SEV (company)

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.

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.

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.

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.

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. Together with Wavegen, a Scottish leading wave energy company, SEV develops the SeWave wave energy plant project in Nípan.

Although SEV doesn't have the electricity distribution monopoly by the law, it is the only company who supplies electricity on the Faroe Islands.

Management

The board of SEV consists of seven members. The CEO of the company is Klémint Weihe.

References

External links

• Company website