What Veitur does

Veitur ohf. is a wholly-owned subsidiary of Orkuveita Reykjavíkur (OR), a publicly-owned Icelandic utility holding entity operating under law nr. 136/2013. The company serves as the regulated multi-utility infrastructure provider for the greater Reykjavik metropolitan area and surrounding municipalities including Akranes, Mosfellsbær, Ölfus, Borgarnes, and Rangárþing Ytra, covering roughly half of Iceland's ~380,000 population. Veitur operates four integrated utility networks: electricity distribution (rafveita), geothermal district heating (hitaveita), cold water supply (vatnsveita), and sewage/wastewater collection (fráveita). Revenue is generated through usage-based monthly billing, with consumption measured by smart meters (snjallmælar) that communicate via NB-IoT technology on Vodafone's mobile network. The company also earns one-time connection fees (tengigjöld) and service transaction fees (þjónustugjöld) for meter reading, disconnection, and reconnection.

The company's go-to-market is direct-to-consumer through physical infrastructure connections and a self-service digital portal (Mínar síður), supplemented by phone, email, and in-person customer service at its Reykjavik headquarters. Customer segments include residential households, commercial and industrial users (with demand-based pricing for large connections over 500 Amperes), real estate professionals (via a dedicated agent portal), and the construction industry (for new connections). Veitur is currently executing a multi-year smart meter rollout (2025-2026) that replaces all legacy meters with NB-IoT devices enabling hourly automated reporting, remote disconnection, and P1 port access for home automation integration. Management includes a Head of Digital Transformation and department heads overseeing water infrastructure operations, with revenue, tariffs, and standardization activities embedded in the Icelandic utility regulatory framework under Samorka and EurEau affiliations.

Name

Veitur

Legal name

Veitur ohf.

Website

https://veitur.is

Company type

Private

Founded year

2014

Operating status

Operating

Headcount range

501–1,000 employees

Short description

Veitur ohf. is a regulated Icelandic multi-utility subsidiary of Orkuveita Reykjavíkur, providing electricity distribution, geothermal district heating, water supply, and sewage services to roughly half of Iceland's population across the greater Reykjavik metropolitan area and surrounding municipalities.

Ownership category

akta.pro rank

Headquarters

HQ city

Reykjavík

HQ country

Iceland

HQ region

Europe

Offices1 record

Markets served

GTM type

B2B and B2C

Offering type

Services

Cost components

Infrastructure, Operations, Personnel, Technology or R&D, Supply Chain

Revenue model

1. Electricity Distribution: Veitur distributes electricity to customers on its service territory. Revenue is generated through monthly consumption-based billing, with customers choosing their electricity retailer (örkufélag). Veitur collects distribution fees, transmission fees (for Landsnet), and equalization fees on behalf of the government, on top of which VAT is applied at 24% for general electricity.
2. District Heating (Hitaveita): Veitur provides hot water for space heating and hot water supply. Revenue is based on consumption measured by smart meters, billed monthly. VAT at 11% applies to heating.
3. Water Supply (Vatnsveita): Cold water supply for household and business use. Revenue is consumption-based. Cold water is exempt from VAT. Businesses are charged for consumption; residential customers have their water charges included in municipal fees.
4. Wastewater/Sewage (Fráveita): Collection and treatment of sewage and stormwater. Revenue is based on connection and usage fees. Sewage charges are exempt from VAT.
5. Connection Fees (Tengigjöld): One-time fees charged for new utility connections (heimlagnir) for electricity, hot water, cold water, and sewage. Fees are specified in the published price lists and vary by property size and type.
6. Service Charges (Þjónustugjöld): Fees for various customer service actions including meter reading requests (6,982 kr), bill payment reminders, disconnection/reconnection, and debt collection actions.

Pricing tiers

Go-to-market motion1 record

Distribution channels5 records

Marketing channels8 records

Core offering

Veitur distributes electricity, geothermal district heating, potable cold water, and sewage/wastewater services to residential and commercial customers across the greater Reykjavik metropolitan area. The company owns and operates the underlying pipe, grid, and meter infrastructure, bills customers monthly based on smart-meter consumption, and is currently rolling out NB-IoT smart meters (Snjallmælar) across its service territory during 2025–2026.

