All the initial targets of the Iceland Deep Drilling Project were reached when the IDDP-2 well at the Reykjanes Peninsula was completed. At 4,659 meters the temperature was measured at 427°C, with fluid pressure of 340 bars. It might be possible to produce 30-50 MW from this well. Fewer and more powerful wells mean less environmental impact and lower cost.
Potential utilization will not be known until the end of year 2018 when all research has been conducted, but first indications are positive according to the IDDP website. Fluid at supercritical heat has much higher energy content than conventional high-temperature geothermal steam.
HS Orka lead the IDDP-2 in close collaboration with other partners; Landsvirkjun, National Power Company, ON Power, the National Energy Authority of Iceland and Norwegian Statoil.
Iceland focuses on a favorable business environment, including low corporate tax, availability of land and green energy at competitive prices and efficiency within European legislative framework. New direct investment projects can apply for an investment agreement, ensuring generous regional incentives, including a corporate tax rate ceiling of only 15%.
Along with having one of the lowest corporate tax rate in Europe, Iceland has a highly educated workforce which is ranked among the highest in the world, offers competitively priced renewable energy with an advanced infrastructure making Iceland an ideal location for investors