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[pdf] The Icelandic electricity market is geographically isolated. The market was closed for competition prior to 1 July 2003. Almost all electricity was supplied by and sold through regional distribution companies. Landsvirkjun had a monopoly position on investment in generation. Full market opening began in 2006 e.g. with the opportunity to switch supplier. Contracts for large scale energy users were in general long term, up to 30 years with options for extension.
[pdf] TES systems store thermal energy during periods of low energy demand or when surplus renewable energy is available, and release it during periods of high energy demand. [1][2] The 280 MW plant is designed to provide six hours of energy storage. This allows the plant to generate about 38 percent of its rated capacity. . Thermal energy storage (TES) technologies heat or cool a storage medium and, when needed, deliver the stored thermal energy to meet heating or cooling needs.
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