Iceland uses sustainable geothermal energy production to provide power and hot water to its people and now they are thinking of exporting surplus power to Europe. They are wrapping up their research into the feasibility of running so much electricity underwater to Europe and if it’s completed even more people can benefit from renewable energy.
Plus, just imagine how rich Iceland can become from supplying cheap renewable energy to the rest of Europe.
The project aims for the exportation of some five terawatt-hours (or five billion kilowatt-hours) each year, Jonsdottir said.
At current power prices in Europe, that corresponds to between 250 and 320 million euros ($350-448 million) in exports annually, and is enough to cover the average annual consumption of 1.25 million European households.
“The idea is to meet demand during peak hours in Europe, as well as some base load,” Jonsdottir said, refusing to estimate how much the project might cost to implement.
Landsvirkjun, which is state-owned, produces about 75 percent of all electricity in Iceland