Landsnet

Landsnet hf is Iceland’s electricity transmission system operator, responsible for operating and developing the country’s high‑voltage grid and administering system operations under the Icelandic Electricity Act. Established in 2004–2005 by separating the transmission assets of Landsvirkjun, RARIK and others, it owns and runs all electrical lines and related infrastructure at 66 kV and above. The company manages one of Iceland’s most important infrastructure systems, ensuring secure transmission from generators to distribution system operators and large energy‑intensive users across an isolated power system that has no interconnections to other countries. Its regulated revenues are derived from tariffs to energy‑intensive users, transmission to distributors, in‑feed fees, and the sale of transmission losses and ancillary services, under a revenue‑cap regime overseen by the National Energy Authority. Landsnet focuses on strengthening grid reliability, resilience and capacity to support rising electricity demand and the national energy transition. In 2025 it undertook one of its largest investment programmes, committing around USD 118 million, including the installation and commissioning of two new submarine cables to connect Vestmannaeyjar (Westman Islands) and grid reinforcement projects across Iceland, alongside preparatory measures to increase delivery capacity in Northeast Iceland. At year‑end 2025 the company reported total assets of about USD 1.37 billion, equity of USD 665.5 million, profit of USD 44.9 million, EBITDA of USD 114.8 million and an equity ratio of 48.5%, and proposed dividends of USD 22.5 million. Landsnet employed around 167 full‑time equivalents and maintains an active programme of training, equal‑pay implementation and workplace development. It publishes audited IFRS financial statements and an Annual and Sustainability Report, and acts as the competent authority for Guarantees of Origin and EECS certificate administration in Iceland, supporting transparent disclosure of renewable electricity and the broader energy transition.