SEV (company)
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SEV is a power producer and distributor on the Faroe Islands. The company name is derived from the names of islands Streymoy, Eysturoy and Vágoy, where the production of hydroelectricity first started.[1]
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[edit] History
SEV was founded in on 1 October 1946 by 19 municipalities. By 1963, all Faroe's municipalities had been join the company and transferred their own power production capacities to SEV.[2]
[edit] Activities
SEV produces 43% of total electricity consumed on the Faroe Islands. Most of the produced power is a hydroelectricity. SEV has exclusive rights to produce hydroelectricity and it operates nine large and seven smaller hydro electric plants.[1]
SEV is also developing renewable energy. In 1993, the company started to research wind energy with the establishment of a windmill in Neshaga, above Toftir. In 2005 the number of operational wind mills increased up to three. In addition in 2003 SEV also signed a 10 years agreement to buy electricity from Sp/f Røkt, which operates three windmills in Mýrunum above Vestmanna.[2]
SEV, New Energy of Iceland, and the authorities in the Faroe Islands and Greenland have established the North Atlantic Hydrogen Association to investigate hydrogen technology. In co-operation with the municipality of Vestmanna, SEV investigates possibilities to develop a solar power system.[2] Together with Wavegen, a Scottish leading wave energy company, SEV develops the SeWave wave energy plant project in Nípan.[3]
Although SEV doesn't have the electricity distribution monopoly by the law, it is the only company who supplies electricity on the Faroe Islands.[1]
[edit] Management
The board of SEV consists of seven members. The CEO of the company is Klémint Weihe.[1]
