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ICELAND - does it have energy security problems??

ICELAND - does it have energy security problems??. Information from G ú staf Ádolf Skúlason, Samorka Analysis+Questions from AB. A LAND WITHOUT WORRIES?. High energy output/use per capita in Iceland due to industry such as aluminium smelters.

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ICELAND - does it have energy security problems??

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  1. ICELAND - does it have energy security problems?? Information from Gústaf Ádolf Skúlason, Samorka Analysis+Questions from AB

  2. A LAND WITHOUT WORRIES? • High energy output/use per capita in Iceland due to industry such as aluminium smelters. • BUT huge energy potential from geothermal energy and hydropower: far cheaper than oil imports, renewable and (relatively) ‘green’ • Oil needed to make fuels for ships/vehicles but meets only c 20% of energy needs • Thus: 80% of all energy from renewables (EU target 20%, EU actual 8.5%); 99,95% of electricity from hydro or geothermal power

  3. Iceland’s electricity consumption

  4. Primary energy consumption in Iceland

  5. Source of space heating

  6. Share (%) of renewables in primary energy use

  7. And cheap too! Standard home consumption

  8. Really cheap!

  9. FURTHER OPTIONS • Only 30-40% of economically viable hydropower is exploited so far (other countries typically use 70-90%), and 20% of geothermal energy • ‘Wasted’ electricity, eg unused overnight, could feed two thirds of Iceland’s cars if they were converted to electric • Possible more industries/services (not just aluminium, not necessarily foreign!)

  10. SO WHAT’S THE PROBLEM? Three possibilities: • Getting hurt in other people’s energy struggles (meaning..?) • Risks to existing supply pattern are smaller than for most countries, but do exist and are varied • Equivalent of ‘the curse of oil’

  11. MAPPING SUPPLY RISKS… From outside From inside Oil Supply Renewables

  12. THE CURSE OF [GEOTHERMAL??] • Normal aspects of ‘curse of oil’ • other people want it too much: try to grab sources, perhaps violently • Over-dependence on exports + price • Hasty/unwise exploitation damages other national/natural assets; accident risks • Unequal profits within country can lead to political/social unrest • Distorts economy, too little growth and innovation elsewhere

  13. ALL SECURITY IS A TRADE-OFF • What other aspects of security could be affected by NOT developing Iceland’s energy potential further…??

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