While Iceland started harnessing geothermal energy in the beginning of the 20th century, Icelanders had used natural geothermal springs for bathing and washing for centuries. In 1908 the geothermal hot water began to be harnessed for heating individual homes, and today Iceland is one of the leading geothermal power generating countries in the world, accounting for 30% of the country's total power production, and 98% of residential and industrial heating.
Due to its low-cost green electricity and reliable transmission system, Iceland is an attractive location for industries, creating intriguing opportunities for the Icelandic power sector.
Numerous geothermal options remain unharnessed, which sets Iceland in a rare position in our energy-constrained world. The major power producers in Iceland are now able to offer green electricity at very competitive prices – around 50% lower than electricity costs in Western Europe.
Baseload Power aims to play an important part in meeting these opportunities. By building small-scale, zero-emissions binary power plants fueled by geothermal fluids, we have an incredible opportunity to develop this massive yet untapped renewable energy source.
Baseload Power has two plants in operation and a third one on the way. We also have several land leases secured in the Flúðir and Ölfus municipalities, where we are actively are looking for new opportunities.