Product overview

Veitur is a multi-utility infrastructure company and subsidiary of Orkuveita Reykjavíkur (OR), operating as a vertically integrated utility service provider across Iceland. The company's portfolio comprises four core infrastructure products — Hitaveita (district heating from geothermal sources), Vatnsveita (potable water supply), Rafveita (electricity distribution), and Fráveita (wastewater/sewage collection and drainage). Supporting these core networks, Veitur offers Snjallmælar (smart meters) which replace traditional manual-read meters across the service area with automated remote-reading capability using NB-IoT technology, and Mínar síður, a digital customer portal for account management, meter reading submission, and usage history. Additional digital services include the Vefur fasteignasala for real estate agents, the Álagning tool for property fee lookups, and the Bilanir og framkvæmdir service for outage and construction information. The company also publishes comprehensive service fees (þjónustugjöld) covering connection, disconnection, and metering charges.

Differentiator

Problem solved

Functional benefit

Products and services

• Hitaveita (District Heating) Geothermal-based district heating service supplying hot water for space heating and domestic hot water to residential and commercial properties across Veitur's service area. Billed monthly based on smart meter consumption, with 11% VAT applied.
• Vatnsveita (Water Supply) Potable cold water supply and distribution service, including water intake, treatment, and delivery infrastructure for residential and commercial customers. Billed for businesses and large users based on consumption; residential customers are billed via municipal fees. Cold water is VAT-exempt.
• Rafveita (Electricity Distribution) Electricity distribution service managing the power grid and connections to residential and commercial customers. Customers choose their electricity retailer (orkufélag); Veitur collects distribution fees, transmission fees (for Landsnet), and equalization fees on behalf of the government, plus 24% VAT. Large connections over 500 Amperes use demand-based pricing (afltax).
• Fráveita (Sewage/Wastewater) Wastewater collection and drainage infrastructure service, including sewage and stormwater systems. Veitur is transitioning from single (combined) to double (separated) sewer systems. Revenue is based on connection and usage fees; sewage charges are VAT-exempt.
• Snjallmælar (Smart Meters) Automated energy meters replacing traditional manual-read meters for electricity, hot water, and cold water. Enables remote reading, usage monitoring, real-time consumption data, remote disconnection, and commands to switch on/off EV charging or water heaters. NB-IoT communication via Vodafone's mobile network; hot/cold water meters relay via Wireless M-Bus to the electricity meter; P1 user port exposes real-time power quality data to third-party home automation systems.
• Mínar síður (Customer Portal) Online self-service portal where customers can submit meter readings, report user changes, view bills and usage history, apply for connections, manage transfers, and access their accounts.
• Vefur fasteignasala (Real Estate Agent Portal) Dedicated web portal for licensed real estate agents (fasteignasalar) to access payment status of water and sewage fees and view fee allocations (álagning) by property number after signing a confidentiality agreement with Veitur.
• Connection and Service Fees (Tengigjöld and Þjónustugjöld) Schedule of one-time connection fees (tengigjöld) per utility service, varying by property size and connection type, plus transaction-based service charges including bill fees, notification/payment fees, extra meter readings (6,982 kr), electricity bill splitting, debt collection warnings, disconnection (8,727 kr), and after-hours reconnection (25,190 kr).

Quantifiable outcome

• Smart meters eliminate estimated billing and associated reconciliation bills — customers pay exactly for their monthly consumption
• +2 more outcomes

Segments4 records

Ideal customer profiles4 records

Technology focussed No

API detail

Has API

No

API docs

API detail

Core technology

AI maturity

App detail

Feature6 records

Partnerships

16 partnerships are on record, tiered minor and core.

