Iceland Channels Volcanoes to Win Europe’s Energy-Supply Race

BusinessWeek (Feb 28 2011) Geothermal

1. Iceland is doing a feasibility study into building a 1,170- kilometer (727-mile) power cable to Scotland to transport as much as 18 terawatt-hours of geothermal and hydropower a year -- that’s enough to fuel as many as 5 million European homes. The project has the full backing of the government, Industry Minister Katrin Juliusdottir said in an interview. “Icelanders live with earthquakes and volcanic activity but the benefits are that now we can monetize these powers,” said Valdimar Armann, an economist at Reykjavik-based asset manager GAMMA, who estimates annual clean-energy exports could reach about a tenth of the island’s $12 billion economy. (Read Full Article)

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