Iceland - Country Commercial Guide
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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.


There are opportunities for U.S. companies to sell products to upgrade, maintain, and repair power plants.


American-Icelandic Chamber of Commerce

Icelandic Federation of Trade

Invest in Iceland

Ministry of Higher Education, Science, and Innovation

Ministry of Culture and Business Affairs

Ministry of the Environment, Energy, and Climate

Business Iceland

Rikiskaup Central Public Procurement

SA Confederation of Icelandic Enterprise

Ted European Tenders

U.S. Embassy in Iceland