On 22 January 2009, Iceland announced its first round of offshore licences for companies wanting to conduct hydrocarbon exploration and production in a region northeast of Iceland, known as the Dreki area.[134] Two exploration licenses have been awarded.[135]
As of 2012, the government of Iceland is in talks with the government of United Kingdom about the possibility of constructing a high-voltage direct-current connector for transmission of electricity between the two countries.[136] Such a cable would give Iceland access to a market where electricity prices have generally been much higher than those in Iceland.[137] Iceland has considerable renewable energy resources, especially geothermal energy and hydropower resources,[138] and most of the potential has not been developed, partly because there is not enough demand for additional electricity generation capacity from the residents and industry of Iceland, but the United Kingdom is interested in importing inexpensive electricity from renewable sources of energy, and this could lead to further development of the energy resources.
On 22 January 2009, Iceland announced its first round of offshore licences for companies wanting to conduct hydrocarbon exploration and production in a region northeast of Iceland, known as the Dreki area.[134] Two exploration licenses have been awarded.[135]
As of 2012, the government of Iceland is in talks with the government of United Kingdom about the possibility of constructing a high-voltage direct-current connector for transmission of electricity between the two countries.[136] Such a cable would give Iceland access to a market where electricity prices have generally been much higher than those in Iceland.[137] Iceland has considerable renewable energy resources, especially geothermal energy and hydropower resources,[138] and most of the potential has not been developed, partly because there is not enough demand for additional electricity generation capacity from the residents and industry of Iceland, but the United Kingdom is interested in importing inexpensive electricity from renewable sources of energy, and this could lead to further development of the energy resources.
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