A Strong Future Built on Solid Foundations
Solid operations in challenging conditions
Landsvirkjun continued to perform well in 2024, although the operating results did not match the record year of 2023. Profit from core operations amounted to USD 301 million, and the Company's financial position is better than ever. The operation of power plants went well, despite challenging reservoir conditions.
Solutions to the nation's energy challenges are well within our reach. Iceland has a long and successful history of developing an energy system that is unique on a global scale, and the task ahead is to continue on that path — leveraging expertise to meet the electricity demand for societal growth and the energy transition ahead. Landsvirkjun has never been in a better position to play a vital role in this effort.
This report is packed with insights about the company, including energy production, financial performance, the electricity market, climate and environmental issues, the workplace, strategy, community relations, communication, and education, to name just a few.
Key Figures
Electricity Production
0TWh3%Profit before unrealised financial items
$0m19.9%Avoided emissions from electricity production
0m. tonnes4.1%CO2 -eq
Carbon footprint per energy unit
0g5.6%CO2-eq/kWh
Operating revenue
$0m14%Total emissions per energy unit
0g3.9%CO2-eq/kWh
A Crucial Juncture
It has been a great honour to serve as Chairman of Landsvirkjun over the past year. I know the Company well, having first been appointed to the board in 2014 and later serving as Vice Chairman before taking up my current role.
Through these years of close involvement, I can confidently say that Landsvirkjun is a Company like no other in Iceland’s history, a true national treasure. It is run by outstanding professionals who take their responsibilities seriously, uphold the highest work standards, and let their actions speak for themselves.
The Time to act is Now
Landsvirkjun delivered a strong performance in 2024 despite falling short of the record-breaking results of the previous year.
The year presented significant challenges, including historically low water reserves, which impacted sales and reduced revenues. In addition, changes to the pricing structure of a major customer contract and a decline in realised hedging gains contributed to lower earnings.
Key Figures
Total assets
$0m3%Carbon footprint
0thsnd. tonnes2.2%CO2-íeq
Net debt
$0m4.4%Net assets
$0m2.5%Economic contribution
$0m2.2%Number of employees
010%