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Thorsil Secures Sales Contract with Dow Corning

Thorsil-Silcon-Helguvik-IcelandPlans for the new Thorsil silicon plant in Helguvík in Southwestern Iceland are moving well ahead.

Thorsil has already entered into contracts for the sale of 85 percent of the production from the plant which is being constructed in Helguvík. According to the Icelandic business media Viðskiptablaðið, the two sale contracts amounts to a total of 1.3 billion USD over the contract period. The newspaper Mogunblaðið reports that one of the two contracting parties is Dow Corning, which is the largest silicone product producer in the world. The two contracts are said to be for a period of 8 years and 10 years, respectively.

Dow-Corning-Slicon-Production-Thorsil-IcelandWhen in full production in 2017, the Thorsil plant is expected to produce up to 54 thousand tons of silicon metal, as well as 26 thousand tons of silica powder. The plant will utilize close to 85 MW of power capacity, all from Icelandic renewable energy sources. The decision to locate this new silicon plant in Iceland is based on many factors, including very competitive electricity prices and positive tax environment in Iceland.

NordLink: 1,400 MW Interconnector Between Norway and Germany

Earlier this month (February 2015) final investment decision for the NordLink high voltage direct current (HVDC) interconnector was made by partners Statnett, TenneT and KfW.

HVDC-Nordlink-MapThis will be the first direct connection between the German and Norwegian electricity markets and is yet another indicator how positive interconnectors are for the Norwegian electricity market. This development is also likely to strengthen interest in a cable project connecting Iceland and Europe (sometimes referred to as IceLink). Thus, we at Askja Energy will closely be following the construction of the NordLink.

NordLink is a turning point in the development of subsea electric cables. The longest cable of this kind today is the 580 km long NorNed between Norway and the Netherlands, which has been in operation since 2008. The length of NordLink will be close to 600 km, of which 516 km will be a subsea cable. Furthermore, the capacity of NordLink will be 1,400 MW and the voltage will be 500 kV, while NorNed is only 700 MW (and 450 kV).

The NordLink will be realized by the Norwegian Statnett and Nordseekabel, each with 50 percent ownership in the project. The Dutch TSO TenneT (which also operates transmission system in Germany) and the German promotional bank KfW each have shares of 50 percent in Nordseekabel.  The tender process has been finalized, where Nexans and ABB have been awarded contracts for the HVDC cable itself and ABB has been awarded the contract for the converter stations (on each end of the cable in Germany and Norway). Lead insurer for the project will be Codan.

NordLink signingThe NordLink comprises a total investment volume of approximately EUR 1.5 – 2 billion EUR (equivalent to 1,7-2,3 billion USD). The interconnector is scheduled for commissioning and trial operation in the last quarter of 2019, and after the trial period the interconnector will go into commercial operations in 2020.

The most important aspect of NordLink’s business model is to utilizing the flexibility of Norway’s hydropower system as storage for German wind power. This will increase the utilization of the German wind power capacity and also make it possible to maximize profits of the Norwegian hydropower industry, creating a win-sin situation. The result will also be increased proportion of renewable electricity and increased security of supply. Without doubt, an interconnector between Iceland and Europe would offer similar advantages.

The Number One Source for Icelandic Energy Information

In 2014 the Independent Icelandic Energy Portal became the world’s most read digital information source on Icelandic energy issues. After starting from ground zero in 2012, the Portal now has more annual visits than any other website presenting information about energy in Iceland and possibilities for investing in energy related projects in Iceland.

Askja-Icelandic-Energy-Portal-Visits-2014-MapThrough 2014, the Portal had readers from a total of 148 countries.  Most visitors came from the United States.  United Kingdom and  Germany were not far behind, followed by visitors from Canada and the Scandinavian countries.

The readers of the Icelandic Energy Portal seem to be very interested in subjects related to investment. The most read categories in 2014 were the investing category and the electricity market category. This is no surprise, as Iceland is probably one of the world’s best locations for investing in for example data centers and silicon production. We are looking forward to continue bringing our readers more information about Icelandic energy issues in 2015 – always emphasizing  independence, real data and reliability. Stay tuned.

Ireland and United Kingdom are Best Options for Electricity Exports from Iceland

It would be a positive step for Europe to become connected with Iceland by a subsea electric cable. Compared to other countries in Europe, Iceland has low electricity generation costs. In addition to the attractive electricity price, the Icelandic hydro- and geothermal resources offer very reliable and stable generation.

