The loan constitutes a step in the refinancing of an older, less favourable lending agreement.

Today, Friðrik Sóphusson and Hrafn Jökulsson, chairman of Hrókurinn Chess Club, signed an agreement on Landsvirkjun's providing support to Hrókurinn.

The number of factual mistakes made in WWF's study of Kárahnjúkar is a cause for concern.

The President of Iceland has presented the Managing Director of Landsvirkjun, Friðrik Sophusson, with the 2005 Award for Best Practice in Vocational Education and Training. This Award is intended for those found to accomplish exceptional work in the field of professional training.

A book on the history of Landsvirkjun was published recently, dealing with the company and its environment from 1965 to 2005.

The artistic works "Frequency", by Finnbogi Pétursson, and "Mother Earth", by the Icelandic Love Corporation, were dedicated yesterday at Vatnsfell Station.

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.