Multiple factors determine whether the operations of Reykjavik Energy Group and its subsidiaries - Veitur Utilities, ON Power and the Reykjavik Fibre Network - are sustainable. The integrated ESG report expounds the factors, which the Group considers to be imperative. Thus, the Annual Report also serves as a sustainability report. The ESG Report is a component of Reykjavik Energy Group's Consolidated Financial Statements, which are publicly reported to the stock exchange. And further, the regularly updated websites of Reykjavik Energy Group and its subsidiaries, contain information on environmental, financial and personnel issues.
In addition to Reykjavik Energy Group's Annual Report, the Group submits multifarious documents to official regulators, in accordance with subsidiaries' licences. The most comprehensive part of these documents is on the utilisation of natural resources each year. Reykjavik Energy Group's various affiliations mean that reports are made on many sustainability factors in its operations. These are some of the reports:
- Interim reports on green bonds issuance.
- Reports to the Climate Disclosure Project.
- Interim reports on the Group's UN's SDGs, listed on sdgs.un.org/goals.
- Reports to Global Compact.
A report was published in 2018 on international evaluation of the sustainability of the Hellisheidi Geothermal Power Plant. The evaluation was based on standards for geothermal power plants, or the Geothermal Sustainability Assessment Protocol (GSAP), which is being developed on behalf of the Icelandic government and geothermal energy companies in Iceland. The Hellisheidi Geothermal Power Plant is the first operating power plant to be assessed using the Protocol. The main conclusion of the sustainability evaluation was, that the Plant has a negligible negative effect on the environment and community, and has an important positive socio-economic impact, particularly in the production of clean and low cost electricity and hot water, to meet the needs of the capital area. However, the evaluation revealed one deviation from best practice, and ON Power is currently working on improvements.
Two rating agencies evaluate Orkuveita Reykjavíkur's performance in terms of environmental, social and governance aspects of its operations. Such an assessment is part of Moody's credit rating and Icelandic investors have asked the rating agency Reitun to make such an assessment of the group's performance. The companies' evaluation reports are attached.
Appendices and links
- Reykjavik Energy – 2020 Green Finance Impact Report – Auditor‘s Assurance (PDF)
- Summary of Reitun's ESG risks assessment of OR - Oct 2021 (IS) (PDF)
- Moodys Rating Action - OR - Sep 2021 (PDF)
- Report on sustainability of Hellisheidi Geothermal Power Plant (PDF)
- Reykjavík Energy 2021 Green Finance Allocation and Impact Report - CORRECTED (PDF)