"Scientists in Iceland have been studying and utilizing the power of geothermal wells for years. In 2009 one such study hit a standstill when a group ran into magma halfway into their dig. The roadblock has become a blessing in disguise, as recent research has shown that the magma can act as a potent new source of geothermal energy powerful enough to heat 25,000 to 30,000 homes." - Inhabitat
Earth to Island Dwellers, You live on a "geothermal gold mine" folks!
Source - "science 101"