| Type | private |
|---|---|
| Industry | energy |
| Founded | 1946 |
| Founder(s) | Municipalities of Faroe Islands |
| Headquarters | Tórshavn, Faroe Islands |
| Key people | Hákun Djurhuus, CEO |
| Products | electric power |
| Owner(s) | Municipalities of Faroe Islands |
| Website | www.sev.fo |
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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SEV was founded on the 1 October in 1946. The foundation meeting took place in Tórshavn and was attended by representatives from 19 municipalities from Streymoy, Eysturoy and Vágoy. By 1963, all Faroe's municipalities had been join the company and transferred their own power production capacities to SEV.[2]
43% of total electricity consumed on the Faroe Islands is hydroelectricity. SEV has exclusive rights to produce hydroelectricity and it operates nine large and seven smaller hydro electric plants.[1]
SEV is also developing other sources of renewable energy. In 1993, the company started to research wind energy with the establishment of a wind turbine in Neshaga, above Toftir. In 2005, the number of operational wind turbines 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 wind turbines in Mýrunum above Vestmanna.[2]
SEV, Icelandic New Energy, 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 farm project in Nípan.[3]
Although SEV does not have the electricity distribution monopoly by the law, it is the only company who supplies electricity on the Faroe Islands.[1]
The board of SEV consists of seven members. The CEO of the company is Hákun Djurhuus.[1]