Renewable energy in a sustainable world


Satisfactory results despite challenging external circumstances

Landsvirkjun’s operations were affected by difficult external circumstances in 2019. Our energy-intensive customers experienced operational disturbances and a fall in product prices. We have continued to decrease our net debts and our credit rating increased this year.

Landsvirkjun’s Financial Statement 2019


Operating revenues

USD 510m -5%


USD 375m -4%

Cash flow from operations

USD 296m 0%

Electricity sales

TWh 14.0 -5%

Free cash flow

USD 275m 1%

Profit before unrealised items

USD 173m -6%

Net debt

USD 1,691m -10%

Equity ratio

- 51.0% 2.4%

CEO and Chairman of the Board statements

“Every new generation brings a wave of innovation to the workplace, paving the way for progress.”

Hörður Arnarson, CEO

CEO's statement

“All of these initiatives are designed to preserve our natural resources for future generations.”

Jónas Þór Guðmundsson, Chairman of the Board

Chairman of the Board's statement


A grassroots movement

The equality policy and improvement projects already in place reflect our intention to foster a corporate culture based on equality, inclusivity and diversity. We are not involved in an ‘equality drive’, but rather a collective effort to support the incremental evolution of our workplace culture. Landsvirkjun received the Gender Equality Encouragement Award in 2019.

More on workplace equality


Climate accounting


Carbon footprint

g/kWh 1,6

Rate of Clean Energy
cars of fleet


Reduction in emissions
due to air travel


Reduction in emissions due to
electricity generation of geothermal locations


More on Climate accounting


How can we become carbon neutral?

Climate action plan

We are committed to preventing new emissions, finding new ways to reduce emissions and increasing sequestration. We intend to become carbon neutral in 2025.

More on the action plan

Internal carbon prices

Internal carbon prices create incentives to make financial and operational decisions, based on low-carbon solutions.

More on internal carbon prices

Climate accounting

Landsvirkjun has measured its carbon footprint for over a decade, alongside other environmental research.

More on climate accounting


A growing data center customer base

The data center industry is one of the fastest growing industries in the world as the demand for high-performance computing (HPC) is increasing rapidly. Sales to data center customers increased by 50% between 2018 and 2019, or from approx. 350 GWh to 520 GWh.

More on new business opportunities

Stable energy production

We operate 15 hydropower stations, three geothermal power stations and two wind turbines in five areas of operation, all over Iceland. Our power stations represent milestones in Icelandic energy production history, continually answering the demand for electricity and domestic heating for homes and energy-intensive industry.

More on energy production

Communication with local communities

The Þeistareykir Geothermal Power Station in Northeast Iceland received this year’s International Project Management Award (IPMA) or Global Project Excellence Award. The project was considered a benchmark for stakeholder management with a unified project team and “strong orientation towards sustainability ethical behaviour, support of human rights and social responsibility”. Landsvirkjun is honoured that the project received international attention.

More on the Global Excellence Award