Stability in Operations and Increasing Investments

Reykjavík Energy‘s consolidated interim financial statements Q1 2024 demonstrate stability in the company’s operations and increasing investments in line with the growing development of housing and rising demand for green energy, and technology to geologically store CO2. In addition to the parent company, the Reykjavík Energy group includes Veitur Utilities, ON Power, Reykjavík Fibre Network, and the innovation company Carbfix. The financial statements from January 1 through March 31 were endorsed by Reykjavík Energy‘s Board of Directors today.

Growth in Investments

The operational performance and profit margin of Reykjavík Energy have been relatively stable in recent years despite significant changes in external conditions. Active risk management mitigates the effects of fluctuations in interest rates, inflation, exchange rates, and aluminium prices. Consequently, the company’s investment capacity is substantial, and new steam pipelines are being laid from Hverahlíð to Hellisheiði Power Plant, and smart metering is being installed. Reykjavík Energy has also been connecting new housing, which is rapidly developing, preparing to lead in advanced climate solutions, and meeting the increased demand for electrical and thermal energy in various ways.

Working capital from operations for the first three months of the year amounted to ISK 8 billion, and investment in fixed assets in the first quarter increased from ISK 4.9 billion last year to ISK 6.3 billion.

Where There’s a Will, We Find Ways

CEO Sævar Freyr Þráinsson states that Reykjavík Energy has set ambitious goals to lead necessary transitions; energy shift and carbon sequestration from polluting industries. “In both basic services and development projects, we find the willingness of people to participate in these changes. Reykjavík Energy‘s role in society gives us the responsibility to lead changes and channel this willingness. This applies equally to opportunities for charging electric vehicles, enhancing public transportation, educating people about improved energy efficiency, and further developing carbon sequestration with Carbfix,” says Sævar Freyr and adds, “Reykjavík Energy‘s new overall strategy and strong financial position strengthen the will for robust collaboration. Where there’s a will, we find more sustainable ways.”