The original power contract between the companies dates from the year 1975.
Net debt continues to decrease and the equity ratio strengthens.
The assets and transfer of the shares have negligible effect on the balance sheet and operations of Landsvirkjun.
Jónas Þór Guðmundsson re-elected chairman of the board.
S&P Global Ratings revises Landsvirkjun’s rating outlook from stable to positive on improved financial position.
Landsvirkjun owns 64.7% of Landsnet.
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Another record year for power generation and operating performance.
Operations have already begun in Blönduós and construction work to expand the data center is currently underway.
Revenue, EBITDA and profit increase between periods.
Landsvirkjun is number three on Creditinfo‘s list.
The EFTA Surveillance Authority (ESA) has concluded that state guarantees for Landsvirkjun's hedging derivatives did not involve state aid.
European Commission (EC) competition approval process has taken longer than anticipated.
Revenue, EBITDA and profit increase between periods.
Landsvirkjun has prepaid a loan with a state guarantee of collection with a nominal amount of 34 million USD.
Highest revenue quarter recorded in financial history of the Company.
The buyback reflects Landsvirkjun‘s strong financial position and is a part of reducing the company‘s debt, interest expenses and foreign exchange risk.
Jónas Þór Guðmundsson re-elected Chairman of the Board.
Moody’s Investors Service has upgraded Landsvirkjun’s unguaranteed senior unsecured debt ratings from Baa3 to Baa2.
Each summer, Landsvirkjun (the National Power Company) opens many of its power stations to travellers.
The Icelandic Opera and Landsvirkjun have renewed their mutual cooperation agreement, with the General Director of the Opera, Bjarni Daníelsson, and the Managing Director of Landsvirkjun, Friðrik Sophusson, signed the contract at the Icelandic Opera recently.
Seven study grants were awarded during the consultation meeting held by Landsvirkjun today. These grants are intended to assist students at the master's and doctoral levels in working on their final projects.
Landsvirkjun held its yearly consultation meeting today at Hotel Nordica, Reykjavík. The occasion was also a major birthday: 40 years after the founding of Landsvirkjun.
At the Landsvirkjun consultation meeting today presentations were given of the Landsvirkjun/Alcoa Sustainability Project in East Iceland and of the green certificates for carrying out obligations of the Kyoto Protocol.
It is considered certain that two foreign scientific funds will contribute money amounting to some 260 million ISK for the Iceland Deep Drilling Project. This was brought out in a speech by the Managing Director of Landsvirkjun, Friðrik Sophusson, at the company's annual general meeting today. In addition to reporting on company operations, Friðrik Sophusson spoke about measurements of glacier mass balance.
At a Landsvirkjun consultation meeting today, the General Manager of Vottun hf., Kjartan J. Kárason, presented the Managing Director of Landsvirkjun, Friðrik Sophusson, with a quality systems certificate, which recognises the Landsvirkjun Energy Division as operating a quality system that complies with IST EN ISO 9001:2000 standards.
Landsvirkjun consultants believe that in all major aspects, the dam design assumptions for Kárahnjúkar Power Plant continue to prove themselves regarding newly available information on area geology, such as faults and the risk of earthquakes. This matter was discussed at a company board meeting today.
In 2004, Landsvirkjun’s operating profit was 7.195 billion ISK. The company’s total assets at end of year were 154.7 billion ISK, with an equity ratio of 33.2%.
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.