SEV is a power producer and distributor on the Faroe Islands. The company name is derived from the names of islands Streymoy, Eysturoy and Vágar, which established the company on 1 October 1946. All municipalities in Vágar, all in Eysturoy except for Sjóvar municipality and all municipalities in Streymoy except for Tórshavn, Kvívík and Kollafjørður met at the first establishing meeting. Later all municipalities in the Faroe Islands joind SEV. In 2015 60% of the produced energy of SEV came from green energy, 17,8% came from the windmills in Neshagi and Húsahagi, 42,3% came from hydroenergy.HistorySEV was founded on the 1 October in 1946. The foundation meeting took place in Tórshavn and was attended by representatives from 19 municipalities from Streymoy, Eysturoy and Vágar. Gunnar Dahl Olsen who was sysselmann and mayor of Vestmanna was the first president of SEV. By 1963, all Faroe's municipalities had been join the company and transferred their own power production capacities to SEV.In 2015, the company was awarded the Nordic Council Nature and Environment Prize.ActivitiesIn November 2012 the Faroe Islands became the first place in the world where a virtual power plant was used to recreate balance in an island power system by decoupling large industrial units in less than a second from the main power system, thereby avoiding blackouts.As of 27 October 2015 51% of total electricity consumed on the Faroe Islands is hydroelectricity or wind power, with 65% of the consumed electricity before 21 June 2015 coming from renevables, this is an increase of 15% compared to the same periode the year before, while at the same time electricity consumption has increased overall 5%. As the year ended it was revealed that 60% of consumed electricity in 2015 came from renevables.