Iceland: An abundance of hydro and geothermal energy

Cheap, clean energy has made Iceland the perfect location for heavy industry. Still, even with one of the highest energy consumptions per capita in the world, Iceland has not yet exploited all its renewable energy resources.

VOLCANIC. Geothermal energy plays an important role in the Icelandic energy system. (Photo: Visiticeland.com)

Energy system
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Iceland's energy system and electricity grid is isolated from all other countries. But while many of the world’s small island economies rely on oil-fired power plants for their electricity, Iceland has a completely renewable solution. It’s 320 000 inhabitants get a steady supply of electricity from geothermal energy and hydropower, with no need for diesel generators in balancing the grid. With transport fuels included, 81 percent of their energy production comes from renewable sources.

Institutional system
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The National Energy Authority, Orkustofnun, focuses on energy research, monitoring of energy resources and knowledge sharing internationally – especially within geothermal technologies. Orkusetur, Iceland’s Energy Agency, promotes energy efficiency.

Policy initiatives
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As energy is abundant and already mostly renewable, Iceland does not have significant policies in place for increasing the share of renewable energy, except in the transportation sector. The country aims at carbon neutrality and independence from fossil fuels by 2050.

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