Editing Economy of the Faroe Islands (section)

== Energy ==
{{main|Energy in the Faroe Islands}}
Oil consumption peaked at over 300,000 tonnes in 2020, of which 30% was for fishing vessels.<ref>{{cite web |title=Oil consumption peaked last year |url=http://kvf.fo/greinar/2021/03/22/oil-consumption-peaked-last-year |website=Kringvarp Føroya |language=en |date=22 March 2021}}</ref> In 2014 217,547 tonnes of oil products were consumed in the Faroe Islands.<ref name="oilcons">{{cite web | url=http://www.hagstova.fo/en/statbank/consumption-oil-tonnes-consumer-groups-1992- | title=Consumption of oil in tonnes by consumer groups | publisher=[[Statistics Faroe Islands]] | access-date=6 December 2015}}</ref> Of this 31.58% was consumed by fishing vessels, 14.73% was used by [[SEV (company)|SEV]] for electricity production, 23.23% was consumed in air, sea or land transport, 9.6% was used in the industry, and the rest was used in public or private buildings.<ref name="oilcons" />

The islands have 6 hydroelectric plants,<ref>{{cite web| url = http://www.sev.fo/Default.aspx?ID=149| title = Hydro electric power}}</ref> 4 diesel plants<ref>{{cite web| url = http://www.sev.fo/Default.aspx?ID=148| title = Thermal Power}}</ref> and several wind power plants with a [[capacity factor]] above 40%.<ref name=windTerji>Terji Nielsen. [http://www.jf.fo/get.file?ID=13677 Wind energy in the Faroe Islands] {{webarchive|url=https://web.archive.org/web/20151208235240/http://www.jf.fo/get.file?ID=13677 |date=2015-12-08 }} page 19-21. ''SEV'', 2015</ref> In 2014, a 12MW [[wind farm]] for DKK 180 million<ref name=sevGreenProgress/> became operational near Torshavn and increased wind capacity from 6.6 to 18.6MW. It decreases oil consumption by 8,000 ton (approximately 4M€) per year.<ref name=windTerji/> A 2.3MW 700 kWh [[lithium-ion battery]]<ref>{{cite web|url= http://reneweconomy.com.au/2015/faroe-islands-to-get-europes-first-wind-connected-battery-storage-system-30393 |title=Faroe Islands to get Europe's first wind-connected battery storage system |work=Renew Economy|date=15 April 2015 }}</ref> became operational in 2016.<ref>{{cite web|url= https://eandt.theiet.org/content/articles/2016/11/lithium-ion-batteries-can-help-to-safeguard-the-grid/ |title=Lithium-ion batteries can help to safeguard the grid|date=8 November 2016|access-date=1 March 2017}}</ref> Planners also consider converting the existing [[hydropower]]<ref>Bárður A. Niclasen. [http://www.jardfeingi.fo/get.file?ID=13697 Vedvarende energi] {{webarchive|url=https://web.archive.org/web/20151208054059/http://www.jardfeingi.fo/get.file?ID=13697 |date=2015-12-08 }} 2015</ref> to [[pumped-storage hydroelectricity]].<ref name=sevGreenProgress/> [[Tidal power]]<ref>{{cite web| url = http://www.sev.fo/Default.aspx?ID=193&Action=1&NewsId=2765&PID=392| title = Tidal Energy on the Horizon}}</ref> and [[Thermal energy storage]] solutions are also considered.<ref>{{cite web|url=http://www.tu.no/kraft/2015/11/27/faroyene-vurderer-norsk-teknologi-for-a-takle-massiv-vindkraftutbygging|title=ENERGYNEST - THERMAL ENERGY STORAGE - TES|author=Jannicke Nilsen|date=27 November 2015|work=[[Teknisk Ukeblad]]|access-date=30 November 2015|archive-date=4 January 2023|archive-url=https://web.archive.org/web/20230104162521/https://www.tu.no/kraft/2015/11/27/faroyene-vurderer-norsk-teknologi-for-a-takle-massiv-vindkraftutbygging|url-status=dead}}</ref> The islands have a goal of 100% green electricity production by 2030.<ref name=sevGreenProgress>{{cite web| url = http://www.sev.fo/Default.aspx?ID=193&Action=1&NewsId=2778&PID=392| title = Green Progress}}</ref><ref name=100by2030>{{cite web|url=http://www.100by2030.org/ |title=100by2030 |work=[[SEV (company)|SEV]] |access-date=1 March 2017}}</ref>

{{external image
| image1 =[http://www.sev.fo/Default.aspx?ID=200 Current production, pie diagram]
| image2 =[https://w3.sev.fo/framleidsla/ Current production, numbers]
}}

In 2014 and 2017<ref>{{Cite web|url=http://www.sev.fo/Default.aspx?ID=193&Action=1&NewsId=3008&M=NewsV2&PID=392|title=Forsíða}}</ref> 50.8% of the electricity production of SEV in the Faroe Islands came from green energy like hydro and wind, while 49.2% was produced by the [[thermal power plant]]s, which was 12.4% less than in 2013.<ref name="SEV 2014">{{cite web|url=http://www.sev.fo/Files//Filer/Um_sev/fradgreidingar/SEV_framleidsluroknskapur_2014.pdf|title=SEV - Framleiðsluroknskapur 2014 Production Accounts 2014|publisher=SEV|language=fo, en|access-date=25 September 2015|archive-date=28 May 2016|archive-url=https://web.archive.org/web/20160528090359/http://www.sev.fo/Files/Filer/Um_sev/fradgreidingar/SEV_framleidsluroknskapur_2014.pdf|url-status=dead}}</ref>
*''fossil fuel:'' 49.2%
*''hydro:'' 39.5%
*''wind:'' 11.3% (2014)
*''nuclear:'' 0%

Total annual production: 305.4 GWh (2014) of which the production of thermal, hydropower and [[wind power]] was:
*Thermal: 150,2 GWh
*Hydropower: 120,7 GWh
*Wind: 34,5 GWh

The Faroe Islands have no electricity connections to other areas, and thus operate in [[Islanding|island condition]]. Some islands are also not connected to the other islands, and must maintain their own electric system.<ref>{{cite web| url = http://www.sev.fo/Default.aspx?ID=193&Action=1&NewsId=2774&PID=392| title = SEV recommends wind turbines for Suðuroy}}</ref>