„Landsvirkun’s operations continue to be strong. Profit from core operations increased by 27% from the same period of 2022, a record year in the company’s history. Operating revenues increased by 12.5% from the first half of 2022. This is mainly due to realised hedges as well as continued strong energy sales. However, there have been declines across markets which are connected to the energy price of some of our industrial customers. At the same time, operation expenses have declined by 6% from the prior year.
Cash generation was strong during the period, where cash flow from operations increased by 29.7% and amounted to USD 249 million.
Power plant operations were successful during the first half of the year, in spite of the fact that delivery of energy during the first quarter of the year had to be limited on secondary contracts for data centres and fishmeal producers. This is because energy generation is currently being run at capacity.
As we at Landsvirkjun have pointed out over the past few years, more energy generating capacity is urgently needed, in order to meet the obvious energy demand in our society from the energy transition and general economic growth. Landsvirkjun is working hard to obtain the required licenses in order for the company to meet these demands from society and government policy.“