Nov 27 2009

Orkuveita Reykjavíkur Losing on Sale to Magma

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Orkuveita Reykjavíkur (Reykjavík Energy Company) has lowered the value of a deed issued when Magma Energy bought the companies stocks in H.S. Orka (geothermal energy company). In a statement from OR it states that a lovering of the deed values was made to be in unison with international acounting standards.

Sigrún Elsa Smáradóttir, representative of the Social Democratic Union party in the board of OR announced that the estimated loss because of the stock trade is going to be 4 billion ISKR. There’s reason to believe that the value of the deeds Magma issued is overestimated as well, which will see even further loss come from the sale.

There was huge opposition against the sale from the start and the at the City Council meeting where the voting for the sale took place about 100 people demonstrated and shouted in protest from the balconies. Read more about this here and here.

The majority of the City Council spoke strongly for the sale and the profits that it would reap them, claiming the value to become 6.31 a stock. But the miniorities overlooked critique of the ridiculous loaning agreement has already proven to be true. The 3rd quarter accounts prove this and show that the stock value has fallen to 5.4.

Nov 27 2009

Is Heavy Industry the Way Out of the Economic Crisis?

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By Indriði H. Þorláksson – Economist

indridi

The economic effects of heavy industry must take into account both short and long term economic policies.

Statements put forth without reasoning sometimes obtain more significance than they merit. Two such statements that are held aloft about the building of energy plants and heavy industry are particularly dangerous.

On the one hand that they are necessary and that they might even be the way out of the crisis and on the other that the future of the Icelandic economic system is best insured by utilizing energy resources and with heavy industry. One looks to the short term and the other to the long term but both are questionable, probably wrong and even dangerous.

The economic impact of heavy industry must take into account both short and long term economic policies, In the short term, say 3-5 years the goal is to restart the economy. In the long term the goal is to promote growth in the economic system to provide citizens with the good things in life. To do so the economy has to provide the highest augmented value to the nation for its work, capital and resources.

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Nov 24 2009

Government and Interested Parties Wage a War Against Iceland’s Wilderness

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Reykjanes Peninsula Geological MapLast Saturday, November 21st, Jóhanna Sigurðardóttir, Iceland’s prime minister and the head of Samfylkingin (social democratic populist party), said that she is completely sure that all hindrances that could possibly stand in the way of the construction of Suðvesturlína (electricity lines) will be removed as soon as possible. Suðvesturlína is supposed to transport energy from the Hellisheiði geothermal powerplant (south of Reykjavík) and other energy sources to the Reykjanes peninsula, e.g. to run Century Aluminum’s new 360 ton smelter, which is currently being built in Helguvík.

At the same opportunity, Sigurðardóttir announced her hopes for that Landsvirkjun (Iceland’s national energy company) could start construction of Búðarhálsvirkjun hydro-dam in Tungná river, early next spring. The energy from there is supposed to run increased aluminium production in Rio Tinto-Alcan’s smelter in Hafnarfjörður. Sigurðardóttir said that employment affairs must be the biggest issue for social democtrats in the upcoming regional elections that will take place in the spring of 2010. She raised her voice for the necessity of increased development with the help of “eco-friendly” energy sources.

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Nov 17 2009
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Development of Iceland’s Geothermal Energy Potential for Aluminium Production – A Critical Analysis

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By Jaap Krater and Miriam Rose
In: Abrahamsky, K. (ed.) (2010) Sparking a World-wide Energy Revolution: Social Struggles in the Transition to a Post-Petrol World. AK Press, Edinburgh. p. 319-333

Iceland is developing its hydro and geothermal resources in the context of an energy master plan, mainly to provide power for expansion of the aluminium industry. This paper tests perceptions of geothermal energy as low-carbon, renewable and environmentally benign, using Icelandic geothermal industry as a case study.
The application of geothermal energy for aluminium smelting is discussed as well as environmental and human rights record of the aluminium industry in general. Despite application of renewable energy technologies, emission of greenhouse gases by aluminium production is set to increase.
Our analysis further shows that carbon emissions of geothermal installations can approximate those of gas-powered plants. In intensely exploited reservoirs, life of boreholes is limited and reservoirs need extensive recovery time after exploitation, making geothermal exploitation at these sites not renewable in the short to medium term. Pollution and landscape impacts are extensive when geothermal technology is applied on a large scale.

Krater and Rose – Development of Iceland’s Geothermal Energy – Download as PDF
The full publication will be available from Jan. 15, 2010. ISBN 9781849350051.

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Welcome to SavingIceland.org! If you are new to our site you can begin with having a quick look at the About Us section and then read the S.O.S. and the  Saving Iceland Mobilisation Call-Out. Iceland Under Threat shows the wilderness we need to protect and the corporations bent on ruining it. Make sure to enjoy our video and photo galleries, our in-depth magazine Voices of the Wilderness and follow our Twitter feed to keep up to date. And last but not least get some answers to Frequently Asked Questions.

