The annual consumption of energy in the world is around 10 billion tons of oil. 90% of this comes from fossile energy sources (oil, gas, coal, timber etc.), while about 10% comes from nuclear energy and renewable energy sources (water, wind, wave, sun). Prognosises estimate that over the next century, the use of renewable energy sources will increase with 40% to 150%.
Therefore, it is both nescessary and approriate to develop new future energy sources, amongst other things wave energy.
If focus is set on the Faroe Islands, we see that the imported fuel oil and petrol count for 90% of the energy demand in the Faroese society. Of the total energy production, 35-40% are produced from renewable energy sources, water and wind.
SEV's energy sources today are oil, water and wind. There is so much oil in stock, that the diesel engines could generate power to the entire country for six months. Oil is easy to come by, and therefore oil is a stable and reliable energy source.
Eiðisvatn is SEV's largest water stock. If, for instance, no water ran into Eiðisvatn, and the plant produced at full power, the water stock would empty out in a month. Accordingly, water is not as stable and reliable an energy source as oil is.
Windmills produce, as the wind blows, just as wave energy is only obtainable, when and where there occur waves. Wind and waves are unstable and unreliable, but durable energy sources.