The credit rating provider Standard & Poor’s (S&P) announced an increase in the Landsvirkjun credit rating yesterday, with the rating in regard to long-term liabilities in foreign currencies rising from A+ to AA-.

The company IceGrid hf. formally commenced operation at the turn of the year. The owners of the new enterprise are Landsvirkjun, Iceland State Electricity and the Westfjord Power Company.

At a conference held yesterday by Supporters of Striking the Balance, the Icelandic "Weights that Tip the Scale" award was presented for the second time, honouring contributions that support the balancing of work and private life in both words and deeds.

A major stage in the introduction of quality management was achieved by Landsvirkjun at the beginning of November, when the Energy Division in its entirety received certification according to the ISO 9001:2000 standard.

On 12 November, 2004, Landsvirkjun signed a loan contract amounting to EUR 50 million (some 4.3 billion ISK) with the European Investment Bank (EIB) in Luxembourg.

In the first six months of 2004, Landsvirkjun operations showed a loss of ISK 645 million, while the same period last year had presented a profit of ISK 1,480 million.

Thousands of Icelandic and foreign guests are familiar with the Landsvirkjun power plants after visiting them in recent years. During the summer, we invite guests to open-house days, exhibitions, and artistic events at our stations throughout the country.

After thorough work of the negotiating committee commissioned by Landsvirkjun and the united district of Skeiða- og Gnúpverjahreppur, agreement has been reached on a plan for the Norðlingaalda Diversion.

The Landsvirkjun Scholarships were presented for the first time today. These scholarships are intended to support postgraduates at the master’s and doctoral levels who are working on their final dissertations. It is anticipated that Landsvirkjun will present its scholarships annually in the future.

The Minister for the Environment has issued a ruling on the assessment of environmental impact of hydropower plants in the lower Þjórsá river. Construction of the power plants at Núpur and Urriðafoss was accepted, subject to conditions presented in the ruling by the National Planning Agency. The Minister for the Environment added a number of conditions in her ruling.

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.