Foresight and a green future
Thinking ahead is essential in the energy sector. The power stations we build today provide power for tomorrow. Power projects are designed to meet the energy needs of the future and can take years to complete. We owe a great deal to the pioneers who had the foresight to develop energy production and energy systems in Iceland in the last century, fundamental to our quality of life today. Periods of prosperity should be used to prepare for leaner times. Landsvirkjun has used the last decade or so to repay its debts and to build new power stations, financed mainly by the Company’s cash flow. Landsvirkjun’s equity ratio has never been higher, and our financial position will soon be comparable to similar energy companies in the Nordic region.
The Company’s improved financial position has enabled us to support Icelandic society through extraordinary times as the covid-19 pandemic swept the world. Landsvirkjun has stood firmly behind its customers by offering temporary discounts on electricity prices. We have also participated in vital economic responses to limit the pandemic’s impact by launching numerous projects, improvements and research and development projects across the country. The best defence is often an effective offence, and Landsvirkjun has everything it takes to continue its pursuit of a brighter future. Our Annual Report’s title reflects our intention to make the world greener, and our policy supports all aspects of sustainability. We believe in generating green electricity and the efficient utilisation of energy resources to support initiatives that sustainably utilise these resources: Creating a Greener World Together!
Jónas Þór Guðmundsson, Chairman