Orkustofnun, the National Energy Authority, which was formally established in July 1967, has two main areas of responsibility:

• To advise the government on energy issues and related topics
• To carry out energy research and provide consulting and services relating to energy development and energy utilisation

The principal objectives of Orkustofnun are:

• To acquire and collate basic information on the country's energy resources and have necessary research carried out
• Energy administration and advice on energy affairs
• Dissemination of information on energy issues
• To collect and maintain statistical data on the country's energy utilisation
• To make energy consumption forecasts and prepare plans for further utilisation of the energy resources
• To assist in development by operating the United Nations University Geothermal Training Programme
• To make Icelandic experience and expertise in geothermal utilisation and development available to other countries
• To provide research services to Icelandic energy utilities, municipalities and the private sector in areas of Orkustofnun's expertise

Orkustofnun has close ties with numerous international science institutes and societies in the field of earth sciences, energy research and administration.