A recent report by Price Waterhouse Coopers which rated Iceland as having the cheapest running costs for data storage centres compared to the US, UK and India, has encouraged establishment of more data centres all over Iceland, IcelandReview reported. The report highlighted the abundance of hydroelectric and geothermal energy in Iceland which is renewable, clean and cheap. Data centres which are built in Iceland would not contribute to global warming nor require carbon credits. Half the energy consumption of normal data centres is used for cooling hardware. Data centres in Iceland would save a considerable amount of this energy by harnessing the natural colder climate – thus reducing energy bills even further. The report also identified the years of built-up experience of Icelandic telecommunications and software companies with international businesses. However, Iceland did not score high while making connections to the US and Europe. The Icelandic government is currently rectifying this with the installation of a new telecommunications cable in 2008. The study also noted that many people perceived Iceland as having a high risk of natural disasters though in reality the risk is higher in the US, UK and India.