Reykjavik Energy (RE) has been at the forefront of innovation and development on climate and environmental issues for the past decade.

This work on innovation and development is being done within the company, as well as in collaboration with the academia domestically and internationally. The collaboration between the business sector, the academia, and municipalities is often a prerequisite for ideas to evolve into tangible projects that benefit the industry and society.

Examples of such projects being undertaken by RE, with high hopes attached, include:

• Near-Zero carbon footprint from geothermal energy at Hellisheidi and Nesjavellir.
• Improved EV charging. How EV owners charge and use their EVs and electrical load management on a large scale.
• Improved oversight of water quality and water distribution systems for climate impact analyses.
• Utilization of sewage waste.
• Better understanding of wastwater system responses to climate-related events.
• Use of artificial intelligence to predict hot water usage.
• Utilization of energy from deep within the geothermal reservoirs currently in use in high-temperature fields in Hengill.

Further information about these projects and other RE's initiatives in the fields of innovation and development regarding climate and environmental issues can be found in the appendices below.

Turning point

Examples of milestones in 2023 for innovation projects at Reykjavik Energy include:

• Carbfix started to utilize seawater instead of freshwater for the permanent sequestration of carbon dioxide (CO₂) in rock formations in Helguvík. These are innovations on a global scale and an important step in the development of Carbfix technology, see appendix.
• The trial injection of Carbfix and ON Power of carbon dioxide (CO₂) and hydrogen sulfide (H₂S) from Nesjavellir Geothermal Power Plant began. This is a major milestone as the goal is for the power plant to achieve carbon neutrality by 2030, see appendix.
• Construction started on a new abatement unit at Hellisheidi Geothermal Power Plant that will clean nearly all carbon dioxide (CO₂) and hydrogen sulfide (H₂S) from the plant by 2025, see appendix. Furthermore, the first environmental assessment of its kind in Iceland due to large-scale CO₂ injection for storage at Hellisheidi was completed, see appendix.
• Veitur Utilities' innovation-driven tendering process was used for the first time, where a specific problem was tendered, i.e., the utilization of fat from sewage, instead of a specified solution. Certain criteria must be met (sustainability and environmental goals in this case), see appendix for more information.
• Confirmation was received from the Science Based Targets initiative (SBTi) that RE's climate goals are based on scientific evidence and support the Paris Agreement's actions to keep global warming below 1.5°C, see appendix. This calls for innovative solutions in procurement and other operations.

Reykjavik Energy’s Science Fund

In 2023, ISK 150 million were spent on 30 projects in various fields of science through the RE's Science Fund (VOR). The purpose of the fund is threefold:

• To support Reykjavik Energy's vision of the future, which is to increase the quality of life with social responsibility as a guiding principle.
• To support master's and doctoral students' research related to Reykjavik Energy's field of work and priorities.
• To promote and strengthen research in Reykjavik Energy's field of activity with special emphasis on the United Nations Sustainable Development Goals that are a priority at any given time in accordance with Reykjavik Energy's policy.

Reykjavik Energy places special emphasis on six of the 17 Sustainable Development Goals: Affordable and Clean Energy, Gender Equality, Clean Water and Sanitation, Responsible Consumption and Production, Climate Action, and Life on Land.

Here you can see (IS) which projects received funding in 2023.

Veitur Utility's smart meters

The introduction of smart meters that measure the energy consumption of customers at regular intervals and automatically send the information to Veitur Utilities, provides insight into how the use of electricity and hot water is distributed over the day, weeks, or months. Thus, people can better control their usage, identify anomalies and malfunctions earlier, and create opportunities to save energy and lower their electricity bills.

Veitur Utilities gains better oversight, for example, on the impact of outdoor temperature on consumption, can predict energy needs more accurately, can respond more quickly to malfunctions, and can better support responsible and sustainable resource utilization, see appendix. The environmental benefit from the introduction of smart meters is thus multifaceted.