Electricity in Faroe Islands in 2022

As of 2022, the electricity consumption in the Faroe Islands reveals a notable reliance on fossil fuels, which account for a little over half of the total electricity generated. In contrast, almost half of the islands' electricity comes from low-carbon sources, combining both wind and hydropower. Specifically, hydropower contributes to more than a quarter of the total electricity, while wind energy is responsible for almost one-fifth. This indicates that while low-carbon sources play a significant role in the energy landscape, there is substantial room to reduce fossil fuel dependence and increase the share of clean energy.

Suggestions

To increase low-carbon electricity generation, the Faroe Islands can focus on the expansion of its existing wind energy infrastructure, given the favorable conditions and the existing contribution they provide. Denmark's experience with wind energy may offer valuable insights, as it currently generates more than half of its electricity from wind power—highlighting the potential for embracing similar strategies. Moreover, adopting techniques from countries with successful nuclear programs, like Finland or Sweden, could also be beneficial. Although building nuclear plants on the Faroe Islands might not be immediately feasible, understanding the integration of a high percentage of low-carbon energy into the grid could guide future energy strategies, focusing on maximizing the role of wind and investigating other options like solar energy.

History

Historically, the growth of low-carbon electricity in the Faroe Islands has been relatively stagnant, particularly from the early 2000s through to 2022. The data indicates no significant increases in electricity generation from hydropower or wind energy during this period, reflecting a need for more dynamic energy policies to instigate growth. While biofuels made a momentary appearance in 2021, the lack of notable change suggests a greater potential remains untapped. Therefore, moving forward, the Faroe Islands have an opportunity to harness this latent potential by evolving their strategies and investments in wind and other clean energy sources, reducing reliance on fossil fuels, thereby contributing to a more sustainable electricity landscape.

Electricity Imports and Exports

Balance of Trade

Data Sources