Key Market Indicators
Reykjavik – Iceland's geothermal generation is projected to climb to approximately 51,500 gigawatt-hours by 2028, up from around 48,000 gigawatt-hours in 2023. This represents an annual growth rate of 1.1%, according to recent data. Historically, since 1995, the nation's geothermal supply has seen a slight annual decrease of 0.4%. In 2023, Iceland was the second highest in geothermal generation, with Italy surpassing it with a production of 48,020 gigawatt-hours. Following Iceland, France and Germany ranked third and fourth, respectively. On the consumption side, Iceland's geothermal energy consumption is anticipated to reach approximately 185,000 terajoules by 2028, up from around 173,000 terajoules in 2023. This marks a consistent annual growth of 1.1%. Like its supply, Iceland's geothermal demand has decreased annually by 0.4% since 1995. In the 2023 rankings, Iceland was second in geothermal energy consumption, with Italy leading at 172,890 terajoules. France and Germany followed Iceland, securing the third and fourth positions respectively.