• Lista­há­skólinn (Icelandic Academy of the Arts)minorStrategic or Co-development Partner · 1 January 2026In spring 2026, Veitur entered a collaboration with the master's program in design at the Icelandic Academy of the Arts to explore how design methodologies can support innovation and sustainable infrastructure development. This was specifically focused on wastewater (fráveitu) opportunities.
• Mosfellsbæ (Municipality)minorStrategic or Co-development Partner · 1 January 2026Veitur collaborated with the municipality of Mosfellsbæ to host a resident information meeting about geothermal drilling in Skammadal, addressing community concerns about environmental monitoring and the impact of drilling operations on the local environment.
• Tækni­skólinn (Technical School Iceland)minorStrategic or Co-development Partner · 1 January 2025Veitur donated a Haas TL-2 CNC milling machine and a tooling kit to the Technical School for use in vocational training. This supports technical education and aligns with Veitur's strategy for building knowledge and infrastructure for the future. The donation was presented on June 9 in Hafnarfjörður.
• Orkuveita Reykjavíkur (OR)coreStrategic or Co-development PartnerVeitur is a wholly-owned subsidiary (dótturfélag) of Orkuveita Reykjavíkur (OR), operating under law nr. 136/2013. OR owns Veitur and sets the overall strategic direction. Veitur distributes electricity, operates district heating, water supply, and sewage on behalf of OR — vatns- og fráveitu sf. Revenue from services is collected by Veitur and remitted to OR.
• LandsnetcoreStrategic or Co-development PartnerLandsnet operates Iceland's national electricity transmission grid. Veitur collects transmission fees from customers on behalf of Landsnet as part of the electricity billing process, passing through these charges to Landsnet. This is mandated under Icelandic energy regulations.
• NetorkacoreTechnology or IntegrationNetorka is a shared database/common data hub of Icelandic distribution utilities. Veitur transmits electricity consumption data to Netorka, which electricity retailers use for billing their customers. This integration is mandated under Netmáli (Net Codes) B6 and B7 per Icelandic electricity law.
• VodafonecoreTechnology or IntegrationVeitur's smart meters use NB-IoT (Narrowband IoT) communication technology built on the Vodafone mobile network in Iceland. This is the underlying communications infrastructure for smart meter data transmission.
• North Tech Drilling (NTD)minorImplementation/ SI/ Consulting PartnerNorth Tech Drilling (NTD) is the drilling contractor performing geothermal exploration drilling for Veitur, including the HJ-02 well at Bakka in Ölfus. NTD is described as carrying out extensive geothermal drilling operations on Veitur's behalf.
• ÍSOR (Icelandic Energy Research) & COWIminorImplementation/ SI/ Consulting PartnerÍSOR (Icelandic Energy Research) and COWI Iceland provided technical recommendations for well location and design for geothermal exploration projects, including the HJ-02 well at Bakka in Ölfus.
• Hafrannsóknastofnun (Marine and Freshwater Research Institute)minorImplementation/ SI/ Consulting PartnerThe Marine and Freshwater Research Institute conducted initial surveys on the status of the aquatic ecosystem in Skammadalslækur and Varmá rivers, assessing potential environmental impacts of Veitur's geothermal drilling operations.
• VerkísminorImplementation/ SI/ Consulting PartnerVerkís is conducting environmental monitoring for Veitur's drilling operations in Skammadal, taking samples for chemical analysis and providing ongoing environmental oversight as required by permits.
• VSÓ RáðgjöfminorImplementation/ SI/ Consulting PartnerVSÓ Ráðgjöf conducts environmental supervision of Veitur's drilling project in Skammadal, providing oversight as the environmental monitoring consultant. Also presented project timelines and background on geothermal drilling to residents.
• SamorkacoreStrategic or Co-development PartnerSamorka is the association of Icelandic energy and utility companies. Veitur is a member. Samorka represents Icelandic utilities in European associations including EurEau (European Federation of Water Services), and coordinates industry positions on regulations, pricing, and sustainability. Veitur participates in Samorka's events and publications.
• EurEau (European Federation of National Water Services)minorStrategic or Co-development PartnerVeitur participates in European water sector discussions through its membership in Samorka, which is a member of EurEau. EurEau publishes the annual 'Europe's Water in Figures' report tracking infrastructure investment needs across Europe.
• Icelandic Recycling Association (Íslenska gámafélagið)minorImplementation/ SI/ Consulting PartnerHandles recycling of metals and plastics from retired smart meters, ensuring environmental compliance when old meters are replaced during the smart meter rollout.
• Geislavörnum ríkisins (Icelandic Radiation Safety Authority)minorOthersIcelandic government authority providing information and oversight on radiation safety aspects of smart meter electromagnetic emissions. Veitur refers customers to this authority for questions about smart meter radiation levels.

