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aluminum smelting output is estimated to be 55,000,000 tons in 201513, which means Iceland could be producing as much as 2.1% of global production. Before EII’s became prominent, economic cycles were dictated by production in the fisheries. By 2007, aluminum exports reached 25% of the total exports, and in 2008, aluminum surpassed fisheries products in total export. However there are several issues with aluminum smelting. The process of smelting requires a large amount of bauxite, which needs to be imported from the United States, Ireland, Australia, and South and Central America. So when the export value of aluminum is considered, the import cost of bauxite needs to also be considered. Ownership also plays are significant role in the economic impact of the industry. See Appendix A for the University of Iceland’s Institute of Economic Studies report on “The Effect of Power-Intensive Industrial Developments on the Icelandic Economy” for more information on this. Another EII that is relatively new, but has high potential for success, is data centers. Data centers require large amounts of energy for cooling, and Iceland is both located in a cold region that reduces the need for as much cooling, and all of the energy in Iceland is renewable and reliable. For these reasons, companies like Microsoft are looking to Iceland for locating their data centers. According to Pike Research, investments in energy efficient data centers will reach $41 billion USD by 201514. Case Study- Kárahnjúkar and Alcoa’s Fjardaál Kárahnjúkar dam is Iceland’s largest hydroelectric power plant with an installed capacity of 690 MW. All of its electricity is sold to Alcoa’s Fjardaál aluminum smelter, which is located near Reyðarfjörður. Smelter construction began in 2004, was completed in June 2007 and reached full operation in April 2008. The facility contains a smelter, cast house, rod production and deep-water port. The smelter employs 450 people and produces 940 tons of aluminum a day, with a capacity of 346,000 metric tons of aluminum per year. A 40-year contract to provide power for the plant was negotiated between Landsvirkjun, Iceland’s national electricity company and owner of the Kárahnjúkar hydroelectric project, and Alcoa. The construction of the smelter doubled Iceland's aluminum production, which was already one of Iceland's most important export industries. Opponents of the project have argued that Iceland is relying too heavily on one product, energy- hungry aluminum manufacturers, and that the government has been running an industrial policy that attracts these industries. Environmental impacts, worker ethnicity and staff conditions also have raised criticisms of the project and made 13 Institute of Economic Studies, 2009. 14 Browning, Jonathan. Valdimarsson, Omar, 2012. 14PDF Image | Geothermal and Hydroelectric Energy in Iceland and Alaska
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