Electricity Act (No. 65 of 2003). Country/Territory Iceland Document type Legislation Date 2003 Source FAO, FAOLEX Subject Energy, Land & soil Keyword Basic legislation Energy conservation/energy production Renewable energy Consumer protection Internal trade Authorization/permit Concession Transport/storage Expropriation Geographical area Arctic, Atlantic Ocean Islands, Europe, Europe and Central Asia, North Atlantic, North-East Atlantic, Northern Europe Abstract The objective of the present Act is to promote a nationally efficient electricity system and thereby enhance the economy and settlements in the country. To that end, the Act aims to: 1. Create the conditions for competition in the generation and trading of electricity, with the necessary limitations as deemed necessary for the security of electricity supply and other public interests; 2. Promote efficiency and effectiveness in the transmission and distribution of electricity; 3. Ensure the security of the electricity system and the interests of consumers; 4. Promote the utilization of renewable energy sources and take environmental considerations into account otherwise. The Act establishes the requirement of obtaining a license to build and operate power plants. Full text Icelandic Website www.althingi.is