Geothermal experts and businesses from around the world will be converging on Reno, Nevada between 5th and 8th October for the 2008 Geothermal Energy Conference & Expo.

The annual event is expected to draw record numbers of participants, with over 1,000 people attending the day event and more than 70 companies represented at the accompanying trade show. Read the full story

The President of Iceland, Olafur Ragnar Grimsson, has said that Alaska could be a world leader in geothermal power, reports ktuu.com

He also said that geothermal energy could clean up the air in Alaska as well as save oil and gas reserves for the future.

“Above all, you will also obtain cheaper energy for the citizens for their homes and for their businesses because the price of oil whatever happens and gas is going to go up,” said President Grimsson.

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President Yoweri Museveni has invited Icelandic business leaders to visit Uganda and invest in priority areas of the economy such as infrastructure development, harnessing energy for development and in the agro-processing sector for the export market, the President’s own website reports.

The President extended his offer during a three-day state visit to Iceland last week personally invited by President Olafur Ragnar Grimsson of Iceland.

President Museveni thanked the government and people of Iceland for the development and humanitarian assistance Iceland continues to extend to Uganda particularly in the areas of adult literacy, energy, fisheries and scientific research. He told his host, “The assistance has greatly contributed towards the vision for ‘Prosperity for All’, which is aimed at raising household incomes, especially for the rural poor”. Read the full story

Drillers drilling for hot water on the northern Icelandic island of Grimsey (the only part of Iceland to cross the Arctic Circle) have now reached a depth of 460 metres and are now finding water at 55 degrees centigrade.

Engineers on the project are happy with progress, but still hope to hit a high pressure area of much hotter subterranean water, visir.is reports.

The drilling began on Grimsey last autumn, and engineer Fridfinnur K. Danielsson believes that the work is going well to date; especially as hot water drilling has never previously been undertaken on Grimsey.

A meeting between the Icelandic and Greek prime ministers yesterday reaffirmed the good level of relations between the two countries.

Geir H. Haarde, the Prime Minister of Iceland, is on a working visit to Greece.

Costas Karamanlis, Haarde’s counterpart, told reporters that relations between the two countries were exceptional and their cooperation was excellent at both bilateral level and in international organizations. He added that many opportunities for furthering cooperation existed in the economy, in investments and in the tourism sector.

The two prime ministers discussed prospects for cooperation between the two countries in the exploitation of renewable energy resources, particularly in geothermal energy. As Karamanlis noted, Iceland has many energy reserves, while it is also a pioneer in the knowledge of and exploitation of natural resources.

The two leaders also discussed matters concerning NATO, and the developments in Georgia and in the western Balkans.

Haarde noted that relations between the two countries were problem-free, adding that there were opportunities that could be taken advantage of.

He stressed that an agreement on avoidance of double taxation would be significant for the enhancement of economic relations, and also sought Greece’s backing of Iceland’s candidacy for a non-permanent seat on the UN Security Council.

Glitnir has appointed two new business directors for Chile and Peru, as part of a move to strengthen its global expertise within the seafood industry.

“To have people of their calibre joining the bank is another statement of Glitnir’s strength. This will not only build new opportunities for our business in South America, but also create opportunities in other regions seeking targets for European, US and Asian companies in South America”, said Jon Gardar Gudmundsson, Glitnir’s Managing Director for Asia & Latin America.

Fish meal and fish oil production is a growing industry in Peru, a country which has a long history as a fishing nation. Peru has experienced strong economic growth in the past few years, with more than a doubling of its GDP between 2003 and 2007. Glitnir assisted Peruvian company Copeinica with listing on the Oslo Stock Exchange in January 2007.

Peru also has a considerable potential for geothermal energy exploitation, which is another of Glitnir’s main areas of expertise. Although Glitnir’s main focus in the region in the near future remains on the seafood sector, there are also plans to tap into the geothermal market.

Magnus Bjarnason, Executive Vice President of Glitnir, said, “We feel it is important to have people on the ground in strategic markets. Our two new business directors are great assets for Glitnir’s international strategy.”

For further information on Glitnir and the seafood and geothermal energy sectors, visit www.glitnirbank.com

Nordic bank Glitnir won second prize for ‘Sustainable Deal of the Year‘ at the Financial Times Sustainable Banking awards in London last week.

Glitnir was presented with the award by the CEO of FT, John Ridding, for a deal brokered with US geothermal energy company Hudson Ranch. In it the Nordic bank provided a $15 million loan to develop a new geothermal generating facility in the Salton Sea geothermal field in California.

