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.
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.