30. sep 2021
Investments of Orkuveita Reykjavíkur (Reykjavík Energy; OR) and its subsidiaries will amount to over ISK 106 billion over the next six years, according to the Group's financial forecast, approved today by OR‘s Board of Directors. The financial forecast, which is for the years 2022 through 2027, is consolidated for the group. In addition to the parent company, the Group includes Veitur Utilities, ON Power, Reykjavik Fibre Network, and Carbfix. During the period, interest-bearing debt is forecast to decrease by ISK 36 billion.
Bjarni Bjarnason, Reykjavík Energy’s CEO, says that the Group’s finances are sound and that significant fluctuations are neither foreseen in income nor expenses. "As always, a significant part of the income goes to maintaining the large assets entrusted to the companies that provide us with green energy, fresh water, and a healthier environment," says Bjarni.
He adds that considerable investment in innovation is ahead, most of which either decrease carbon footprint or improve the operation’s climate resilience. "In this respect, Carbfix stands out with its important method for permanent carbon sequestration, the upgrade of all of Veitur Utilities’ energy meters allow for customers’ better monitoring of their use. ON Power will continue to pioneer in charging solutions for electric cars. Veitur Utilities will also contribute to the forthcoming revolution in public transport in the capital area and Reykjavík Fibre Network’s system proved its value during the epidemic when many people could not travel to work," says CEO Bjarni Bjarnason.
Reykjavík Energy’s consolidated financial forecast for 2022 and the five-year forecast for 2023–2027 will be discussed by the Reykjavík City Council, as part of the consolidated budget of the City.