Landsvirkjun

Landsvirkjun is an Icelandic electricity company and the largest energy producer in Iceland. It was founded in 1965 by the city of Reykjavík and the state of Iceland. Its general purpose is to produce and provide electricity for heavy industry and to sell electricity to local providers around Iceland. It runs 16 hydroelectric and geothermal power stations as well as one natural gas-fired station.

History
Landsvirkjun was founded on the first of July in 1965 by the state of Iceland and the city of Reykjavik. The city of Reykjavík contributed to the company three power stations at the River Sog. Shortly after its founding construction on the Búrfell hydropower station began. From 1965 until 2005 the purpose of Landsvirkjun was to produce and distribute high voltage electricity. The municipality of Akureyri acquired a share in Landsvirkjun in 1983 and became the third owner. Three hydropower stations at the Laxá River previously owned by the municipality of Akureyri were merged into Landsvirkjun. The hydropower stations Búrfell, Sigalda, Hrauneyjafoss, Blanda, Sultartangi, Vatnsfell and Fljótsdalsstöð were all built by Landsvirkjun. The geothermal power station Krafla came under Landsvirkjun's ownership in 1986. Through a new electicity act in 2005 the company's Transmission Division became Landsnet, an independent limited company and a subsidiary of Landsvirkjun. Landsnet owns and operates the Icelandic transmission system and manages the country‘s electricity system. In 2007 the state of Iceland took over the ownership shares of Akureyri and Reykjavík in Landsvirkjun, turning it into a public partnership, fully owned by the state of Iceland.

Power stations
Landsvirkjun has 16 power stations, of which 13 are hydropower stations, two geothermal power stations and one natural gas-fired station.

Subsidiaries
Landsvirkjun has five subsidiaries. Landsnet (64.73% of shares is owned by Landsvirkjun) is the transmission system operator of Icelandic high-voltage electricity grid. Landsvirkjun Power designs and construct geothermal and hydropower stations for Landsvirkjun and power systems for Landsnet. Fjarski provides telecommunication services while Icelandic Power Insurance handles the insurance and re-insurance of Landsvirkjun's power stations. Þeistareykir; its purpose is to research the geothermal area in Þeistareykir.