Orkuveita Reykjavíkur

Orkuveita Reykjavíkur
Reykjavik Energy

Industry	energy
Headquarters	Reykjavik, Iceland
Key people	Guðlaugur Gylfi Sverrisson, Chairman of the Board Hjörleifur Kvaran, CEO
Products	electricity, geothermal energy
Owner(s)	Reykjavik, Akranes, Borgarbyggð

Orkuveita Reykjavíkur (Reykjavik Energy) is an Icelandic utility company that provides electricity, geothermal water for heating, and cold water for consumption and fire fighting. It also operates a data-utility network and waste-treatment facilities. The company's service area extends to 20 communities in the south-west part of Iceland. Orkuveita Reykjavíkur is owned by the City of Reykjavik (93.5%) and the Municipalities of Akranes (5.5%) and Borgarbyggð (1%).

History

Orkuveita Reykjavíkur was established 1 January 1999, by uniting Rafmagnsveitu Reykjavíkur og Hitaveitu Reykjavíkur. Rafmagnsveita Reykjavíkur was established in the year 1921, but Hitaveita Reykjavíkur became an independent company in 1946. In the year 2000 Vatnsveita Reykjavíkur was united with Orkuveita Reykjavíkur, but the former started operation 16 June 1909.

Financial difficulties in 2010

In 1994, a left-coalition (R-listinn) took political control of Reykjavík. They started drawing funds from Hitaveita Reykjavíkur for financing the Reykjavík Treasury. Besides, various projects were initiated on behalf of Hitaveita Reykjavíkur, which all returned losses.

In 2007, Orkuveita Reykjavíkur sold a 45% share in Landsvirkjun at a large profit. Rafmagnsveita Reykjavíkur had originally owned these shares. These funds were apprehended by Treasury of Reykjavík and not Orkuveita Reykjavíkur.

In all, the balance sheet of Orkuveita Reykjavíkur has thus probably lost IKR.60.000.000.000 ($500.000.000), due to mismanagement.^{[citation needed]}

Geothermal plants

Nesjavellir Geothermal Power Station, near Hengill.

Orkuveita Reykjavíkur owns and operates the Nesjavellir and Hellisheiði geothermal power stations. The plants provide electricity and hot water to industries and households in the Reykjavik capital area. 99% of housing in this area is heated with hot water provided by geothermal sources. Both plants are situated in the Hengill region; an active volcanic ridge.^[1]

Board and management

The Board of Directors at Orkuveita Reykjavíkur is appointed by the Reykjavik and Akranes City Councils. Reykjavik appoints five members and Akranes appoints one. The Borgarbyggð Council appoints a special representative. As of 2008,Guðlaugur Gylfi Sverrisson, is Orkuveita Reykjavíkur's Chairman of the Board. Hjörleifur Kvaran is CEO.

See also

• Landsvirkjun

References

1. ^ "Reykjavik Energy". Randburg. http://www.randburg.com/is/or/. Retrieved 2008-06-30. 

External links

• Official site

Coordinates: 64°07′13″N 21°48′04″W / 64.12028°N 21.80111°W / 64.12028; -21.80111