Oct 13 2009

Guilty: UK Government Blasts Vedanta in Unprecedented Attack – Resistance Continues to Grow

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A 3,000 peoples protest against Vedanta
From Survival International – On the 12th of October the UK government blasted FTSE-100 company Vedanta Resources over its treatment of the Dongria Kondh tribe in Orissa, India.

The damning verdict came after a nine month investigation into a complaint submitted by Survival International against Vedanta’s proposed bauxite mine on the Dongria Kondh’s sacred mountain. The complaint, upheld by the government, was brought under the OECD Guidelines on Multinational Enterprises – the key principles for ethical corporate behaviour.

In an unprecedented attack on a major British company, the government ruled that Vedanta, ‘did not respect the rights of the Dongria Kondh’; ‘did not consider the impact of the construction of the mine on the [tribe’s] rights’; and ‘failed to put in place an adequate and timely consultation mechanism’. Devastatingly, it concluded, ‘A change in the company’s behaviour’ is ‘essential’.

Astonishingly, despite repeated requests from the UK government, the company ‘failed to provide any evidence during the examination’. This is the only time a company has refused to participate in an OECD investigation.
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Oct 13 2009

Alcoa Continues to Evaluate Bakki

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Tómas Már Sig.
Aluminium giant Alcoa continues to look into the financial prospects of building an aluminium smelter at Bakki outside of Húsavík though the Icelandic government has refused to extend their Statement of Will on the subject.

Tómas Már Sigurðsson, president of Alcoa in Iceland, says the project continues in cooperation with the energy companies and the local council of Norðurþing. They are now working on getting the Environmental Impact Assessment (EIA) done, which was ordered by the ministry of environment last summer. A suggestion for the assessment was given to the Office of the Icelandic National Planning Agency at the end of September this year. Tómas Már is hoping for the results of the assessment in the spring of 2010.

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Oct 11 2009

COP-15 : Climate Justice Actions – Reclaiming Power From Below

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Stop the Green Capitalist MachineOur climate is not their business! – A lecture and open discussion Monday October 12th in room 102, Lögberg, the University of Iceland, at 16:00.

Öskra! – The movement of revolutionary students, presents the COP-15 climate summit in Copenhegen and wants no false solutions based on economical growth at the expence of people and the environment.

From the 7th to 18th of December 2009, the largest ‘climate summit’ ever to be held will take place in Copenhagen, Denmark. This summit has been billed as our ‘last, best hope’ to do something about climate change. But the UN talks will not solve the climate crisis: emissions continue to rise at ever faster rates, while carbon trading allows climate criminals to pollute and profit. It is time to say enough! No more business as usual, no more false solutions!

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Oct 10 2009
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Blame Canada? – Geothermal Energy, Swedish Shelf Companies and the Privatisation of Iceland

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By Austurengjahver, Krýsuvík, Reykjanes - Photo by Ellert Grétarsson
From The Reykjavík Grapevine, by Catharine Fulton – One by one men in suits of varying shades of grey approached the podium in the pit of the Reykjavík City Hall. One by one they pleaded their cases while Reykjavík’s esteemed mayor—the fourth in two years—Ms. Hanna Birna Kristjánsdóttir looked on appearing disinterested in what appeared to be solely a formality. As the council members continued selling the idea of selling Iceland’s resources, a crowd of 100-strong grew more agitated and increasingly vocal from their perch in the viewing gallery of the hall, separated from having a say in their own natural resources by an aesthetically pleasing glass barrier.

“People were screaming, saying that the politicians were traitors,” explained Jón Bjarki Magnússon, a student who arrived at City Hall just in time for the vote. “It was a weird feeling to see it happen, to see these people down on the floor raise their hands and the decision is made and to see all these angry people above them not able to do anything.”

The September 15th city council meeting stretched on for over three hours, during which time onlookers shouted and boo-ed as city council progressed toward approving the 32.32% sale of Iceland’s HS Orka to the Canadian-cum-Swedish firm Magma Energy Corp. Read More

Oct 05 2009

India Chimney Collapse Kills Workers

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At lest 25 people were crushed to death when an under construction chimney at a new power plant being constructed at Bharat Aluminium Company (Balco) in the town Korba in the Indian state of Chhattisgarh, collapsed last Wdnesday afternoon. Tens of worker got trapped in the debris. Officials say that s chimney caved in on the workers during construction work at a thermal power plant. Sources quating witnesses said lightning struck the under-construction chimney at about 4 pm, bringing down the huge concrete structure. More than 100 labourers had been engaged in the work when it had begun to rain. The structure collapsed on a store room where workers had taken shelter from the rain.

Balco is a unit of London Stock Exchange-listed Vedanta Plc, whose activities are mostly in India. The company is setting up a 1,200-Mw power plant at its aluminium facility. Sepco, a Chinese company, had bagged the award for the power plant, while GDCL was constructing the 275-metre chimney. The power plant was part of a mega expansion plan. The company was expanding annual capacity by 650,000 tonnes. At present, the company produces 350,000 tpa of aluminium. On completion the capacity will be a million tonnes a year, making Balco the worlds largest producer of aluminium from a single location. Read More

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