Electricity prices go up

Public energy supplier SEV has announced yesterday that it is increasing its electricity prices for next year.

On 1 January 2024, prices will increase by DKK 0.05 per kWh across all three main consumer groups: private, business and industrial.

 >> SEE ALSO Half of all electricity comes from renewable sources

Despite plans to keep prices steady, SEV is raising electricity prices after the government announced its planned oil tax, which SEV estimates will increase its operational costs by DKK 30 million.

”We are disappointed by the government’s decision to impose a costly environmental tax to help fund its planned tax cuts,” said Kári Johansen, SEV’s committee chairman.

“It would make more sense if this money were directed toward renewable energy projects that would contribute to the Faroes' transition toward a sustainable society.”

 >> SEE ALSO Electricity prices to remain fixed for 2022

He added that the added taxes on crude oil will impede SEV’s ability to expand and improve its network.

“Our planned transition to sustainable energy places great demands on our electricity network. Significant investments are needed to ensure a reliable and future-proof electricity system.”

Read the Faroese version of this article here.

English version by prosa.fo.

More Faroese News in English.