With this in mind, it is interesting that Iceland’s next door neighbours are electricity markets where the electricity prices are among the highest in Europe. Here we are referring to Ireland and the United Kingdom (UK). What is also important, is the fact that UK and Ireland are much closer to Iceland than for example Denmark, Holland (the Netherlands) or Germany. It is obvious that a subsea electric cable between Iceland and the European mainland would be substantially more expensive than to UK or to Ireland. There fore there are strong arguments for Iceland to consider Ireland or the UK as the best financially feasible options for such a connection.

UK is an Excellent Option and Ireland Even Better

UK-Ireland-Electricity-Prices-Industrial-2013_5-3-1

The two graphs (at left and below) show the electricity prices in 2013 in selected European countries, in USA and in Japan. The blue portion of the bars is the cost of electricity including transmission cost. The white bars show the price of the electricity when all the relevant taxes have been added (such as VAT and environmental taxes).

The first graph (chart 5.3.1) shows the electricity price to industries while the second graph (chart 5.5.1 below) is the price to households  (domestic prices), The average price of electricity (excluding tax) to industries in the UK in 2013 was close to 8 pence pr. kWh in 80 GBP/MWh. And the price to households in the UK in 2013 was close to 15 pence pr. kWh (150 GBP/MWh). In Ireland the prices were substantyally higher.

UK-Ireland-Electricity-Prices-domestic-households-2013_5-5-1

In 2013, wholesale electricity prices in the UK were close to 45% of the total price. Thus, the average wholesale electricity cost for industries in the UK in 2013 was close to 35 GBP/MWh, and for households the cost was close to 65 GBP/MWh. This means that the wholesale price of electricity to industries in the UK in 2013 was being close to equivalent of 55 USD/MWh. And the wholesale price to households was close to 100 USD/MWh.

According to Platts, the average wholesale electricity price in the UK in 2013 was close to 45 GBP/MWh, which is more than 70 USD/MWh. In Ireland the average wholesale electricity price in 2013 was higher or close to being equivalent to 80 USD/MWh.

UK-and-Ireland_-Electicity-Prices-Wholesale-2013

For comparison, in Iceland about 80% of all electricity produced is sold to aluminum smelters and other energy intensive industries, at a price close to 25 USD/MWh. If Iceland could sell electricity to UK, the revenues pr. every sold unit of electricity could be close to triple the current price in Iceland. Of course there would be a high transmission cost via subsea cable; probably close 35-40 USD/MWh. Still, the added profits would be substantial – if the electricity would be sold to UK or Ireland at 70-80 USD/MWh . At the same time, the UK or Ireland would get access to reliable renewable energy.

Will the UK be Interested in Icelandic CfD’s?

UK-Decc-Energy-Policy-CfD-Strike-Prices-Cover_dec-2013At first glance, one might consider Ireland more interesting market for Icelandic electricity than the UK. It is indeed so that the price of electricity in Ireland would probably justify a submarine cable between Iceland and Ireland. However, the energy policy of the UK makes the UK more attractive for Icelandic electricity suppliers.

The energy policy of the British government involves ensuring new energy projects, by securing a minimum price for the electricity from new generating projects, in special contracts called Contracts for Difference; CfD’s. The minimum electricity price in such contracts (called strike price) is quite high. For electricity from geothermal and hydro power sources the strike prices are equivalent to 155-220 USD/MWh.

UK-Decc-Energy-Policy-CfD-Strike-Prices-Table_dec-2013It is also interesting that the strike price for electricity from new offshore wind farms is equivalent to 220-240 USD/MWh. It is likely that the UK could negotiate with Iceland for a strike price that would be substantially lower, thus saving Uk’s taxpayers money. What the exact price would be would be decided in negotiations between Iceland and the UK, but it could be somewhere between 155-240 USD/MWh. This option should be interesting to both Iceland and the United Kingdom.

UK-Iceland Cable on the Global Infrastructure 100 List

A global panel of independent industry experts has identified a subsea electric cable between Iceland and the United Kingdom (UK) as one of the hundred most inspirational and innovative infrastructure projects in the world – many of which are expected to transform the way the world’s populations interact with their cities, governments and environment. This is the first time that an infrastructure project in Iceland is on this list, which is published by KPMG (download the report as pdf here).

KPMG-Global-Infrastructure-100-2014-coverKPMG International’s ‘Infrastructure 100: World Markets Report highlights key trends driving infrastructure investment around the world. In the report, a global panel of industry experts identifies 100 of the world’s most innovative, impactful infrastructure projects. Furthermore, the panel demonstrates how governments are coming together with the private sector to overcome funding constraints in order to finance and build projects that can improve quality of life – both solving immediate needs and planning for future societal demands.

