National Energy Regulatory Authority has granted Vaxa Technologies Iceland ehf. a licence for a direct connection to a power plant at Hellisheiði

National Energy Regulatory Authority has granted Vaxa Technologies Iceland ehf. a licence for a direct connection to a power plant at Hellisheiði.

The licence and licence cover letter can be found on Okurstofnun‘s website, see https://orkustofnun.is/licenses/OS-2024-L003-01 . 

The National Energy Regulatory Authority decisions regarding the granting, review or withdrawal of prospecting, exploration and exploitation licenses are subject to appeal. More information about appeals can be found in the license.

Orkustofnun has granted Laxey hf. a licence for the utilization of groundwater in Heimaey, the municipality Vestmannaeyjabær.

Orkustofnun has granted Laxey hf. a licence for the utilization of groundwater in Heimaey, the municipality Vestmannaeyjabær.

The utilization  license and license cover letter can be found on Orkustofnun's website, see https://orkustofnun.is/licenses/OS-2024-L004-01 . 

Orkustofnun's decisions regarding the granting, review or withdrawal of prospecting, exploration and exploitation licenses are subject to appeal. More information about appeals can be found in the license.

Orkustofnun has granted Laxey hf. a licence for the utilization of groundwater in Vestmannaeyjar

A new study by Nordic Energy Research on the electricity retail market in the Nordic countries highlights opportunities for improvements to enhance consumer welfare and trust. The study examines the functioning of electricity retail markets across the Nordic nations by assessing regulations, competition, and customer satisfaction individually for each country.

A new study by Nordic Energy Research on the electricity retail market in the Nordic countries highlights opportunities for improvements to enhance consumer welfare and trust. The study examines the functioning of electricity retail markets across the Nordic nations by assessing regulations, competition, and customer satisfaction individually for each country. The aim is to identify common practices and promote mutual learning among these countries.

The Icelandic electricity market has seen increased competition over recent years, but it still falls short of the competition levels in other Nordic countries. There are currently nine electricity retailers in Iceland, with the five largest holding an 85% market share. The dominance of Landsvirkjun and the limited functioning of the wholesale electricity market are noted as major barriers to enhanced competition. This situation is further complicated by the absence of a financial market for electricity, posing challenges in risk management and competitive pricing for general consumers.

For more detailed insights, you can read the full article here.

For a video presentation on the research paper that provides further information, you can view here.

Nordic report on wholesale electricity markets

Last December, the Ministry of the Environment, Energy and Climate granted two companies licences to operate power exchanges in Iceland.

Last December, the Ministry of the Environment, Energy and Climate granted two companies licences to operate power exchanges in Iceland. Vonarskarð, which is one of the companies that was granted a licence, has now started operations, and completed its first bidding process.

Further information is available, in Icelandic, on Vonarskarð’s website.

Menu

First Icelandic power exchange bidding process