“The US Geothermal market is very interesting for us as we foresee considerable developments in the energy market especially regarding alternative energy resources,“ said Alexander Richter, Director of Global Industry Research and Communication at Glitnir.

Mr Richter said that Glitnir Bank was among the first financial institution to offer this sort of financial product in the US after last year providing Nevada Geothermal with a similar loan.

“We have a very strong position in the US geothermal market and we intend to strengthen it even further”, said Mr. Richter.

Also speaking at the FT event were the Mayor of London, Boris Johnson and Barclays Chairman, Marcus Agius. Morgan Stanley and BlueOrchard Finance jointly won the Sustainable Deal category.

Visit Glitnir’s website for more information on Glitnir and geothermal energy.

Nordic bank Glitnir was recently shortlisted for the 2008 FT (Financial Times) Sustainable Banking Awards, the leading global awards for sustainability in finance.

The corporate and investment bank was nominated for the ‘Sustainable Deal of the Year’ award for a second year in a row.

The ‘deal’ refers to a $15 million ‘Resource Verification Loan’ that Glitnir provided for the Hudson Ranch project, a 49.9 MW geothermal generating facility currently being developed in the Salton Sea geothermal field in California.

Magnus Bjarnason, Executive Vice President of International Banking at Glitnir Bank, said, “Glitnir Bank was among the first financial institutions to offer this sort of financial products in the USA. Last year we provided Nevada Geothermal with a similar loan.”

The awards, which are now in their third year, are in recognition of banks and other financial institutions that have “shown leadership and innovation in integrating social, environmental and corporate governance considerations into their operations.”

Glitnir bank has been a leading player in providing finance to the geothermal energy industry in the United States, which is the biggest market in the world for geothermal energy. The bank has sustainable energy teams in both Iceland and at a new office in New York City.

“The US Geothermal market is very interesting for us as we foresee considerable developments in the energy market, especially regarding alternative energy resources. Glitnir’s position in the US geothermal industry is strong and the outlook is very good,” continued Mr Bjarnason.

The sustainable energy sector has been booming due to record-high oil prices and a demand for action on climate change. Glitnir’s niche business sectors, which include sustainable energy and the seafood industry, are rapidly growing and currently represent 13% of the bank’s loan book and 43% of its corporate advisory in 2007.

Visit Glitnir’s corporate website for more information on the geothermal energy sector.

Four nations are currently in a race to become the first country in the world to be carbon neutral on a national scale, reports the Independent.

Iceland, Norway, New Zealand and Costa Rica are all engaged in greening their economies, although each is facing unique challenges in their quest for environmental friendliness.

The meeting of the Governing Council of the United Nations Environment Programme (UNEP) in Monaco last month was the starting point for the race, when all four nations joined the Climate Neutral Network and vowed to go carbon neutral.

UNEP’s executive director, Achim Steiner, described the Climate Neutral Network as: “an idea whose time has come, driven by the urgent need to address climate change and the abundant economic opportunities emerging for those willing to embrace a transition to a green economy.”

According to Steiner, New Zealand will face a difficulties dealing with pollution produced from the agricultural sector. Norway, on the other hand, has high levels of emissions from gas and oil to overcome. For Iceland, the challenge will be “transport and industry, including fishing,” according to Steiner.

To date, Iceland has been the most successful country at developing energy from renewable sources. Geothermal energy currently provides hot water and heating for most of the buildings in the country, with only one per cent of homes heated by fossil fuels.

Icelandic Environment Minister, Thorunn Sveinbjarnardottir commented in a magazine produced by UNEP: “We have not entirely kicked our carbon habit. Our fishing fleets and our cars are still running on fossil fuels. Our car fleet is one of the biggest, per capita, in the world. And Icelanders tend to like big cars, as any visitor to our country will soon notice.”

To help, the government is offering discounts on eco-friendly vehicles and trying to power fishing boats with bio fuels and even hydrogen.

Geothermal energy, found in abundance in Iceland’s volcanic landscape, could provide a significant contribution to world energy needs if the investment and will-power were in place.

The super-heated steam that rises from deep in the earth is a prime source of energy, as demonstrated by the Krafla power plant which was built in Iceland in the 1970’s. Manmade bore-holes now surround the area, supplying nearby turbines with steam which in turn generate clean and cheap electricity.

In Iceland, water from hot underground rock provides around 90 percent of the island’s inhabitants with hot water in their homes. Geothermal sources also provide around 30% of the country’s electricity (with the remaining 70% coming from hydroelectric plants).

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