Energy Reports

Iceland energy report

Iceland energy market analysis is derived from the most recent key economic indicators, supply and demand factors, oil & gas pricing trends and major energy issues and developments surrounding the energy industry. The analysis includes a comprehensive energy market report and updated Iceland energy market data.

Iceland energy report
Update: February, 2015
Format: 2 files (PDF report, Excel file)
Pages: 13 (Report only)
Delivery: Immediate by e-mail


Iceland energy market report offers an incisive and reliable overview of the energy sector in Iceland. With a focus on oil, gas, coal and power markets, the report provides a complete picture of the country situation, dynamics, current issues and future prospects. With 2013 market data and continuous follow-up of markets news, this report brings clear and concise insights with which to tackle national energy challenges and opportunities.

  • Institutions & Energy Policy

    The Ministry of Industries and Innovation is responsible for the energy policy.

    The National Energy Authority (NEA, Orkustofnun), which falls under the Ministry of Industries and Innovation, advises the Government on energy issues;...

  • Energy Supply


    Iceland has around 30 TWh of hydroelectric resources, 12.8 TWh of which have already been harnessed, and around 35 TWh of geothermal power, including 5.2 TWh of cogeneration.

  • Energy Prices


    Overall, Iceland's carbon and energy tax rates on gasoline, diesel and heating oil are lower than in the other Nordic countries.

    In 2014 the gasoline price increased by 1% to €1.58/l for gasoline (IKR 246/l). In 2015, the CO2 tax amounts to IKR 5.15/l (€3.3c/l) for gasoline and...

  • Energy Consumption

    Iceland has the world's highest energy consumption and power consumption per capita, at 21 toe and 55 000 kWh, respectively (i.e. 7 times the EU average of 3.2 toe and 9 times the EU electricity average) (2013). The high energy consumption is partly due to the high share of geothermal in its...

  • Issues & Prospects


    According to the Electricity Forecast 2014, power consumption should grow by 1.1%/year until 2020, to 19.5 TWh; thereafter, it is expected to reach 20.5 TWh in 2020 and 21.9 TWh in 2030.

    The proposed Master Plan for Hydro and Geothermal Energy Resources in Iceland was approved in January...

Download the Table of Contents

In the Iceland market report you will find the graphs mentioned below:

  • Graph 1: Installed Electric Capacity by Source (2013, %)
  • Graph 2: Power Generation by Source (2013, %)
  • Graph 3: Consumption trends by Energy Source (Mtoe)
  • Graph 4: Total Consumption Market Share by Energy (2013, %)
  • Graph 5: Final Consumption Market Share by Sector (2013, %)
  • Graph 6: Primary Consumption since 1970

In the Iceland market report you will find follow tables:

  • Economic Indicators: Annual historical data including population, GNP growth, imports & exports, inflation rate, energy security and efficiency indicators, CO2 emissions.
  • Supply Indicators: Historical data including oil & gas reserves, electric & refining capacity, energy production, power production and external trade. All detailed by energy source.
  • Demand Indicators: Historical data includes consumption per inhabitant, consumption trends, total consumption by energy source, final consumption by energy source & sector, and, electricity consumption by sector.
  • Energy Balances: Unique tabular display of the overall energy industry balance per annum, also graphically displayed by energy sub-segment.

The Iceland market data since 1990 included in the Excel file is given below.
Historical evolution allows to easily work with the data.

2013 Key Data included in the excelsheet:

  • Economic indicators: Annual historical economic indicators, energy security, energy efficiency and CO2 emissions.
  • Supply indicators: Annual historical reserves, capacity, production and external trade (imports(+) exports(-) balance).
  • Demand indicators: Annual historical consumption per capita, consumption trends, total consumption, final consumption (per energy and per sector) and electricity consumption total and per sector.
  • Energy Balance: total and per energy.
  • Iceland Energy Prices: In addition to the analysis provided on the report we also provided a data set which includes historical details on the Iceland energy prices for the follow items: price of premium gasoline (taxes incl.), price of diesel (taxes incl.), price of electricity in industry (taxes incl.), price of electricity for households (taxes incl.), price of natural gas in industry (taxes incl.), prices of natural gas for households (taxes incl.), spot price of Brent and CO2 emissions (from fuel combustion).

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