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. They recognise the immense trust placed in them to manage the nation’s renewable energy resources. They also recognise that electricity is the lifeblood of society and the foundation of the quality of life we have come to expect in a modern nation.
Through prudent decision-making, Landsvirkjun has built a powerful electricity system, while strengthening its financial position to an unprecedented level. It has never been better placed to meet the growing energy demands of businesses and society. In recent years, its dividend payments have significantly boosted the state treasury, reinforcing the importance of ensuring that Landsvirkjun remains in public ownership. Like the resources it manages, the Company belongs to the people, and hopefully that will continue to be the case in the future, for the good of the Icelandic people.
There is broad consensus that we must break the deadlock that has stalled Iceland’s energy sector in recent years. Yet, despite repeatedly highlighting the urgent need to accelerate energy development, Landsvirkjun has not been able to fulfil its role as it should. The reasons for this are varied, but our institutions must step up, act decisively, and work together to overcome the stagnation in energy affairs, which now poses a real threat to the well-being of the Icelandic people and will impede the necessary value-creation and economic development if no action is taken. The Company‘s development pipeline includes important energy generation projects that must not be further delayed due to unclear regulations.