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Minister appoints a workgroup to lead discussions on the Icelandic State’s purchase of Landsnet

Þórdís Kolbrún R. Gylfadóttir, the Icelandic Minister of Tourism, Industry and Innovation, has appointed a workgroup to lead discussions on the State‘s purchase of Landsnet. Landsnet operates the Icelandic transmission system and control of power systems. The company operates under a concession arrangement and was founded on the basis of the 2003 Electricity Act. Landsvirkjun owns 64.7% of Landsnet, other owners being RARIK, Orkuveita Reykjavíkur and Orkubú Vestfjarða. The aim is for the workgroup to complete its task before the end of the year, according to the Minister.

Landsvirkjun is owned by the Icelandic state. The company generates about 70% of all electricity used in Iceland from 100% renewable energy sources, hydro, geothermal and wind. The company operates eighteen power stations; fifteen hydropower stations and three geothermal power stations, as well as two wind turbines.

Reykjavik, Iceland, 12 March 2019

For further information please contact Rafnar Larusson, CFO at +354 515 9000 or by email: rafnar.larusson@landsvirkjun.is