Westfjord Power Company (Orkubu Vestfjarda) was founded in 1977 and began operation on the 1. of January 1978 by taking over the operation of Isafjordur Electricity, Patreksfjordur Electricity and the local part of Iceland State Electricity. One year later Westfjord Power Company also took over the operation of Snaefjalla Electricity and Reykjafjardar and Ogurhrepps Electricity. In 2001 the company became a limited company Westfjord Power Company Ltd. Employes is 64 serving all westfjords with a population of 7700 people. Westfjord Power Company Ltd is owned by the Icelandic state. The operation of the company is divided into 3 divisions, Energy div., Power div. and Financial div. The purpose of the company, according to Icelandic laws nr. 66 of 33. Mai 1976, is as follows; 1. Harness waterpower and geothermal power in the Westfjords where it is profitable. 2. Own and run water powerplants and diesel powerplants to make electricity together with required structures for power transport and distribution. 3. Own and run geothermal powerplants and heating centrals together with needed distribution network. 4. Carry out required hydrostudies and preparation as decided each time.