Power for Society
All-time best results and climate-related success
2023 was the most successful operational year in Landsvirkjun’s history. Profit before unrealised financial items increased by 19% compared to the year before and the Company’s financial position is better than ever. Power station operations were successful during the year, despite challenging conditions due to slow reservoir inflows.
Our carbon intensity continued to be among the lowest known the world of energy production. It is therefore safe to say that last year's operations were a success, both financially and in terms of climate action.
You can read about this and much more in our Annual Report, which also serves as a sustainability report, as sustainability represents a core principle in our operations.
Key Figures
Energy Production
0TWhEarnings before unrealised financial items
$0m19%Avoided emissions from energy production
0m. tonnes1%CO2 -eq
Carbon footprint per energy unit
0g22%CO2-eq/kWh
Operating revenue
$0m8%Carbon intensity
0g7%CO2-eq/kWh
Statements
Visionaries Shape the Future
In 2024, as we mark another outstanding operational year for Landsvirkjun, we commemorate a momentous milestone: the 100th anniversary of the birth of Jóhannes Nordal, our founding chairman, who passed away on the 5th of March 2023.
He was a driving force in Iceland’s transition to autonomy, economic growth, and value creation in the 20th century, steering us away from the agrarian society of past centuries towards a modern society.
Landsvirkjun’s Most Successful Operating Year Yet
In 2023, Landsvirkjun witnessed its most successful operational year in nearly six decades. The profit from core operations surged by 19% compared to the previous year, which had set a record.
The Company’s financial standing reached unprecedented levels, with the equity ratio higher than ever and debt to EBIT ratio from operating profits either as low as or lower than that of other energy firms in the Nordic region.
Key figures
Total assets
$0m7%Carbon footprint
0thsnd. tonnes22%CO2-eq
Net debt
$0m18%Net assets
$0m3%Economic contribution
$0m50%Full-time equivalent positions
013%
Highlights
Highlights
Landsvirkjun Named the Environmental Company of the Year 2023
The Confederation of Icelandic Employers awarded Landsvirkjun the Environmental Company of 2023 at a formal reception at Harpa.
Landsvirkjun's credit rating with S&P Global Ratings upgraded
S&P Global Ratings upgraded the credit rating for Landsvirkjun by one notch, to A- from BBB+.
AIB permanently lifts ban on Icelandic GO certificates
The Association of Issuing Bodies (AIB), lifted its ban on Icelandic Guarantees of Origin (GO) certificates.
Atlantsorka Cordially Welcomed
Landsvirkjun and Atlantsorka, the electricity retailer, signed a wholesale power agreement.
UBA lifts import ban on Icelandic Guarantees of Origin
UBA, the German Environment Agency, suspended the enforcement of its non-recognition of Icelandic guarantees of origin in Germany.
Landsvirkjun HQ moved to Katrínartún
Landsvirkjun temporarily moved its headquarters to Katrínartún 2 in Reykjavík.
atNorth Enters into a PPA for a New Data Centre
Landsvirkjun will be atNorth’s electricity supplier for the company’s new data centre in Akureyri.
S&P Global Rating changes Landsvirkjun‘s outlook to positive
S&P Global credit rating agency changed Landsvirkjun‘s outlook from stable to positive and affirmed Landsvirkjun‘s credit rating of BBB+.
One of Europe’s Climate Leaders
For the second time Landsvirkjun is on the Financial Times’ list of companies across Europe that have shown the highest emissions intensity reduction in core emissions.
AIB board lifts suspension of exports of Icelandic GOs
The board of AIB decided to lift the suspension of exports of Icelandic guarantees of origin (GOs) out of the registry of Landsnet, from 2 June onwards.
AIB suspends all exports of Icelandic GOs
At the beginning of May AIB suspended all exports of Icelandic GOs until further notice.
Landsvirkjun and Linde join forces
Landsvirkjun and Linde have signed a collaboration agreement on the development of clean hydrogen and e-fuel projects.
Vital to Increase Energy Generation
At Landsvirkjun’s General Annual Meeting 2023, speakers agreed on the necessity to increase the generation of green energy.
Tourists in Iceland Surveyed on Energy Generation from Renewables
In 2022, Landsvirkjun commissioned Gallup to survey tourists visiting Iceland regarding renewable energy generation and its effect on them.
All-time best results – proposal of a USD 140 million dividend
The financial result for the year 2023 was the best in Landsvirkjun’s history.
Landsvirkjun to Sell Electricity to GeoSalmo
Landsvirkjun and GeoSalmo signed a non-binding term sheet for electricity sales to the salmon farming company.