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HS Orka Signs Energy Agreement with Silica Company

Source: www.gulfoilandgas.com 2/17/2011, Location: Europe

Magma Energy Corp. announces that its 98.53% owned Icelandic energy subsidiary, HS Orka hf, has signed a power purchase agreement committing the sale of 30 megawatts of geothermal power to Iceland Silica Corporation ehf., "ISC", for the period May 1, 2013 to December 31, 2015. Iceland Silica is developing a new silica metal production plant at Helguvik, Iceland, about 20 km from HS Orka's power plants. HS Orka's 30 megawatts of supply will come from electricity currently being supplied to an Icelandic aluminum smelter under a soon expiring power contract that ties the electricity price to the world aluminum price. The new contract with ISC has no linkage to the aluminum price and will be at a higher base price than the contract it is replacing. HS Orka's supply of power to ISC's new plant will also provide a broader industrial base for Iceland and improve the employment and economic development situation in the vicinity of HS Orka's geothermal power operations.

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Related Categories: Biomass Energy  General  Geothermal Energy  Hydropower  Photovoltaic Solar Energy  Solar thermal Energy  Wind Energy 

Related Articles: Biomass Energy  General  Geothermal Energy  Hydropower  Photovoltaic Solar Energy  Solar thermal Energy  Wind Energy 


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