Icelandic expertise can accelerate geothermal development in Europe

"The most valuable thing Iceland can offer Europe is not its geology but its knowledge and experience," said Árni Magnússon, Managing Director of ÍSOR, in an interview with CE Energy News in connection with the 4th Budapest Geothermal Energy Summit, held in Budapest on 14 September. CE Energy News also covered Árni Magnússon presentation at the conference, in which he discussed how Iceland's experience can benefit Europe in expanding the use of geothermal energy.

The Budapest Geothermal Energy Summit was held for the fourth time, bringing together government representatives, the energy sector and experts to discuss the opportunities and challenges of further geothermal development in Europe.

In his presentation, Árni emphasised that geothermal energy can contribute to greater energy security and long-term stability. Iceland's experience shows how focused policy, research and knowledge-building can transform energy use. Almost a century ago Iceland relied largely on coal and oil; today geothermal energy heats more than 90% of the country's homes and accounts for just under 30% of electricity generation.

Substantial untapped opportunities in Europe

In the interview with CE Energy News, Árni points out that geothermal energy is not confined to volcanic areas. Geothermal resources exist in many parts of Europe and can be used for district heating, agriculture, aquaculture and industry, as well as for electricity generation where conditions are suitable.

Iceland's success rests not only on favourable geological conditions but on decades of building up knowledge and experience in geothermal exploration, drilling, geothermal reservoir assessment and sustainable resource management. That experience can support the development of geothermal projects in Europe.

Árni also stressed the importance of reducing risk in the early stages of projects through thorough research, a clear regulatory framework and appropriate risk sharing. The aim is not to eliminate risk but to manage it so that new projects are easier to finance and develop.

ÍSOR seeks greater collaboration in Europe

ÍSOR has decades of experience in geothermal research and international projects and sees considerable scope for increased collaboration in Central and Eastern Europe. There, Icelandic experience can be combined with local expertise in research, the assessment of geothermal resources and their development into practical energy solutions.

In Árni's view the opportunities are substantial, not least in the direct use of geothermal energy for district heating, agriculture and industry. By making greater use of local geothermal resources, European countries can also strengthen their energy security and promote greater stability in energy prices and supply.

CE Energy News interview with Árni Magnússon, Managing Director of ÍSOR

"The most valuable thing Iceland can share with Europe is its know-how" - Interview with Árni Magnusson geothermal expert

CE Energy News coverage of Árni's presentation at the Budapest 4th Geothermal Energy Summit.

Árni Magnússon: Iceland model offers pathway for Europe