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Green Ribbon Commission Middelgrunden visit
Morten Melin, Vice President for EPC & Construction Management
16 June 2016
INTRODUCTION TO DONG ENERGY
DONG Energy at a glance
Bioenergy & Thermal PowerOil & GasDistribution &
Customers SolutionsWIND POWER
9.8
2.2
Exploration and production
(>100 kboe/day)
Private and commercial
gas & power sales, and
distribution
DONG ENERGY
18.5
Energy group operating in
Northwestern Europe
Employs 6,700 FTEs
6.2
Development, construction
and operation of offshore
wind farms
0.3
Electricity and heat
generation from power
stations. 44% of Danish
thermal capacity
EBITDA 2015 DKK bn
613
334
20152007
CO2 emissions halvedg/kWh
Significant transformation of DONG Energy over the past decade
Business transformedShare of capital employed2
%
EBITDA1 doubledDKK Bn
International expansionShare of EBITDA
%
9,3
18,5
2007 2015 2015
63%
12%
37%
2007
88%
24%
2015
75%
16%
9%
2007
16%
60%
1. Operating profit (EBIT) before depreciation, amortisation and impairment losses
2. Excluding unallocated capital employed on DONG Energy group level
(46%) 2.0xInternational
share >5x
Current and planned Danish offshore wind capacity
MW
4
Middelgrunden – a pioneer project at time of construction, a small
part of Danish offshore capacity today
Other installed
capacity
Middelgrunden
1,231
Planned new
capacity
1,000
40
Anholt turbines
Middelgrunden
turbines
Middelgrunden offshore wind farm
Capacity: 40MW
Turbine size: 2.0MW
Comm. year: 2001
Anholt offshore wind farm
Capacity: 400MW
Turbine size: 3.6MW
Comm. year: 2011
Kriegers Flak offshore wind farm
Capacity: 600MW
Turbine size: ?
Comm. year: 2022
Vindeby
Worlds’ first offshore wind farm
Turbine capacity:
Nr. of turbines
Rotor diameter
Distance to shore
0.45 MW
11
35 m
1.8 km
Horns Rev 1
Worlds’ first large scale offshore
wind farm
Turbine capacity:
Nr. of turbines
Rotor diameter
Distance to shore
2 MW
80
80 m
18 km
1,004 MW476 MW
5 MW
London Array
Words’ largest operational offshore
wind farm
Turbine capacity:
Nr. of turbines
Rotor diameter
Distance to shore
3.6 MW
175
120 m
20 km
Barrow
45 MW
Burbo
90 MW
DONG Energy pioneered the offshore wind industry
Nysted
166 MW
Walney I + II
367 MW
London Array
315 MW
Gunfleet Sands
173 MW
Horns Rev 2
209 MW
Total constructed capacity by DONG Energy, (MW)
Anholt
400 MW
630 MW160 MW5 MW
West of Duddon Sands
389 MW
1,371 MW
2,098 MW
2,487 MW3,009 MW
50 MW
Westermost Rough
210 MW
2018 202020192012 20142013 201620101990 2005 20172000
Vindeby
5 MW
Middelgrunden
40 MW
6,500 MW
Hornsea 1
The world’s largest offshore wind
farm once constructed
Turbine capacity:
Nr. of turbines
Rotor diameter
Distance to shore
7 MW
174
154 m
120 km
1,200 MW
Gode Wind 2
252 MW
Burbo Bank Ext.
