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OR 2022 Consolidated Annual Financial Statements - Solid operations and finances


Reykjavík Energy Group’s (Orkuveita Reykjavíkur; OR) operations are on a solid course and operating results are good while assets are growing rapidly. At the same time tariffs for licensed services have fallen in real terms. The Group’s financial status, according to the 2022 Annual Financial statements, enables the company to support the necessary sustainable projects Icelandic society needs in the coming years.

In addition to the parent company, the Reykjavík Energy Group comprises Veitur Utilities, ON Power, Reykjavík Fibre Network, and Carbfix. Reykjavík Energy’s consolidated annual financial statements were approved by the Board of Directors with a profit of ISK 8,4 billion. The board proposes to the general meeting that a dividend of ISK 5.5 billion be paid. The owners of Reykjavík Energy are the City of Reykjavík, Akranes Township, and the Municipality of Borgarbyggð.

Weathers effects of inflation – so far
Inflation has a significant impact on OR Group’s operations, which are mostly denominated in ISK. It affects the operation when inflation increases dramatically after the period of low interest rates during the pandemic. Thus, expenses from interests and indexing of loans increased from ISK 8 billion in 2021 to ISK 13 billion last year. However, other factors beneficial to the operations made it possible to keep the increase in tariffs below inflation, which means a real term decrease for consumers. EBITDA ratio in 2022 was 62.7%, thus continually strong.

Reykjavík Energy 2022 Annual Report
Along with the annual financial statements, Reykjavík Energy publishes its integrated Annual Report for year 2022. The report provides a detailed account of the environmental aspects of the OR Group’s operations, social effects, and governance, as well as key financial metrics. The Group’s carbon footprint grew between the years 2021 and 2022, but will shrink significantly in the coming years with increased carbon capturing from ON Power’s geothermal power plants.
The annual report is audited by independent parties and signed by the CEO and the board. It can be retrieved at

Also today, Reykjavík Energy publishes its Green Finance Impact Report 2022. It is audited by OR’s certified auditor, Grant Thornton, and defines the allocation of money OR has borrowed under the company's green financing framework.
Also, Reykjavík Energy publishes today its At the same time, the Impact Report of OR's green financing is published. It is signed by OR's certified auditors, Grant Thornton, and describes the use of the funds that OR has borrowed within the company's green financing framework.

Bjarni Bjarnason, CEO
It is good to retire from the company in a such a good and healthy state. Reykjavík Energy’s finances have never been stronger and valuably so. Ahead lie large and urgent projects. The fight against the climate crisis is critical, as is adaptation to the consequences of climate change. Reykjavík Energy’s goal of carbon neutrality is vital, and we must place the group’s weight on the scales of the circular economy. The leadership of the companies within the OR Group in energy shifts undisputed and will continue to have a significant impact on how the nation succeeds.
Over the past decade, there has been a gender equality revolution in the Icelandic energy and utility industry. I am proud of Reykjavík Energy’s role in these achievements, and I hope that the Group’s ambitious gender equality work will be an inspiration to the managers of other companies.

Overview of financial and non-financial figures
The table contains some significant sustainability aspects of Reykjavík Energy’s operations in recent years. A more detailed overview of these and other sustainability factors can be found in the integrated Reykjavík Energy Annual Report 2022.

Operating revenues40,31241,42343,66645,91646,57048,62751,89056,965ISK mill.
Operating expenses-15,183-16,062-17,285-17,299-18,398-19,172-18,380-21,220ISK mill.
EBIT14,42814,96817,31818,34616,05116,39820,25321,306ISK mill.
EBITDA25,17425,36126,38028,61728,17229,45433,51035,745ISK mill.
EBITDA ratio62.4%61.2%60.4%62.3%60.5%60.6%64.6%62.7%Ratio
Gender pay-gap2.30%2.10%0.20%0.00%0.10%0.00%-0.20%0.10%Ratio
Job satisfaction4. 1-5
Hot water837894101101110106108mill.m3
Potable water2930292829262627mill.m3
Data via Ljósleiðarinn122,000155,000180,000216,000260,000345,000396,000443,000TB
Carbon footprint67,10045,45042,70045,45048,75050,55048,65051,080tn. CO2-eq.
Mineralized CO2        5,200         9,000       12,000       12,000       10,500       11,700       13,300       12,100 tonnes

Attached are:

  • OR Consolidated Financial Statements 2022 on pdf-format.
  • OR Green Finance Impact Report 2022
  • Zip-file containing OR Consolidated Financial Statements 2022 on ESEF-format.
  • XHTML-viewer file.

Bjarni Bjarnason
+ 354 516 6100


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