Annual Report 2017


A record year in energy generation and operating results

Landsvirkjun performed well in 2017. Profit before unrealised financial items has never been higher. Revenue was higher than ever before and records were set in energy generation and sales this year. The quantity of electricity sold was 14.3 terawatt hours, an increase of 5.1% between years. The Company's finances continued to strengthen and the Company will soon be able to increase dividend payments to its owners.

More on the financial statement


Operating revenues

USD 483m 15%


USD 346m 15%

Cash flow from operations

USD 278m 21%

Electricity sales

TWh 14.3 5%

Free cash flow

USD 258m 22%

Profit before unrealised items

USD 153m 30%

Net debt

USD 2,043m 4%

Equity ratio

- 45.8% 0.3%

We have generated renewable energy since the beginning. Milestones were reached at three power stations this year.

Ljósafoss Hydropower Station:

Renewable energy for 80 years

Krafla Geothermal Power Station:

The cradle of geothermal energy in Iceland for 40 years

Fljótsdalur Hydropower Station:

Energy generation and sustainability for 10 years

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Green Accounts

Environmental issues are at the heart of our operations and we have published separate Green accounts and Environmental Reports since 2006. These reports are included in the Company's Annual Report.  The Company’s Green Accounts provide numerical data on the environmental impact of Landsvirkjun’s operations.

More on environmental matters


Carbon footprint

TONNES 23,048

Deep re-injection of separated
water from the Krafla station

TONNES 5,590,000

Planted vegetation

PLANTS 152,442

Number of clean-energy
vehicles in fleet

20%8% last year

A new power station at Þeistareykir

The Þeistareykir Geothermal Power Station is the newest power station in Iceland and came online on the 17th of November 2017. The preparation and construction of the power station focused on creating an efficient, reliable power station that respects the environment. It is important to minimise the environmental impact of a construction project when harnessing a new area. The project must also ensure long-term profit for the future.

More on the project

An emphasis on gender equality

We have participated in the Capacent gender equality indicator initiative for the past year, to promote awareness and to formulate clear goals for gender equality within the Company. Various research has been carried out and an action plan is now under preparation.

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Electricity generation record

Electricity generation was successful in 2017 and surpassed 14 TWh. Generation levels reached record levels in the Fljótsdal, Sigalda, Búðarháls, Sultartanga and Steingrímsstöð Power Stations.

More on energy generation this year

Blanda Hydropower Station wins the Blue Planet Award

The Blue Planet Prize is awarded by the International Hydropower Association (IHA) to hydropower projects that demonstrate excellence in sustainable development. The results showed that operations at the Blanda Hydropower Station are considered to be of highest standard with regard to the sustainable utilisation of hydroelectric power. Many of the other working practices at the station were considered to be exemplary.

More on the Blue Planet Award