Power Sales Group Inc. CEO, Brian Curley recently traveled to Iceland, a country that
takes full advantage of its constant geological activity. “During my trip to Iceland, we toured many parts of this island country,” says Curley. “We saw beautiful sights including many geothermal and hydro energy generating facilities.”
Some interesting facts emerged about this small country’s energy business:
Because Iceland is a volcanic island, geothermal energy is plentiful, clean and renewable. It accounts for 25-30% of the country’s electricity needs. Hydro power is also plentiful in Iceland, accounting for almost 70% of the electricity needs of the country.
In total, Iceland generates a staggering 87% of its own energy needs (when all uses are included – electricity, heat, hot water, automobile fuel, etc.).
Power is so cheap and plentiful in Iceland that close to 70% of the electricity produced is used by the aluminum industry. Aluminum smelting is very power-intensive so Iceland’s resource is attractive economically to this industry, even with the cost of importing bauxite ore to the island.
Iceland is exploring a project to export it’s inexpensive and abundant power to Great Britain via an undersea cable. This would provide a much needed boost to Iceland’s economy.