The 2014 report focuses on key trends driving infrastructure investment in four key markets, one of the categories being smaller established markets, which are strong domestic markets open to private finance in infrastructure.

The subsea electric cable between Iceland and the UK is one of 25 projects falling under this market-category. The report describes the project, called IceLink, as an ambitious attempt to connect the power grids of Iceland and the UK. Iceland produces all of its electrical power by the means of renewable energy, such as hydro, geothermal and wind, and has potential well beyond local consumption.

According to KPMG, the total investment in the cable and related production and grid infrastructure in Iceland has been assessed in the range of USD 5 billion. When completed, this clean-tech venture would be the world’s longest subsea power cable, delivering as much as 5 TWh a year of renewable electricity to the UK – at a cost lower than offshore wind in UK territories. KPMG says that UK-based ventures have shown interest in funding the interconnector, while Icelandic power companies will build the power-generating facilities and onshore infrastructure in Iceland

KPMG-Global-Infrastructure-100-2014-enregy-and-resources-list-smallOf all the 100 projects listed in the 2014 KPMG-report, 27 projects are in the sector of energy and natural resources. Besides the IceLink, these projects are for example the Alaska LNG Project, the UK Hinkley Point C Nuclear Power Station, and Russia-China Gas Pipeline.

A total of 25 projects are classified as being in smaller established markets. The IceLink is one of these projects – other projects in this category are for example the Facebook Rapid Deployment Data Center in Luleå in Sweden, the Scandinavian 8 Million City High Speed Rail Link between the capitals of Norway, Sweden and Denmark, and the Rail Baltica, linking Finland, Estonia, Latvia and Lithuania with 960 km of railway track. Although many of the projects in this category face challenges regarding scale and investment, KPMG believes there are good possibilities to realize all the projects with increased access of private investment. With IceLink in mind, a perfect and realistic business model might be a private ownership of the cable, while the Icelandic TSO and the main Icelandic power firms would probably be in majority governmental ownership, possibly with private investors as co-owners.

Landsnet Strengthening the Grid

Demand for electricity in Iceland has grown immensely since the development of the current national transmission grid system, which was mostly constructed during the period 1972-1984. Since 1984 the amount of electricity being fed into the Icelandic grid has quadrupled.

Landsnet-Iceland-TSO-Grid-Upcoming-Map-1

The Icelandic Transmission System Operator (TSO) Landsnet is currently working on an environmental impact assessment (EIA) for a new high voltage transmission line between Southern and Northern Iceland; the South-North-Connection (SNC) over the Sprengisandur highland plateau. This new 220 kV transmission line will improve the current power transmission and increase security of supply and stability in the electric system.

Furthermore, the new line will substantially increase the transmission capacity. Thus, the project will not only be positive for better fulfilling current demand, but also prepare Landsnet to meet increased electricity demand in the coming years and decades. The increased demand will for example come from increased electrification of fish meal plants, and from new industrial production plants and services (such as data centers). Because of its stable energy supply, green energy portfolio, and yet-unharnessed renewable energy sources, Iceland is a very appealing location for companies that need substantial amount of electricity or heat for their production process. Iceland’s main power producer (Landsvirkjun) is currently offering long-term electricity contracts at a fixed price of 43 USD/MWh. Those long-term contracts are probably the most favorable in Europe and even in the whole OECD.

The Basic Transmission System to Become 220 kV

In its Transmission Systems Plan 2014-2023 (TSP), Landsnet has proposed three different options (platforms) for the development of the Icelandic electricity grid.  All three platforms aim to construct stronger connections between the major energy areas in the country, to increase stability in the transmission system and to ensure better delivery of electricity. The TSP is a.o. based on the National Master Plan for Hydro and Geothermal Energy Resources, which is a parliamentary resolution on future development of Icelandic energy resources, and an independent governmental forecast of how the electricity market will develop.

Landsnet-TSO-Transmission-System-Iceland-2010

According to Landsnet, the transport capacity of the Icelandic national transmission system will be developed to be at least 220 kV. Presently, 220 kV transmission lines have only been constructed in the southwestern part of the country (between the capital region and hydropower stations in the Þjórsá and Tungnaá region) and between Fljótsdalur power plant and the aluminum smelter in Reyðarfjörðir in Eastern Iceland. The new line between Southern and Northern Iceland (SNC), over the Sprengisandur highland plateau, could become the next major 220 kV connection. This will increase operational security, flexibility and efficiency of the Icelandic transmission.

