Orkuveita Reykjavíkur - Other information disclosed according to the rules of the Exchange

Investments Decreased

Reykjavík, 2017-02-16 18:15 CET (GLOBE NEWSWIRE) -- The Board of Directors of
ON Power, Orkuveita Reykjavíkur‘s (OR; Reykjavík Energy) fully owned
subsidiary, has decided to decrease its forecast investments through year 2022
by ISK 8 billion. 

Following a thorough analysis by geologists and technicians of the geothermal
resource supplying ON Power’s largest power plant at Hellisheidi, the BoD
resolved to lower the company’s forecast investments. The reductions include
reduced number of boreholes to be drilled and their connections to the plant.
ON Power’s earlier forecast was included in the Reykjavik Energy Financial
forecast 2017 and five year forecast 2018-2022 published November 28th 2016. 


         Contact:
         Bjarni Bjarnason
         CEO of Reykjavik Energy and CoB of ON Power
         +354 516 6100