Orkustofnun has granted an exploration licence for geothermal heat in Strandabyggð

Orkustofnun has granted an exploration licence for geothermal heat in Strandabyggð.

The exploration license and license cover letter can be found on Orkustofnun's website, see https://orkustofnun.is/licenses/OS-2024-L007-01.

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 Fjarðabyggðarhafnir an exploration licence for sediment extraction off the sea floor in Reyðarfjörður.

The exploration license and license cover letter can be found on Orkustofnun's website, see https://orkustofnun.is/licenses/OS-2024-L006-01.

Orkustofnun has granted Fjarðabyggðarhafnir an exploration licence in Reydarfjordur

The National Regulatory Authority has completed the settlement of Landsnet's revenue cap for 2023. Landsnet is the transmission system operator (TSO) in Iceland. The revenue cap sets limits for concession companies in the transmission and distribution of electricity regarding allowable revenue and expenses. Revenue caps are not set in Iceland for geothermal heating or other activities of concession companies. 

The results showed that Landsnet's revenue allowances were under-collected by ISK 452,008 thousand for general users and ISK 1,058,308 thousand for large users. At the end of 2023, Landsnet's accumulated under-collected revenue was ISK 589,770 thousand for general users, or -7.9% of the revenue cap, and ISK 1,904,976 thousand for large users, or -15.0% of the revenue cap. 

The transmission company proposed to extend the depreciation period of the newest 220 kV high-voltage lines from 50 years to 60 years, which the Electricity Authority of the National Energy Authority approved. With this change, the depreciation in Landsnet's revenue cap reflects the company's accounting. Further details and main assumptions are accessible in the spreadsheet here. 

The revenue cap is now based on the average expenses for the period 2015-2019, updated with the consumer price index and wage index, along with depreciation and allowed return on fixed assets and current assets. Electricity transmission tariffs paid by users are based on the revenue cap, as well as system service and transmission losses. 

More information about the transmission company's settlement can be found here:  Tekjumörk — Orkustofnun 

TSO Revenue Cap Settlement for 2023 

New energy market analysis and data publications

Orkustofnun has since last November published monthly data on electricity production, usage and losses with more accessible details than what has previously been done. The name of the publication is Raforkuvísar, it has both a data file and a presentation with pictures. 

The information will be published monthly during winter when electricity usage is highest during the year. Further information on https://orkustofnun.is/upplysingar/talnaefni/raforka (in Icelandic).

New data on geothermal production and usage has also been published on the Orkustofnun website under Information – Numerical data. 