News

Icelandic options for geothermal use

Alexander Richter 17 Dec 2008

With current aluminum prices at a low, the Icelandic geothermal sector is looking increasingly for other buyers of its green geothermally generated power.

With current aluminum prices at a low, the Icelandic geothermal sector is looking increasingly for other buyers of its green geothermally generated power.

The management of Theistareykja, a company that is working on utilizing geothermal resources together with Landsvirkjun (National Power Company) in the North-East of Iceland, is now increasing efforts to explore the opportunities to attract other or at least additional buyers of electricity. A group of representatives from both companies was founded and includes representatives from the local municipalities.

Theistareykir ehf. was founded by Orkuveita Húsavikur, Norðurorka and 2 municipalities. In the fall of 2005 the National Power Company (Landsvirkjun) bought a 32% stake in the company. Today there are 3 shareholders with around 32% stakes (Landsvirkjun, Orkuveita Húsavíkur and Nordurorka hf.) and the municipality of Thingeyjarsveit with a 4% stake. The company has a goal to provide up to 400 MW from the geothermal resources on the site either for a planned aluminum smelter at Bakka close to Húsavik, or other potential electricity off-takers.

Source: Morgunbladid, company websites