Four Options of North-South-Connection Over Sprengisandur Will be Considered

Landsnet-Iceland-TSO-Grid-Upcoming-Map-2

Landsnet has started the process of examining the option of South-North-Connection more closely, preparing an environmental impact assessment (EIA) of the new transmission line. According to a draft already presented in the preparation for the EIA, Landsnet will compare four options of a South-North-Connection over the Sprengisandur highland plateau.

Special emphasis is placed to minimize the visual impact of the line, as the area is largely untouched (except from gravel summer road). Parallel to this work by Landsnet, the Icelandic Road Administration will perform an EIA of a new road in the area. Of the four options on the transmission line that will be examined, one option is specified as the main advantage (with a total length of 192 km). Interestingly, one of the other options is an underground cable as part of the route.

Iceland is the World Largest Energy Consumer (Per Capita)

Worlds-largest-energy-consuming-countries_OilPrice-2014Which countries are the largest energy consumers – and why? According to Andrew Topf at the energy-news-site Oilprice.com, Qatar has been the world’s largest energy consumer per capita most of the last three decades. Now, however, another country has taken the lead. Today, Iceland is the world largest energy user per capita.

The list is based on the most recent data available from the World Bank on energy used per person, measured in kilograms of oil equivalent (koe). The koe is a measurement of the units of energy equal to what’s generated by one kilo of crude oil per capita (the US Energy Information Agency also present comparison of this kind, but uses British thermal units or Btu). All types of energy can be broken down to koe, no matter what is the source of the energy, such as fossil fuels, nuclear energy, renewable energy etc. Note that when comparing energy consumption per capita, the World Bank refers to to indigenous production plus imports and stock changes, minus exports and fuels supplied to ships and aircraft engaged in international transport-use of primary energy before transformation to other end-use fuels, which is equal.

To most of our readers it is probably a quite well-known fact that people and companies in North America are among the world’s greatest oil and energy consumers (USA has only 5% of the global population but uses close to 20% of the global energy used each year). And it is certainly true that USA and Canada are among the greatest energy users. However, they only come as number eight and nine on the top-ten list of the world’s largest energy consuming nations per capita. The list is as following:

1.   Iceland                                18,774 koe
2.   Qatar                                   17,418 koe
3.   Trinidad and Tobago          15,691 koe
4.   Kuwait                                 10,408 koe
5.   Brunei                                   9,427 koe
6.   Luxembourg                         7,684 koe
7.   UAE                                      7,407 koe
8.   Canada                                7,333 koe
9.   USA                                      6,793 koe
10. Finland                                  6,183 koe

Energy-Use-per-capita-2011-2

Here we are not going to explain in details the reasons why the top-ten countries consume so much energy. However, it is quite clear that one of the main reason for scoring high on the list is a mixture of abundance of low-cost energy resources and fairly low population (at least this applies to the top-seven countries on the list). And the abundant domestic energy resources are fossil fuels and/or hydropower; the most economic energy sources we have access to here on our planet.

Many of the countries on this top-ten list are among the world’s largest producers of oil and gas. In some of these countries, the prices for the fossil fuel products are very low, resulting in more consumption than in countries were the prices are higher. This may, for example, apply to gasoline prices and to prices for electricity generated by burning natural gas. In addition, many of the counties in the list have major energy intensive industries (like aluminum smelters and LNG industry). These industries use cheap domestic energy resources, like electricity generated by natural gas. The result is very high energy use per capita in countries like Qatar, Trinidad and Tobago, Kuwait, Brunei and UAE (note that when using less recent numbers than Oilprice does, Trinidad and Tobago and Qatar switch the 2nd and 3rd place, as can be seen on the chart from Gapminder below; for other sources note IEA/NationMaster and OECD).

Worlds-largest-energy-consuming-countries-Gapminder-2010

So fossil fuels bring many of the Persian Gulf states on the top-ten list, plus Brunei and Trinidad and Tobago. Luxembourg, however, is one country on the list which is heavily dependent on energy imports. Thus, Luxembourg’s high energy use per capita can not be explained by access to abundant and cheap energy sources. The high ratio of energy use in Luxembourg has been partly explained by the low sales taxes on petroleum products, which encourage motorists and other consumers from neighbouring countries (Belgium, France and Germany) to buy their supplies in Luxembourg.

