Reykjavík City Council postpones mayor’s proposal for transparency exemption for Orkuveita Reykjavíkur subsidiaries

The Reykjavík City Council has postponed the mayor’s proposal requesting an exemption from transparency laws for the subsidiaries of Orkuveita Reykjavíkur (Reykjavik Energy) that operate in the competitive market. The companies involved include Orka náttúrunnar (Natural Energy), ON Power, Ljósleiðarinn (Lightfiber), Eignarhaldsfélagið Carbfix ohf., Carbfix hf., and Coda Terminal hf. These businesses have been granted a special exemption from transparency laws, which requires approval from the Prime Minister.

The reasoning behind this request for confidentiality is based on the claim that these companies operate on a competitive basis. However, the council’s minutes indicate that they have advised Orkuveita Reykjavíkur to consider increasing transparency in presenting financial information and accounting practices to the extent possible. As a result, the matter has been deferred for further review.

This postponement highlights the ongoing discussions in Iceland regarding corporate transparency and the balance between competitive practices and public accountability. The council’s recommendations suggest a push towards greater openness in financial dealings, reflecting broader concerns about governance and transparency in state-affiliated enterprises.