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Profitability of energy production for discussion at Landsvirkjun's Autumn Meeting 2011

November 18, 2011

The meeting was entitled:  The road ahead  - how can Landsvirkjun become a leading company in the field of renewable energy?

Hörður Arnason  
Magnús Bjarnason  
Óli Grétar Blöndal Sveinsson  
Ragna Sara Jónsdóttir  

Hörður Arnarson, Landsvirkjun's CEO discussed Landsvirkjun profitability, past, present and future. He spoke about the company's new policy which emphasises maximising profitability and he highlighted the impact of the company's new strategy on company operations. Mr. Arnarson also made special reference to the profitability of Kárahnjúkavirkjun Power Station, its operations and activation.

Magnús Bjarnason, executive vice president of Marketing and Business Development, presented competitiveness in a green economy. He spoke about selling renewable energy at competitive prices in an international economy that places increasing emphasis on sustainability and environmental awareness. Mr. Bjarnason said that increased demand and value of green and renewable energy had not been reflected in the price of electricity in Iceland. Mr. Bjarnason said that Landsvirkjun offers the most competitive terms in Europe that are based on low prices, 100% clean energy and secure delivery. New customers, such as data centers, can thus take advantage of extremely competitive circumstances in Iceland. Mr. Bjarnason said that the energy market could link even further to the European market with the laying of a submarine cable which is now financially and technically viable.

Ragna ArnadottirHordur Arnason

Hordur Arnarson, Landsvirkjun's CEO       Ragna Arnadottir, Executive Vice President of Landsvirkjun's Corporate Office  

New steps taken in research on wind power

Dr. Oli Grétar Blöndal Sveinsson, executive vice president of Research and Development presented Landsvirkjun's projects in research, development and innovation, with particular emphasis on possibilities for production of electricity from wind power in Iceland. Research shows that conditions in Iceland for wind power are considered to be favourable and Dr. Sveinsson announced that Landsvirkjun intended to proceed into a new research project involving a setup of two windmills for research purposes near Burfell power station next year. He also discussed the possibilities of increased production from existing power stations along with the opportunities and challenges related to the laying of a submarine cable.

Ragna Sara Jónsdóttir, the director of Corporate communications, presented Landsvirkjun's new strategy on corporate social responsibility. Mrs. Jónsdóttir said that the company's social responsibility was the foundation for Landsvirkjun's goal of being a leader in the field of renewable energy. Overall Landsvirkjun's corporate social responsibility is to create dividends, to treat resources and the environment well and to ensure that knowledge and positive impact from company operations spill out into the community.

Ragna Árnadóttir, Executive Vice President of Landsvirkjun's Corporate Office chaired the meeting and said that the objective of Landsvirkjun's open meetings was to promote transparent and informed discussion on matters related to company operations.


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