Good results despite challenging reservoir position
Landsvirkjun‘s profit from core operations amounted to 77.4 million USD for the first quarter of 2024 and cash flow from operations amounted to 101 million USD.
Challenges in the company's reservoir levels and the resulting curtailment had a slight impact on Landsvirkjun's performance for the quarter.
Curtailments Cancelled Due to Favourable Weather Conditions
Landsvirkjun has cancelled curtailments to large end users approximately three to five weeks earlier than forecast in mid-April.
The Company’s reservoir levels are improving reasonably rapidly, and considerable snow accumulation in the highlands indicates high inflow in the coming weeks.
Financial Time's Climate Leader for the Third Year
For the third year, Landsvirkjun has been listed on the Financial Times' Europe’s Climate Leaders, a list of European companies that have achieved considerable reductions in their core emissions intensity from 2017 to 2022.
Dividend Payment Increased to ISK 30 Billion
Landsvirkjun‘s Annual General Meeting (AG) ratified the Board of Directors‘ proposal for an ISK 30 billion dividend payment to the Company‘s owner, the Icelandic Nation.
The Minister of Finance and Economic Affairs appointed Members of the Board of Directors at the ATM in accordance with the governing legislation.
Landsvirkjun’s Annual Report 2023 Published
Landsvirkjun’s Annual Report 2023 has been published.
2023 was the strongest operational year in Landsvirkjun’s almost 60-year history. Profits from operations increased by 19% year on year, and the Company’s financial standing has never been better.
Responsible utilisation of resources
We have set ourselves an ambitious Climate and Environmental Policy.
We respect the Icelandic natural environment and place emphasis on minimising the environmental impact of our operations. We will become carbon neutral in 2025. Then, emissions from the Company’s operations will equal carbon sequestration.
Now is the time to act. We will do our part in the fight against climate change.
Our Power Stations
We operate fifteen hydropower stations, three geothermal power stations and two wind turbines for research purposes in five operating areas in Iceland.
In operating power stations, emphasis is placed on a holistic vision, where prudence, reliability and harmony of the operations with environment and society are the guiding principles.