Chairman’s statement

Visionaries Shape the Future

Jónas Þór Guðmundsson, chairman of Landsvirkjun's Board
Read the 2023 Annual Report

In 2024, as we mark another outstanding operational year for Landsvirkjun, we commemorate a momentous milestone: the 100th anniversary of the birth of Jóhannes Nordal, our founding chairman, who passed away on the 5th of March 2023. He was a driving force in Iceland’s transition to autonomy, economic growth, and value creation in the 20th century, steering us away from the agrarian society of past centuries towards a modern society.

Jóhannes Nordal’s vision and leadership were instrumental in establishing Landsvirkjun, and the pivotal agreements brokered during his tenure laid the groundwork for theCompany’s success. In 1965, landmark legislation on Landsvirkjun enacted by the Icelandic parliament on his birthday, the 11th of May, marked a significant milestone in the nation’s journey towards prosperity and modernity.

The establishment of the Búrfell Hydropower Station, followed by subsequent developments, cemented Landsvirkjun as a vital pillar of the country’s electricity infrastructure, a role it continues to play to this day. Without the foresight and unwavering commitment of Jóhannes Nordal and others involved in major industry and energy ventures, the progress of Iceland’s energy sector would not have advanced as remarkably as it has, creating a tangible improvement in the quality of life for the nation as it transitioned into the modern era.

In 2023, Landsvirkjun experienced a record-breaking financial year with a 19% increase in profit from core operations, even beating the previous record year. The Company’s strategic financial management resulted in the lowest net debt to EBITDA compared to industry peers, highlighting its robust financial position. This success was made possible by the dedicated efforts of Landsvirkjun’s employees, strategic planning, and a strong foundation.

We Icelanders must recognise the historical roots of our advantageous position in energy matters since the last century. This foundation is crucial for our nation’s prosperity and well-being. Let us persevere in utilising our resources and seizing the opportunities they provide for the advancement and benefit of our country and its people!