Iceland has the intention to enjoy its underground treasure, namely volcanic activity, to produce energy with the aim to sell it to its European neighbors by constructing the longest undersea electric cable in the world.

According to Sara Jonsdottir, spokesman for Landsvirkjun, the Icelandic national power company, this project started in 2010 should see some research to be completed by the end of this year. “We will then know more about its feasibility,” she said.

However, the final decision will not be reached in 4 or 5 years. It remains to specify the country of destination which is by spokesperson could be “The United Kingdom, Norway, the Netherlands or Germany.” Thus, depending on the final selection of countries, the submarine cable would measure between 1,200 and 1,900 kilometers and will be the longest such cable in the world.

“The idea is to meet European demand during peak hours, and in part by demand basis,” explained Ms. Jonsdottir.

The export target is estimated at 5 terawatt-hour (5 billion kilowatt-hours) per year. This production is the annual electricity needs of about 1.25 million households in Europe, for an estimated value between 250 to 320 million euros.

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