• 3 minutes e-car sales collapse
  • 6 minutes America Is Exceptional in Its Political Divide
  • 11 minutes Perovskites, a ‘dirt cheap’ alternative to silicon, just got a lot more efficient
  • 1 hour GREEN NEW DEAL = BLIZZARD OF LIES
  • 22 hours Could Someone Give Me Insights on the Future of Renewable Energy?
  • 25 mins How Far Have We Really Gotten With Alternative Energy
  • 22 hours "What’s In Store For Europe In 2023?" By the CIA (aka RFE/RL as a ruse to deceive readers)
  • 3 days Bankruptcy in the Industry
  • 2 hours e-truck insanity
  • 12 hours Oil Stocks, Market Direction, Bitcoin, Minerals, Gold, Silver - Technical Trading <--- Chris Vermeulen & Gareth Soloway weigh in
  • 4 days The United States produced more crude oil than any nation, at any time.
Is a Full-Blown Trade War Between the U.S. and China Looming?

Is a Full-Blown Trade War Between the U.S. and China Looming?

Western trade restrictions on China's…

Why Shell Has Soured on The London Stock Exchange

Why Shell Has Soured on The London Stock Exchange

British multinational oil & gas…

James Burgess

James Burgess

James Burgess studied Business Management at the University of Nottingham. He has worked in property development, chartered surveying, marketing, law, and accounts. He has also…

More Info

Iceland Hopes Cheap, 100% Renewable Electricity will Attract Foreign Business

Iceland is the only country in the world which can boast 100% renewable electricity, a fact that it is trying to exploit in attempts to attract foreign investment to help boost its economy which is still recovering from the collapse of its banks in 2008.

This is not the first time that Icelanders have tried to entice foreign business, but it has previously had little success with diversifying away from its three main industries of fishing, aluminium, and tourism; hopefully its hydro and geothermal power plants will prove to be sufficiently tempting.

Hordur Arnarson, CEO of the state owned utility Landsvirkjun, has said that the price of the electricity is also very appealing to investors, calling it “the most competitive price in Europe.” Investors have the opportunity in their contracts to lock the favourable rates for a dozen years or more, very appealing with the current price volatility, and the uncertainty of future prices.

Foreign Minister Össur Skarpherdinsson, noted that “this is the beginning of a new chapter in the industrial life of Iceland.”

One of the first foreign firms to invest in the nation is the British data hosting company Verne Global. CEO Jeff Monroe has explains that his company is now “able to serve the international community from our 100 percent renewably powered data center. What we have done as a first mover here in Iceland is we have secured a long-term power contract with Landsvirkjun that is substantially better than what you’ll see as the published rate — and you get green without paying the premium.”

By. James Burgess of Oilprice.com



Join the discussion | Back to homepage



Leave a comment

Leave a comment

EXXON Mobil -0.35
Open57.81 Trading Vol.6.96M Previous Vol.241.7B
BUY 57.15
Sell 57.00
Oilprice - The No. 1 Source for Oil & Energy News