258 MW
Race Bank
573 MW
Walney Extension
660 MW
Hornsea 1
1,200 MW
Pre-2009: Project by project Post-2009: Industrialised approach
Horns Rev 1
160 MW
Borkum Riffgrund 1
312 MW
Gode Wind 1
330 MW
In 2009, DONG Energy commenced the industrialisation of offshore
wind
6
Pre-2009
• Planned and executed
independently
Project Execution
Model
Strategic
Sourcing and
Integration of
Supply Chain
Element Post-2009
• Planned, contracted and
executed in parallel increases
standardization
• Lessons learnt across portfolio
captured and implemented
• In-house engineering expertise
Organizational
Capabilities
• Each project sourced
individually
• Bottlenecks in markets caused
challenges
• Framework agreements ensure
attractive terms and access to
manufacturing capacity
• A2SEA acquired to reduce
installation vessel bottlenecks
• Org. structured around
traditional power plant
experiences
• Org structure redesigned
around offshore wind
experiences
• Wind Power as a separate
business unit
1
2
3
DONG Energy is today a global leader
Largest offshore wind player globally todayGlobal offshore wind capacity
MW
26% 11% 9% 11% 0% 0% 1% 3%3% 1% 2%
3.009
1.273997 1.225
161 288 159
3.273
668695 400
311 111121
6,282
1.9411.692 1.625
1.064
600472 399
336 280257
% share of global installed capacityInstalled2 Under construction
Source: BNEF
1. Excluding Borkum Riffgrund 2 which is pending FID
2. If a project is executed by a lead developer managing the construction, then 100% of capacity is allocated to the lead developer. If construction is executed by an integrated joint venture,
capacity is allocated in proportion to the JV share
3. Statkraft has decided to scale down their activities in offshore wind. Current assets will be built and development projects will be brought forward to allow divestment before FID
1
3
DONG Energy’s portfolio
is larger than the three
nearest competitors
combined
8
Unparalleled experience and track record
Under construction
In operation
Under development
Walney Ext.
Walney 1 + 2
Westermost
Rough
Isle of Man
West of Duddon Sands
Barrow
Burbo Bank Ext.
Burbo Bank
Gunfleet Sands 3
Gunfleet Sands 1 + 2
Lincs
London Array 1
Race Bank
Horns Rev 1 + 2
Hornsea 1
Anholt
Middelgrunden
Vindeby
Nysted
German Cluster
Borkum Riffgrund 2
Borkum Riffgrund 1
Gode Wind 1
Gode Wind 3
Gode Wind 2
Bay State Wind
19 offshore wind farms
in operation
6 offshore wind farms
under construction
14
Partnerships
25 years of experience and track
record in the offshore wind sector1991 2016
3,273 MW
under
construction
1,800
Dedicated
employees
3,009 MW Constructed
capacity
7.5 million
Europeans
with clean
electricity
3,103 MW
World's
leading
operator
DONG Energy Wind Power activity overview
Hornsea 2 + 3 + 4
Ocean Wind
Avedøre
DONG Energy Wind Power geographical footprint
A solid integrated end-to-end business model
Identify and mature projects
Perform FEED1 + layout
Carry out site surveys
Manage consenting
processes
Bid preparation and delivery
Mature project design
Detailed design competence
on selected systems/
components
Manage sourcing and supply
Manage logistics, installation
and commissioning
Ensure asset integrity over
life-cycle
Scheduled and unscheduled
maintenance
Collect data and perform
diagnostics
Highest yield at lowest cost
Attract capital through
partnerships
Secure revenue and profit
optimisation over life-cycle
Ensure marketing of
electricity and certificates
Develop Build Operate Own
Full-time employees2~1,800
DONG Energy Wind Power core competencies
1. Front-end engineering design
2. Excluding A2SEA employees
~90 ~1,040 ~590 ~80
Ability to design and optimize projects with a 'total life-cycle cost of wind farm' mindset
Experience and expertise along the entire value chain allow for better understanding and management of risks
End-to-end model reduces LCoE through fast feedback and learning across the entire organization
From idea to realisation
10
Major institutional investors as partners
Note: private partnership in the Middelgrunden offshore wind farm not included in this chart
Walney I & II (50.1%)
367 MW (2009 / 2010)
(KIRKBI)
West of Duddon Sands (50%)
389 MW (2011)
Burbo Bank Extension (50%)
258 MW (2016)
Lincs (25%)
270 MW (2009)
Gunfleet Sands (50.1%)
173 MW (2011)
Anholt (50%)
400 MW (2011)
Horns Rev 1 (40%)
160 MW (2005)
Nysted (42.7%)
166 MW (2010)
Gode Wind 2 (50%)
252 MW (2014)
Gode Wind 1 (50%)
330 MW (2015)
Westermost Rough (50%)
210 MW (2014)
London Array (25%)
630 MW (2009 / 2014)
Borkum Riffgrund 1 (50%)
312 MW (2012)
(KIRKBI)
12