david brunt, ceo, fred. olsen renewables february 2016 ... · david brunt, ceo, fred. olsen...
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Fred. Olsen Renewables / Focus on renewable energy
David Brunt, CEO, Fred. Olsen RenewablesFebruary 2016, Haugesund
Content
Overview
First steps
Businesses:
Fred. Olsen Renewables - major player in onshore renewable generation
Fred. Olsen Windcarrier and related companies – offshore services
Other renewables businesses
Where now?
Potential for the Norwegian maritime cluster?
Business segments
62.7%
20.7%
Ganger Rolf ASA (listed OSE)
Offshore drilling Cruise Other investmentsShipping/Offshore Wind Renewable energy
NHST Media Group AS
(54.0%)
Koksa Eiendom AS
(12.6%)
Various
51.9% 100%100%100%
Fred. Olsen Energy ASA(listed OSE)
Fred. Olsen Cruise Lines Ltd.Fred. Olsen Ocean Ltd.Fred. Olsen Renewables AS
Bonheur ASA (listed OSE)
Snapshot - Renewable businesses
First activities : 1994
TODAY:
Employees (total) : ca. 800
Annual revenues (2014) : 2,3 mrd NOK
Total power delivered (2015) : ca 1,5 TWh
Onshore wind turbines : 241
Offshore installation operations : >200
Geographic reach : >20 countries
First steps
First wind farm
investments (UK)
Build
Competence,
experience
Diversify
wave & tidal
Acquire
lidar technology
Diversify
offshore first steps
Acquire & develop
offshore competence
Invest
offshore vessels
Offshore technology
Onshore wind farm investment
1994
Consultancy services
1996
Technology provider
2003
Offshore wind services
2008
Fred. Olsen Renewables (FOR)
”Cradle to grave” ownership of renewable generation assets –
primarily onshore wind
First activities mid-1990s
Completed & operate 8 industrial scale windfarms with 583
MW capacity (generation ~1.5 TWh/yr).
Largest renewables IPP* in UK; 5th largest in Europe
Development pipeline of total 2200 MW secured and under
development
Key competencies managed in-house
Total investment to date is 7.0 billion NOK
0
100
200
300
400
500
600
700
800
900
1000
GW
h
Site investigation
Development
Construction
Operation
* IPP = independent power producer
FOR Operating Assets and Near Term Projects
FOR Business Model and Project Portfolio
Development Consented Operation
Scotland
Norway
Sweden
Total portfolio
Onshore portfolio
Scotland – 85-165 MW
Crystal Rig IV
Rothes extension
Paul’s Hill extension
Windy Standard III
Norway – 300 MW
Mosjøen
Ireland – 500 MW
Codling II – 500 MW offshore
(50% owned; total 1000 MW)
Sweden – 300-500 MW
FORSCA projects
Verkanliden
1 185– 1 465 MW
685– 965 MW
Ireland
Codling Bank – 500 MW
offshore (50% owned; total
1000 MW)
Norway
Gravdal – 90 MW
Gilja – 135 MW
Gismarvik 9 MW (60%
owned of total 15 MW)
Kalvvatnan – 225 MW
Sweden
Högaliden 102 MW
1 061 MW
561 MW
Scotland
Crystal Rig – 62.5 MW
Crystal Rig II - 138.0 MW
Rothes – 50.6 MW
Rothes II – 41.4 MW
Paul’s Hill – 64.4 MW
Mid Hill – 75.9 MW
Norway
Lista – 71.3 MW
Sweden
Fäbodliden – 79.2 MW
583 MW
583 MW
Site Investigation Construction
Scotland
Windy Standard II – 75 MW
Crystal Rig III – 14 MW
89 MW
89 MW
Fred. Olsen Ocean:
Fred. Olsen Windcarrier & related companies
Transport, installation, and maintenance
services for offshore wind parks
Providing a tailored industrial solution :
Purpose built vessels & world-class
marine spread
Combined with marine and logistics
expertise and experience
Capabilities:
Large Transport & Installation projects
Major component exchange
Special projects
Heavy lift
Engineering, design and project management
Accommodation
Cargo/transportation
Fred. Olsen Windcarrier
Installation track record - overview
Butendiek
80 WTGsGlobal Tech 1
75 WTGs
Belwind
1 WTG
Bard
14 WTGs
Dogger Bank
2 Trial install.
Riffgat
30 WTGs
Preferred supplier of turbine technicians, expertise and
services
8 business units: Denmark, UK, Germany, Turkey,
Poland, Romania, South Africa, Holland
Operating on and offshore
Largest contractor in offshore wind and major player
onshore
Around 600+ experienced technicians employed
A Fred. Olsen related company
Global Wind Service
Other businesses
Fred. Olsen Windcarrier DK
Renewable energy
consulting services
69 GW
projects
328
experts
32
countries
Falling energy prices (coal & oil/gas)
Political backlash on «subsidies» -
carbon pricing would be better?
Norway/Sweden green certificate
system – diverging views on success
Paris climate agreement (COP21)
Interconnectors
Technology improvements (see next
slides)
Holy grail: «grid parity»
Where now?
Source:
Costs are falling dramatically
1000 USD/toe = 86 USD/MWh = 70 øre/kWh
…and will become directly competitive
Lessons learned & potential for Norwegian maritime cluster?
As always, build around strengths and ensure the political backing is there
Example 1: Onshore wind
Need home market, transferable skills and political drive
Early mover (Denmark!) captured technology ownership, global market and jobs
Example 2: Offshore wind
Wind, maritime & logistics competencies are central
Opportunity for Norwegian maritime/industrial cluster – taken!
Market now consolidating – opportunity gone?
Example 3: Offshore floating?
Thank you!