Interestingly, countries with huge energy resources do not necessarily make it to the top-ten list. This, for example, applies to Norway, which has both enormous oil- and gas resources and is a major producer of hydropower. Still, Norway is not on the top-ten list of the largest energy users per capita (although it comes very close).

USA of course has a long history of being an industrial giant, utilizing its large coal and natural gas resources and is one of the main oil consuming countries in the world (even per capita). For the USA, nuclear power and hydropower is also of great importance as sources of energy. Same applies to Finland, which has very substantial energy intensive pulp and paper industry. The same can be said about Canada, which also has a large aluminum industry.

Icelandic-Energy-Basics-2012Iceland is somewhat unique when it comes to energy. It is the world’s largest hydropower country per capita, the world’s largest geothermal energy producer per capita, and the world’s largest electricity producer per capita. Iceland’s competitively priced electricity (from hydro- and geothermal power) has attracted numerous industries and services. Currently, the aluminum industry in Iceland consumes close to 75% of all the electricity produced in Iceland (of course Iceland’s location result in large amounts of energy being used by logistics, but as already mentioned energy use in international transportation is not included when comparing countries energy use per capita).

This, with Iceland’s large fleet of fishing vessels and high automobile ownership, are the most important reasons for why Iceland is the world’s largest energy user per capita. But keep in mind that very high share of Iceland’s energy comes from renewable sources, making Iceland one of the greenest country in the world with regard to energy consumption. In total, approximately 86% of Iceland’s consumption of primary energy comes from renewable sources. And what is especially interesting, is the fact that Iceland still has access to numerous competitive renewable energy sources yet to be harnessed.

UK Energy Investors Looking Towards Iceland

Over the next few years billions of pounds are expected to be invested in new energy projects in the United Kingdom (UK). One of the projects may be a HVDC electric cable between UK and Iceland.

First Step: 12 Billion GBP for Wind and Biomass Projects

Earlier this year (2014), the UK government made Contracts for Difference (CfD) with eight renewable energy projects, with a total capacity of more than 4,500 MW. Five of these projects are large wind farms (more than 3,100 MW in total capacity) and the three others are biomass projects (close to 1,400 MW).

The list of participants e.g. includes the Danish energy firm Dong, Spanish Repsol, Scottish SSE, and Norwegian Statkraft and Statoil. The eight projects are expected to contribute around 15 TWh annually, which will be 14% of the expected renewable electricity to be added to the British electricity generation by 2020.

Together, these contracts open the door for a private investment of 12 billion GBP in the British renewable energy sector. However, this is only the start of a much larger energy investments in the British energy system. In total, these investments are estimated to be about 110 billion GBP by the year 2020, including 40 billion GBP in renewable electricity generation projects.

Groundbreaking Policy and Legislation

The investments mentioned above are possible due to the recently approved energy policy and electricity market reform of the UK. The recently adopted Energy Act calls for higher proportion of renewable energy and the strengthening of energy security of the UK by increased access to more diversified energy production.

DECC-cfd-strike-prices-december-2013-cover

This is a very interesting step by the UK. The new energy policy introduces special Contracts for Difference (CfD) to replace earlier system of incentives. The CfD sets certain strike prices for electricity, which is a pre-defined long-term price. This system will substantially limit the risk of new power projects and be an important driver for projects giving access to more reliable power.

This may offer a variety of opportunities, such as for Icelandic engineering firms with geothermal expertise. Even more interesting, may be the possibility of a submarine electric cable between Iceland and Great Britain.

Nordic Companies Among the First to Benefit

The new British energy policy and electricity market reform is already being implemented. It is an interesting fact that energy firms from the Nordic countries are the main players in four of the first eight projects involving CfD’s. These are the Danish Dong Energy and the Norwegian Statoil and Statkraft (the latter company is wholly owned by the Norwegian state).

All of the four “Nordic projects” are new offshore wind power parks, with a total capacity of close to 2,600 MW (CfD has also been awarded to a fifth wind park – Beatrice – with a capacity of 664 MW). The projects have gained authorization by the EU Commission, thus fully in consistency with competition and state aid rules. And the fixed strike price is 140-155 GBP/MWh (equivalent to approximately 220-250 USD/MWh).

New Power Plants and New Submarine Cables

The new investments, according to UK’s energy policy, will primarily be in new power plants and development of electricity transmission and distribution systems. In the coming months, the policy will be further developed and the UK Department of Energy & Climate Change (DECC) will continue to prioritize projects.

IceLink-HVDC-Disruptive-Capital-Atlantic-Superconnector-Map

The CfD-system applies to energy projects in Britain. However, the British energy policy also focuses on special arrangements to increase UK’s access to energy and electricity from abroad. This will e.g. happen with new cable connections (submarine electric cables) between the UK and its neighboring countries.

