Iceland offers geothermal power at $4.3 cents per kWh

Landsvirkjun's geothermal power plant at Krafla, Iceland (source: flickr/ thinkgeoenergy, creative commons)
Alexander Richter 24 Nov 2011

Icelandic national power company Landsvirkjun is currently offering electricity to industrial customers at a rate of $4.3 cents/ kWh from its hydro and geothermal power plants.

Earlier this week, Iceland’s national power company Landsvirkun announced that it currently offers electricity to potential buyers at a rate of $4.3 cents per kWh our $43/ MWh on contracts of up to 12 years for industrial customers.

“These are Europe’s most competitive rates in terms of price, length of contract and the fact that on top of that we offer 100 percent green and renewable power,” said Magnus Bjarnason, EVP for Marketing and Business Development. “Landsvirkjun is looking optimistically towards the opportunities ahead.”

Landsvirkjun is currently engaged in discussions with several industrial companies as it is developing a new geothermal power area in the North Eastern part of Iceland and plans for its first plant to come online early 2015.

In addition, the aluminium dominated power consumption side of Iceland is now seeing the addition of variety with the development of new industries in the country.

Amongst new clients are data centres, methanol producers, and silicon metal, all seeking the low electricity costs, the green energy and the highly reliable delivery.

More information regarding the Icelandic power producer can be found at

It naturally was to be 4.3 cents/ kWh and not 43 cents/ kWh … Thanks Fridrik for seeing this mistake.

Source: E-Newswire