kingston Gallery and SoWa. About Iceland Naturally Iceland Naturally is a cooperative marketing organization that promotes the services, products and culture of Iceland. Through events, promotions and online marketing initiatives, Iceland Naturally introduces Iceland’s creativity and natural wonders to North Americans. The group is comprised of Iceland’s top companies and organizations: Icelandair, Icelandic Group, Reyka Vodka, City of Reykjavik, Icelandic Glacial Water, Blue Lagoon, Keflavik International Airport (KEF), Landsvirkjun, Ölgerðin Egill Skallagrímsson, Promote Iceland, Icelandic Provisions and the Government of Iceland.


News Article | February 28, 2017
Site: globenewswire.com

Acceptable earnings in a demanding business environment Two power plants under construction in order to meet increased demand for electricityKey figures from the consolidated financial statements “Landsvirkjun’s earnings in the year 2016 are acceptable despite a decrease year over year. External conditions were not favourable in the year 2016. Aluminium prices continued to be low despite moving higher in the second half of the year. Our revenues are still in some part connected to aluminium prices. Sold volume also decreased between years, contrary to plans, due to customer operational difficulties. In spite of this, revenues were nearly the same between years. Strong cash flow enabled the Company to do more than meet its investments in the new hydro-electric power station at Burfell II and the geothermal power plant at Theistareykir. It is satisfactory to be able to continue this development without increasing debt, but on the contrary, decrease debt. The decrease in debt during the last few years has had a good effect on the Company’s operations, which can be seen by the substantially lower interest expense between years. Landsvirkjun’s credit rating was raised by one grade in January 2017 which adds up to an advancement of three grades in the last years. The Company´s current credit rating, without a state guarantee, is investment grade and in this respect the company is drawing closer to comparable companies in the neighbouring countries.”

Loading Landsvirkjun collaborators
Loading Landsvirkjun collaborators