A Time for Responsibility and Foresight
The year 2025 marked a milestone in the history of Landsvirkjun, as the Company celebrated its 60th anniversary. Important progress was made in the preparation and development of new power projects during this anniversary year. At the same time, it is clear that the Company - along with the government and the nation as a whole - faces decisions that call for clarity of vision and a strong sense of responsibility.
Since its establishment in 1965, Landsvirkjun has played a key role in the development of Icelandic society. By harnessing the nation’s renewable energy resources, a robust electricity system has been built - one that underpins value creation, economic activity, and the quality of life we enjoy today. Electricity is fundamental to a modern society and essential to the security and stability of the nation.
Operations of our power stations were strong during the year, despite challenging conditions and fluctuations in hydrology. Our employees have demonstrated in practice that they are worthy of the significant national trust placed in them through the stewardship of the country’s energy resources. This is reflected in the high level of public trust in the Company, as shown in opinion polls.
While Landsvirkjun stands on solid ground, an extensive development phase lies ahead - one that will test the Company’s capacity. To meet society’s pressing needs, support the energy transition, and enable continued economic growth, Landsvirkjun must undertake more extensive energy development than ever before.
This is not the first time the Company has been entrusted with a nationally significant task. Over the past six decades, the support and mandate of our owner, the Icelandic state, have been decisive in building Iceland’s electricity system. We are grateful for that support, and it will continue to be of critical importance during the development phase now underway.
History shows that forward-looking decisions in energy policy have delivered substantial benefits to the nation. It now falls to our generation to assume responsibility for the next steps and ensure that Landsvirkjun continues to serve as a pillar of Icelandic society, for the benefit of current and future generations.