Landsvirkun plans to drill 9-10 boreholes for hot water in Northeast Iceland over the next three years, newspaper Morgunbladid reports. The initial areas to be drilled are the high-temperature areas of Bjarnaflagi, Krafla, Gjástykki and Theistareykir. All of these are on the north side of Lake Mývatn. Later, areas north and east of Hágöngulón in the Sprengisandur highlands will be drilled.
The drilling process takes a long time and is expensive, each borehole costing ISK 200-250 million. All told, the whole research process will probably cost in the region of ISK 2 billion. Landsvirkun hopes that it will be feasible to build a geothermal plant with an output of 300-400 MW in the area. Admittedly there is currently no demand for further energy from this area, but the locals are working with the Ministry of Industry and Alcoa about the possibility of building an aluminum plant in the north of Iceland.