Iceland’s unique geological setting and active volcanism means it is ideally placed for geothermal energy production. Five major geothermal power plants exist in Iceland, meeting approximately one quarter of the nation’s energy requirements. The Icelandic government believes that there are many more untapped geothermal sources throughout the country, and estimates that over 20 TWh per year of unharnessed geothermal energy is available.
In May 2012 Iceand signed an energy agreement with the UK, which will enable Iceland’s volcanoes to supply surplus geothermally-generated electricity to the British Isles. A proposed high voltage electrical cable will run across the floor of the North Atlantic Ocean between the two countries, allowing Europe to benefit directly from Iceland’s volcanism.
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