Reykjavík City Council Discusses Sale of HS Orka Skip to content

Reykjavík City Council Discusses Sale of HS Orka

The Reykjavík City Council is currently discussing the sale of one third of shares in Sudurnes energy company HS Orka to Canadian Magma Energy. The shares were held by Reykjavík Energy (OR), which is in the city’s ownership.

Harnessing geothermal energy in Iceland. Photo by Páll Stefánsson.

OR has already approved of Magma’s acquisition of their shares in HS Orka, reports. Now the City Council’s decision will determine whether the acquisition will be carried through.

The opposition within the City Council has requested that the matter be postponed as many questions remain unanswered.

Magma’s acquisition plans have been met with some criticism from the public and the government with the argument that HS Orka should remain in public ownership.

It is now being considered whether publicly-owned institutions should take over Geysir Green Energy’s stake in HS Orka to prevent the company from being completely in private ownership.

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