The first contract on electricity transmission which has been completed within the new business environment in Iceland's electrical affairs was signed today. The agreement is between the Transmission Division of Landsvirkjun, on the one hand, and Suðurnes Regional Heating and Reykjavík Energy on the other.

In 2003 Landvirkjun’s operation achieved a profit of ISK 1,551 m, and net cash provided by operating activities amounted to ISK 5,601 m. At the end of the year, the company’s total assets were ISK 134.5 billion and the equity ratio was 30.6%.

The National Planning Agency has ruled on the environmental impact of Bjarnarflag Power Plant and Bjarnarflag Line 1, in the district of Skútustaðahreppur. Involved are an electric power station of up to 90 MW and a high-voltage line of 132 kV. The project is accepted subject to conditions.

Today, Thursday 22nd January 2004, in a verdict of the Icelandic Supreme Court, The National Power Company (Landsvirkjun) and the Icelandic State were acquitted of all claims of Icelandic Nature Conservation Association (INCA) an three other plaintiffs regarding the legitimacy of the Environmental Impact Assessment (EIA) procedure of the Kárahnjúkar Power Plant.

An article by freelance journalist Susan De Muth containing sweeping criticism of the Kárahnjúkar project and Icelandic society in general published on November 29th in the Guardian Weekend supplement of English newspaper The Guardian, has provoked a strong reaction in Iceland.

Landsvirkjun and VA TECH Escher Wyss GmbH signed a Contract Agreement for Contract KAR-30 Electomechanical Equipment, today.

A District Court has ruled on behalf of Landsvirkjun and the Icelandic State in the case brought by the Nature Conservation Society of Iceland and others, demanding that the Ruling by the Minister for the Environment on Kárahnjúkar Power Plant be declared invalid.

Hydrogen and renewable energy. Conference in Reykjavík 24-25th of April. How will hydrogen be available to the public in the near future?

Landsvirkjun’s annual consultation meeting was held today with Kárahnjúkar Power Plant as its central topic. Various aspects of the construction project were presented and prospective work was shown in three-dimensional graphics.

Mr Fridrik Sophusson, Managing Director of Landsvirkjun, and Mr Gianni Porta, Project Manager at Impregilo, today signed contracts on the construction of the Kárahnjúkar dam and headrace tunnel. The contracts amount to about ISK 38 billion excluding VAT and have been signed in the wake of the confirmation of a power contract between Landsvirkjun and Alcoa last Sunday.

Over one thousand people were in attendance at the signing of Alcoa’s contracts with the Icelandic government, Fjarðabyggð and Landsvirkjun, which took place in Reyðarfjörður on Saturday. The signing itself took about 40 minutes, as the contracts numbered 14, some both in Icelandic and English, and there were 42 documents altogether.

After a prequalification process six companies have been selected to take part in a tender for electro- and hydromechanical work which is part of the Kárahnjúkar hydroelectric project.

Landsvirkjun requests tenders for constructing the power station of Kárahnjúkar Hydroelectric Plant in Fljótsdalur valley, Iceland.

At a meeting this morning the Landsvirkjun Board of Directors agreed to authorize the Managing Director to sign and present to the Italian contracting firm Impregilo a letter of authorization for the construction of the Kárahnjúkar dam and intake tunnel for the Kárahnjúkar hydropower station.

Alcoa and Landsvirkjun, the National Power Company of Iceland, finished negotiating a Power Contract today for a new greenfield 320,000 tpa aluminum smelter at Reydarfjordur, East Iceland.

Landsvirkjun received the following bids for the projects Kárahnjúkar dam (KAR 11) and headrace tunnel (KAR 14). 

On Nov. 20, 2002, Standard & Poor's Ratings Services revised its local and foreign currency outlooks on the Iceland-based electricity transmission and generation company Landsvirkjun to stable from negative following a similar outlook revision on the Republic of Iceland (local currency AA+/Stable/A-1+; foreign currency A+/Stable/A-1+).

Landsvirkjun recently signed an agreement with Statoil and Statnett of Norway to conduct a feasibility study for the laying of a submarine cable between Iceland and Norway, which would be completed in the space of half a year.

Landsvirkjun has decided to explore new and unconventional ways to lower operational and development costs for the electricity transmission network.

On September 2 the Minister of Industry grated Landsvirkjun a permit to build a hydropower facility of up to 750 MW at Kárahnjúkar.