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Electricity in Iceland in 2024

48,453 kWh/person Low-Carbon Electricity
-8,342 #1
48,461 kWh/person Total Electricity
-8,347 #3
28 gCO2eq/kWh Carbon Intensity
+3.0 #5
100 % Low-Carbon Electricity
-0.01 #1

Iceland stands as a leading example in clean electricity generation, achieving a remarkable milestone with virtually all its electricity—over 99.98%—coming from low-carbon sources. This impressive feat is primarily due to its significant reliance on hydropower and geothermal resources, which contribute roughly 71% and 29%, respectively, to the electricity mix. Iceland's commitment to low-carbon energy is critical as the nation explores further electrification of sectors like transportation, heating, and industry, which remain heavily reliant on fossil fuels. This shift will undoubtedly demand a considerable boost in electricity supply, underscoring the importance of maintaining and expanding sustainable electricity production.

Is Electricity Growing in Iceland?

Despite Iceland's laudable position in terms of clean electricity, recent data indicates a troubling decrease in overall electricity consumption compared to previous records. In 2024, the per capita electricity consumption stood at approximately 48,461 kWh, reflecting a decrease from the last high in 2015, which was around 56,807 kWh per person. Similarly, low-carbon electricity generation also showed a decline, with recent figures hovering around 48,453 kWh per person compared to the 2015 peak of 56,795 kWh per person. This reduction, both in total consumption and particularly in low-carbon generation, raises concerns about the pace of growth required to meet future demands and combat climate change effectively.

Suggestions

To counter these challenges and enhance low-carbon electricity generation, Iceland can strategically invest in expanding its existing clean energy infrastructure, focusing on innovative solutions like advanced geothermal technologies and bolstering its hydropower capacity. Moreover, exclusively considering an increase in solar and nuclear energy to diversify the electricity mix might offer stability and resilience against the intermittency challenges associated with hydropower and geothermal. Given the global urgency to combat climate change and ensure sustainable development, Iceland's proactive steps towards increasing its clean energy supply will set a crucial precedent.

Overall Generation
Renewable & Nuclear

History

Iceland's history of low-carbon electricity generation reveals a trend of consistent growth punctuated by remarkable achievements in both hydropower and geothermal expansion. In the late 1990s, modest increases began with significant contributions from hydro, enhancing the nation's clean energy capability. The years spanning 2006 to 2009 marked a period of robust geothermal expansion, complementing hydro's role, notably in 2007 and 2008 with substantial increases in both sectors. Subsequent years saw steady growth, though 2024 reflected declines in both hydro and geothermal outputs, underscoring the need for renewed investment in low-carbon infrastructure. This continuous commitment to expanding clean energy sources emphasizes Iceland’s forward-thinking approach, even as it encounters challenges that demand innovative solutions.

Electrification

We estimate the degree of electrification by comparing electricity and total energy emissions. More about methodology.

Electricity Imports and Exports

Balance of Trade

Data Sources

For the years 1971 to 1984 the data source is World Bank .
For the years 1985 to 2001 the data source is Energy Institute .
For the years 2002 to 2003 the data source is Ember .
For the years 2004 to 2007 the data source is IEA .
For the years 2008 to 2023 the data source is Energy Institute .
For the year 2024 the data source is IEA .
For the months 2024-03 to 2025-02 the data source is IEA .
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