Scale indicators6 records

Recent moves6 records

Expansion highlights6 records

Direct peers

• Norðurorka: Icelandic multi-utility providing cold water, hot water, district heating, and sewage services in northern Iceland. Comparable business model — a regional monopoly utility combining water, heating, and wastewater — though operating in a different Icelandic geography.
• Orkuveita Reykjavíkur (OR): Veitur's parent company and Iceland's largest municipally-owned multi-utility. OR produces, generates, and sells electricity, hot and cold water, and steam, and operates the distribution networks that Veitur runs on its behalf — making it the closest operational and structural peer, with overlapping scope in power generation, district heating, water, and sewage.

Broad incumbents

• EDF: French state-majority electricity utility spanning generation, transmission, distribution, and customer services. Comparable as a publicly-influenced, regulated integrated electricity utility undergoing a smart-meter rollout (Linky) of comparable scale and ambition to Veitur's NB-IoT deployment.
• Suez: International water and waste management operator running municipal water distribution, wastewater treatment, and recycling infrastructure under regulated contracts. Comparable in the water and sewage segments of Veitur's business, with broader international scope and additional recycling/circular-economy services.
• Veolia Environnement: Global water, waste, and energy services operator with extensive regulated utility concessions. Comparable as a large-scale operator of municipal water and wastewater networks under long-term regulated contracts, though with a much broader international footprint and energy portfolio than Veitur.
• Fortum: Nordic energy utility with electricity generation, district heating, and circular-economy services across the Nordics and selected European markets. Comparable in district heating and combined utility operations, with a similar public/regulatory heritage and a focus on clean-energy transitions.
• Vattenfall: Swedish state-owned European utility operating electricity distribution, heating, and water/wastewater in selected markets. Comparable as a publicly-owned, regulated multi-utility with district heating operations and a strong renewable-energy focus that mirrors Veitur's geothermal advantage.
• E.ON: Major European multi-utility with regulated electricity distribution, customer solutions, and energy networks across multiple countries. Comparable as a regulated distribution-network operator with a transition toward smart metering and decentralized energy systems, though at a vastly larger scale and geographic footprint.
• Iberdrola: Spanish-headquartered global utility with regulated electricity distribution, renewables, and smart-grid networks across Europe, the Americas, and Australia. Comparable as a large-scale regulated distribution operator with significant smart-meter infrastructure and a renewable-energy-led strategy.

Regional players

• HS Orka: Icelandic geothermal energy company operating power generation and district heating on the Reykjanes peninsula. Comparable as a domestic Icelandic utility operator with a geothermal resource base, though primarily a generator rather than a multi-utility distributor.

Market position

Strengths5 records

Weaknesses5 records

Competitive moat5 records

Key risks5 records

Key highlights6 records

Customer concentration

• YouTubeyoutube.com/channel/UCECYPQs9CwXggMCy-z_0big
• Facebookfacebook.com/veitur
• LinkedInlinkedin.com/company/veitur

Compliance1 record

Revenue estimate

Valuation estimate

Number of profiles

Profiles4 records

Funding overview

Funding rounds

Investors

Funding detail is available on the Subscription and Enterprise plan.Contact sales →

M&A

Investments

M&A and investment is available on the Subscription and Enterprise plan.Contact sales →

Frequently asked questions about Veitur