Overview
Almost all of Iceland’s electricity is produced in hydroelectric and geothermal power plants. There are three main electricity producers: Landsvirkjun, which is state-owned; Reykjavík Energy, owned by three municipalities; and HS Energy, owned by local municipalities and private investors, some of whom are foreign. There is a nascent wind energy sector and some interest in developing solar power, especially for off-grid uses. As Landsvirkjun and Reykjavík Energy are publicly owned, tendering is mandatory if the value of a contract exceeds a certain limit. The price limit depends on the nature of the purchase. See websites below for further information.
Leading Sub-Sectors
Turbines for renewable power plants; transformers; generators; and small-scale, off-grid solar solutions.
Opportunities
There are opportunities for U.S. companies to sell products to upgrade, maintain, and repair power plants.
Resources
American-Icelandic Chamber of Commerce
Ministry of Higher Education, Science, and Innovation
Ministry of Culture and Business Affairs
Ministry of the Environment, Energy, and Climate
Rikiskaup Central Public Procurement