Reykjavík, 2017-02-16 18:15 CET (GLOBE NEWSWIRE) -- The Board of Directors of ON Power, Orkuveita Reykjavíkur‘s (OR; Reykjavík Energy) fully owned subsidiary, has decided to decrease its forecast investments through year 2022 by ISK 8 billion.
Following a thorough analysis by geologists and technicians of the geothermal resource supplying ON Power’s largest power plant at Hellisheidi, the BoD resolved to lower the company’s forecast investments. The reductions include reduced number of boreholes to be drilled and their connections to the plant. ON Power’s earlier forecast was included in the Reykjavik Energy Financial forecast 2017 and five year forecast 2018-2022 published November 28th 2016.
Contact:
Bjarni Bjarnason
CEO of Reykjavik Energy and CoB of ON Power
+354 516 6100