Case Study: Orkuveita Reykjavíkur (Reykjavik Energy) achieves streamlined budgeting and a single source of financial truth with Prophix Software

Orkuveita Reykjavíkur - Customer Case Study

Reykjavik Energy (RE) is an Icelandic utility serving roughly 80% of the population with electricity, geothermal heating water, cold water, a data network and waste-treatment services. Its finance team struggled with a spreadsheet-based budgeting process—distributing files to about 50 contributors, merging versions, and wrestling with inaccuracies—which made regular forecasting difficult and left the company unable to meet semi-annual planning demands from leadership.

RE implemented Prophix in a one-month rollout to create a single, reliable source of financial truth. The solution enabled monthly budgeting and clearer planning, reduced IT involvement by empowering business users, and improved transparency with attached line-item detail and Detailed Planning Manager for wages—streamlining budgeting, reporting and planning and paving the way to expand budgeting to projects, sales and loan payments.

Orkuveita Reykjavíkur

Kristjan Thorvaldsson

IT Project Manager