For the UK it will be especially important to gain access to flexible hydropower, to balance the electricity system. A HVDC cable between Iceland and UK could be an important part of such balancing and create high value to both countries. Such a project would also attract the interest of private investors, as already can be seen on the website of Disruptive Capital.

IceLink Offers High Increase in Social and Economic Welfare

ENTSOE-HVDC-Iceland-2014-coverThe European Network of Transmission System Operators for Electricity (ENTSO-E)  has submitted the final draft of the community-wide Ten-Year Network Development Plan (TYNDP) to the Agency for the Cooperation of the Energy Regulators; ACER. Following reception of the ACER opinion, the final TYNDP 2014 will be published by end of December 2014.

The TYNDP 2014 explores the evolution of the electricity system until 2030 in order to identify potential system development issues and to be able to address these proactively. The objectives of the TYNDP are to ensure transparency regarding the electricity transmission network and to support decision-making processes at the regional and European level.

IceLink Would Result in Highly Increased Social and Economic Welfare

The report from ENTSO-E includes analysis and evaluation of numerous possibilities for new electric cables interconnecting different electricity markets in Europe. One of the possible cables is a submarine HVDC cable (High Voltage Direct Current) between Iceland and the United Kingdom (UK); sometimes referred to as IceLink. The cable is expected to have a capacity somewhere between 800-1,200 MW, and be close to 1,000 km long.

ENTSOE-HVDC-Iceland-2014-mapAccording to ENTSO-E the IceLink could offer an increase in social economic welfare of up to 470 million EUR annually. This is higher SEW than most other of the interconnectors evaluated by ENTSOE-E in the new report. The social and economic welfare (SEW) is characterized by the ability of a power system to reduce congestion and thus provide an adequate transmission capacity so that electricity markets can trade power in an economically efficient manner. In addition, the IceLink offers much more flexibility or steerability than for example the numerous large scale wind power projects, evaluated in the report.

ENTSO-E Presents Four Different Scenarios

The 2014 version of the TYNDP covers four scenarios, known as the 2030 Visions. The visions were developed by ENTSO-E in collaboration with stakeholders through the Long-Term Network Development Stakeholder Group, multiple workshops and public consultations. The four visions are contrasted in order to cover every possible development foreseen by stakeholders. The visions are less forecasts of the future than selected possible extremes of the future so that the pathway realized in the future falls with a high level of certainty in the range described by the visions. The span of the four visions is large and meets the various expectations of stakeholders. The four visions for IceLink have a span of 290-470 million EUR annually in increased social and economic welfare.

Top-Down, Open and Constantly Improving Process

The first Ten-Year Network Development Plan was published by ENTSO-E on a voluntary basis in 2010. The 2012 release built on this experience and the feedback received from stakeholders, proposing the first draft of a systematic cost benefit analysis. In the last two years, ENTSO-E has organized exchanges with stakeholders to ensure transparency as much as possible.

ENTSOE-HVDC-Iceland-2014-1For the 2014 release, ENTSO-E launched a large project, where the expertise of the members of ENTSO-E; the Transmission System Operators (TSO’s). This included the Icelandic TSO; Landsnet. Having regard to the high SEW of IceLink and its highly flexible power production, it can be expected that the project will attract strong political interest and positive financing.

Are You Applying for Startup Energy Reykjavík?

Startup Energy Reykjavik is a business accelerator program, aimed at accelerating the business of seven energy related startups through a ten week program. Now you can apply for the upcoming program, which begins in next January (2015). For example, startups in software, machinery, agriculture, maintenance, chemistry, transportation, professional service, power plants and more are all eligible for the program. Application deadline is November 11th 2014.

startup-energy-reykjavik-logoSelected companies or ideas get USD 40,000 in seed funding. Startup Energy Reykjavik founders also get great place to work at Reykjavik University, ten weeks of intensive top-notch mentorship, and the chance to pitch to angel investors and venture capitalists at the end of the program. There is immeasurable value in the mentorship-driven connections and advice that you’ll receive when you start your company with Startup Energy Reykjavik. The opportunity to pitch to angel investors and venture capitalists at the end of the program is provided during our Investor and Demo Day.

The upcoming program of Startup Energy Reykjavík starts on next January 14th (2015) and ends with the Investor Day on March 26th. For more information, note the homepage of the program. And Startup Energy Reykjavík is also on Facebook.