Nearly all power generated in Iceland comes from renewable energy sources. 82% from hydro, 18% from geothermal. Wind energy is gradually being developed too though and oil is still used mainly for reserve power, but neither is signifant in terms of percentage of generation. Total installed capacity in 2015 was 2.771 MW. Total generation was 18.798 GWh.

Most power companies are in public ownership with HS Orka (7% of the power generation) the main exception. Landsvirkjun National Power Company, in state ownership, generates 71% of the power. The transmission System operator (Landsnet) and the six distribution system operators are all in public ownership, with HS Veitur the only one partly owned (minority) by private parties.