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Orkusalan ehf. established with other energy companies

March 15, 2006

RARIK and Westfjord Power Company each own 36% of the fledgling enterprise, while Landsvirkjun's share is 28%. The chief aim of the company is to administer the purchase, sale and generation of electricity.

The plan is for Orkusalan ehf. to engage in retailing electricity, whereas RARIK and Westfjord Power Company will withdraw from that sector. RARIK and Westfjord Power Company will provide Orkusalan with the power plants those two companies currently operate. Landsvirkjun's contribution to the new company, on the other hand, will be the Laxá Power Stations, although Landsvirkjun will remain in charge of operating those stations.

The following persons were elected to the board of the new company: Tryggvi Þór Haraldsson, who is chairman, Kristján Haraldsson and Friðrik Sóphusson. The deputy directors are Steinar Friðgeirsson, Bjarni Sólbergsson and Einar Kristjánsson. The managing director of Orkusalan ehf. is Ólöf Nordal.

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