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Annual Report and Annual Accounts 2008 Annual Report and Annual Accounts 2008 ANNUAL REPORT AND ANNUAL ACCOUNTS 2008 ANNUAL REPORT AND ANNUAL ACCOUNTS 2008 ANNUAL REPORT AND ANNUAL ACCOUNTS 2008 1 INNIHALDSYVIRLIT Report from the Board of Directors .................................................................... 4 SEV – a good place to work ............................................................................. 6 Special events in 2008 ................................................................................. 8 New organizational structure .......................................................................... 9 Annual report 2008 ................................................................................... 10 SEV supports interesting survey of tidal flow energy .................................................. 22 Managment changes at SEV ........................................................................... 24 Some 3,200 new digital electricity meters deployed ................................................... 25 Smallest school wins annual SEV competition on oil consumption ................................... 26 SEV supports TACC ................................................................................... 27 SEV presents its 10-year development plan to government officials ................................... 28 SEV to begin Eiði 2 south ............................................................................. 28 Green accounting ..................................................................................... 30 The natural enviroment ............................................................................... 31 Focus on reducing energy consumption and CO2 emissions ........................................... 32 Comprehensive modernization carried out at Sund power plant ...................................... 33 Sustainable energy resources are the key to a secure future ........................................... 34 SEV supports overseas faroese researcher .............................................................. 36 Electricity production growth ......................................................................... 38 Power outages – 27 times last year .................................................................... 39 New high-voltage switchgear installation at the Strond power plant .................................. 40 Electricity production act .............................................................................. 40 New undersea cable to Sandoy ........................................................................ 42 ANNUAL REPORT AND ANNUAL ACCOUNTS 2008 Editor: Leivur Hansen, Public Relations Manager Photos: Per á Hædd, Sendistovan, SEV Layout, design & printing: Sendistovan Total printed: 800 2 ANNUAL REPORT AND ANNUAL ACCOUNTS 2008 ANNUAL REPORT AND ANNUAL ACCOUNTS 2008 3 REPORT FROM THE BOARD OF DIRECTORS NEW BOARD OF DIRECTORS In this connection, the previous management had approved a new The Electricity Commission has announced that the tender for FUTURE PROSPECTS On 1 January 2009, the new Company by-laws entered into force. health, safety and environment policy. Work is now underway to windmills will be let out in the autumn of 2009. More than Europe has adopted the so-called EU 20/20/20 climate and SEV now functions according to a straightforward, practicable develop a new process by which SEV in the future can provide a likely, the tender will be for a total of 3 MW, which equates to energy package. EU Member States have agreed by the year 2020 and more modern organizational structure. The Company so-called “green” accounting of its activities. an increase of windpower generation of over 75%. to reduce energy consumption by 20%, to reduce greenhouse continues as a co-operative, but is now organized in a manner emissions by 20% and to increase the use of renewable energy similar to a limited liability corporation. Moreover, there have been major changes within operations and SEV has determined that all aspects of the technology related to sources by 20%. pro duction. As of 1 January 2009, the two divisions were merged combined wind and hydro-pumping systems should be investigated At the first Annual General Meeting of the Company on 6 into one. Finn Jakobsen assumed responsibility as manager of as soon as possible. This includes, inter alia, determining which There is wide agreement that these goals can only be met if there February 2009, a new board of directors was elected. The following the new division with the following five individuals serving as technology could be used and also researching all the potential is a diligent effort to electrify energy consumption, especially individuals were elected: Niels Olaf Eyvindsson, representing the department managers: Jón A. Nielsen, Anders Nedergaard-Hansen, sites for such development in the country. land-based consumption. Therefore, one can anticipate steady Suðuroy electoral district; Páll á Reynatúgvu, Sandoy electoral Terji Nielsen, Høgni Hansen and Dánjal Jógvan Hans son. advances in the years ahead in electricity-based technology, district; Marin Katrina Frýdal, Tórshavn municipality; Pauli T. At the last representative assembly meeting in the history of the especially related to the distribution of electricity and its use Petersen, Streymoy electoral district; Jákup Suni Lauritsen, Vágoy Company, which was held on 21 November 2008, a 10-year in heating. We at SEV need to keep this in mind and stay fully electoral district; Kári E. Jacobsen, Eysturoy electoral district; FINANCIAL LOSS IN 2008 development plan was submitted. The new Board of Directors of apprised of the advances in technology taking place that will and Steinbjørn O. Jacobsen, Norðoy electoral district. The Board The year 2008 had its distinctive challenges. SEV’s total result SEV believes that it is extremely important to craft a long-term, impact our expansion plans, both with regard to renewable subsequently elected Páll á Reynatúgvu as Chairman and Jákup was a loss of 31.1 million DKK, compared to a budgeted loss energy development plan for the entire country, especially one energy sources and the distribution grid as a whole. Suna Lauritsen as Vice Chairman. of 1.6 million DKK for 2008, or 29.5 million DKK worse than with a focus on sustainable energy resources. The Board has not projected in the budget approved in November 2007. completed its evaluation of the 10-year development plan that was presented to the representative assembly. RESEARCH AND DEVELOPMENT ELECTRICITY PRODUCTION ACT Sales for the year were as planned, but expenses were greater than As the country’s providers of energy, it is important for the As of 1 January 2009, pursuant to the Electricity Production estimated. Record-breaking oil prices resulted in an expenditure It is absolutely critical that a political determination be made as municipalities, as the owners of SEV, to assume full responsibility Act, all activities related to the electricity grid and all electricity for oil of 120 million DKK or 17 million DKK more than soon as possible with regard to how energy development should for actively promoting research and development in future energy generation shall be carried out by providers who have received budgeted. The expenses related to the renovation of the Sund be carried out in order to meet the goals of the Government’s possibilities. a concession from the Electricity Commission. A great deal of power plant of some 5 million DKK were projected to be booked energy policy. In this regard, it is also extremely crucial that energy has been focused on ensuring effective collaboration and in 2009, but were instead booked in 2008. The repair of the oil there exists a joint willingness for cooperation and meaningful In summary, as one of the providers of future energy to the negotiation between SEV and the Commission in order to meet tanks at Vágur and Sund ran around 5 million DKK more than dialogue between SEV and the governmental authorities regarding country, we face tremendous tasks and obligations ahead with all the conditions stipulated in the new legislation. SEV was granted projected. Moreover, the operational expenses of the Electricity the generation of electricity, the country’s energy resources and the attendant challenges. We also bear an immense responsibility a provisional concession for all of its activities on 30 December Commission ascribed to the Company were ca. 1 million DKK. our environment. toward the coming generations of energy consumers, the coming 2008, which is effective until 1 June 2009. Negotiations continue generations of Faroese. We must assume this obligation as well, on the final conditions. Both 2007 and 2008 showed very clearly how exposed we are The SEV Board of Directors has approved a grant of 250,000 as a responsible member of the world community. to the price of oil and the volatility in this unstable market. DKK to a project of the University of the Faroe Islands under the SEV has reviewed the new law thoroughly and completely agrees So from an economic perspective, let alone the environmental direction of Knud Simonsen, lecturer in the Natural Sciences with the intent of the law. However, it is important that the considerations, it is extremely important to become independent Department, to map out the potential of tapping the energy of relevant governmental authorities and SEV are in full agreement of oil. the tides around the Faroes in a commercially reasonable and regarding who retains ultimate responsibility and agree upon the environmentally responsible manner.
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