The Foundations of a Greener Society

Success in financial and climate-related issues

Landsvirkjun's financial results for the year 2022 were the best in the Company's history. Profit before unrealised financial items amounted to USD 315.9 million and the average price to power intensive customers has never been higher. Power station operations were successful during the year, in spite of challenging conditions due to slow reservoir inflows.

According to the year's climate accounts, included in the Annual Report, our carbon intensity amounted to 3.5 gCO2e/kWh, representing a 2% decrease from the year before. It is therefore safe to say that last year's operations were a success, both financially and in terms of climate action.

You can read about this and much more in our Annual Report, which also serves as a sustainability report, as sustainability represents a core principle in our operations.

Key Figures

  • Energy Production

  • Earnings before unrealised financial items

  • Avoided emissions from energy production

    0m. tonnes16%

    CO2 -eq

  • Carbon footprint per energy unit



  • Operating revenue

  • Carbon intensity




Jónas Þór Guðmundsson CEO

The Fruits of Labours Past

The energy of today must evolve to become the energy of the future. Long-term planning and taking appropriate measures are essential to shaping a green energy future. Energy foresight has become fundamental to the future interests of any nation. Landsvirkjun has always endeavoured to demonstrate forethought whilst maximising the value of renewable energy sources.

Hörður Arnarson CEO

Energy and Power for the Future

The year 2022 was a memorable year in Landsvirkjun’s operations. We applaud our team for their professionalism and selflessness as low reservoir inflows and frequent storms created challenging conditions. Despite these issues, our operating results were better than ever which can mostly be attributed to recent renegotiations with our largest customers, which is also the result of our team´s hard work.

Key figures

  • Total assets

  • Carbon footprint

    0thsnd. tonnes2%


  • Net debt

  • Net assets

  • Economic contribution

  • Full-time equivalent positions




Icelandic State acquires Landsvirkjun’s share in Landsnet

The Ministry of Finance and Economic Affairs and Landsvirkjun reached an agreement on the acquisition by the State of Landsvirkjun’s 64.73% share in Landsnet hf.


Landsvirkjun and Landeldi Sign a Green Power Purchase Agreement

Landsvirkjun and Landeldi signed a Green PPA for up to 20 MW of electricity to Landeldi’s land-based salmon farm in Þorlákshöfn.


Landsvirkjun recognized with ‘A’ score for transparency on climate change

Landsvirkjun recognized for leadership in corporate transparency and performance on climate change by global environmental non-profit CDP.


Hydropower Station in Georgia Inaugurated

The hydropower station Akhalkalaki HPP in Georgia, partly owned by Landsvirkjun, commenced its operations on November 5th.


Power Station Licence Application Submitted for Búrfellslundur

Landsvirkjun has submitted a power station licence application to the National Energy Authority (Orkustofnun) for the planned Búrfellslundur power station


Landsvirkjun and Eimskip Join Forces for the Energy Transition

Landsvirkjun and Eimskip signed a Letter of Intent today concerning Eimskip’s energy transition for its shipping- and ground transport fleet.


Koldís Tackles Carbon Dioxide Emissions

Landsvirkjun will capture and reinject carbon dioxide from Þeistareykir Geothermal Station, as well as reducing carbon dioxide emissions from Krafla Power Station.


Annual General Meeting Ratifies ISK 15 billion in Dividends

Landsvirkjun’s AGM ratified the Board of Director’s proposed dividend payment of ISK 15 billion for 2021.


Climate Leader

The Financial Times’ list of European companies puts Landsvirkjun at number 81 on FT’s list of 400 Europe’s Climate Leaders.


Turning emissions into green methanol to decarbonize industries

Landsvirkjun og PCC SE have agreed to jointly explore the possibility of capturing and utilizing carbon emissions from PCC’s silicon metal plant.


Collaboration on the Energy Transition in Aviation

Landsvirkjun and Icelandair announced that they are joining forces to develop solutions for the energy transition in aviation