Faroese energy company reports worse-than-expected financial results

The Faroese energy company SEV recorded a net profit of 6.9 million krona last year, 44 million krona below expectations, Kringvarp Føroya reports.

The company’s board and management expressed dissatisfaction with the results but noted that SEV’s overall financial position remains strong. Unexpected write-downs on wind turbines in Húsahagi, totaling 28.3 million krona, contributed to the shortfall, as these costs had not been factored into financial plans.

SEV ended the year with 244 million krona in liquid assets, in addition to access to credit lines and overdraft facilities worth 850 million krona. The company generated over 500 gigawatt-hours of electricity for the first time, selling power for 817.6 million krona—2.2 percent above projections. While industrial and general consumers increased purchases, private customers bought less than anticipated.

Rising oil costs also impacted finances, with SEV spending nearly 50 million krona more on oil in 2025 than in 2024.