en.Wedoany.com Reported - Reykjavik Geothermal (RG) of Iceland commenced geothermal exploration drilling in mid-May 2026 on the island of Tenerife in the Canary Islands. The first exploration well is located in the municipality of Villaflor, on the southern slope of the Teide volcanic system. RG plans to drill multiple wells with target depths between 2,500 and 3,000 meters, aiming to assess the island's geothermal resource potential.

The geothermal project is being executed by Energía Geotérmica de Canarias (EGC). EGC was formally established in May 2025, jointly formed by Reykjavik Geothermal, energy company DISA, and the Government of Tenerife (through the public entities Institute of Technology and Renewable Energy Research (ITER) and the Canary Islands Volcanology Institute (Involcan)). In addition to Tenerife, the consortium has also obtained geothermal exploration permits on the island of La Palma.

This drilling campaign is based on years of geological studies, permitting, stakeholder engagement, and planning. An update released earlier this year regarding "spudding" on Tenerife likely refers to conductor installation work in preparation for the deep drilling phase.

The Canary Islands currently rely heavily on imported fossil fuels for electricity generation, with over 80% of power production based on imported oil. This results in electricity prices significantly higher than in Iceland and generates high carbon emissions. Available land on the islands for new wind and solar projects is increasingly limited, with no major new wind farms or solar power plants planned, and opportunities for hydropower and offshore wind are also constrained.

Magnús Ásbjörnsson, CEO of Reykjavik Geothermal, stated that if exploration drilling is successful, it will pave the way for developing geothermal power plants on Tenerife and support the Canary Islands' long-term goals of reducing emissions, improving energy security, and enhancing energy independence. He noted that the Canary Islands' current dependence on imported oil for power generation is similar to Iceland's situation in the 20th century, and now it is the Canary Islands' turn to take a similar step through collaboration between local stakeholders and Icelandic partners.

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