Official launch of IceGrid

3. January 2005

Valgerður Sverrisdóttir, Minister of Industry and Commerce, and Þórður Guðmundsson, Managing Director of IceGrid, shake hands at the opening ceremony held upon founding IceGrid hf.

The main role of IceGrid is transmitting electricity from producers to consumers, whether to distribution utilities or heavy industry. IceGrid is also responsible for the administration and supervision of the network and for system operation.

IceGrid acts in a framework of special licensing, with its operation subject to supervision by the National Energy Authority. The Authority determines the company’s revenue structure, though it is to be revised on a regular basis.

IceGrid hf. was established upon the entry into force of the Electricity Act, which stipulates the separation of electricity production from its transmission. Approximately 70 employees who used to work for Landsvirkjun were therefore transferred and are now employed by the new company.

The current Electricity Act also entails competition on the electricity market. Companies that utilise over 100 kilowatts of electricity per hour can now choose their own electricity vendor. A year from now, other buyers of electricity will be offered the same option.

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