If geothermal power stations on the seabed become a reality in Iceland, the plan is to sell the power straight to Europe through an undersea cable.
This direct sale, bypassing Iceland’s terrestrial electricity grid, would generate the best price possible for the electricity without forcing electric prices up in Iceland, it is hoped.
North Tech Energy has been granted a research license to explore the seabed for suitable geothermal sites off Reykjanes and North Iceland, from which the company hopes it can generate electricity, as reported last week.
Another way to get more money is to use the electricity generated in the production of hydrogen—as there has already been interest from Japan to buy hydrogen produced in Iceland; so hydrogen is another avenue North Tech Energy will be looking into. Hydrogen is seeing expanded usage options around the world, not only for powering vehicles, but also for powering homes, industry and more, RÚV reports.