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Offshore Wind A big opportunity ? GA-EMA Conferences

Offshore Wind A big opportunity ? GA-EMA Conferences. 22 October 2014. Global context of R enewables Offshore Wind Markets Concepts and key figures Risks Conclusions. Global context of R enewables Offshore Wind Markets Concepts and key figures Risks Conclusions.

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Offshore Wind A big opportunity ? GA-EMA Conferences

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  1. Offshore WindA bigopportunity?GA-EMA Conferences 22 October 2014

  2. Global contextof Renewables • Offshore Wind • Markets • Concepts and key figures • Risks • Conclusions

  3. Global contextof Renewables • Offshore Wind • Markets • Concepts and key figures • Risks • Conclusions

  4. Global PowerCapacity Outlook Continuousgrowthexpected… Source: IHS

  5. Global EnergyProduction Outlook Increasingweight of renewables…

  6. Global contextof renewables • Offshore Wind • Markets • Concepts and key figures • Risks • Conclusions

  7. Offshore WindMarkets Global installedcapacity status Status in 2014: 0 GW Target for 2020: 2.5 GW Status in 2014: 7.3 GW Target for 2020: 38-49 GW Status in 2014: 0.5 GW Target for 2020: 30 GW Status in 2014: 0 GW Target for 2020: 3 GW Europe leads offshore wind development, with more than 90% of projects pipeline. By 2030, Europe will account for more than 70% of total installed capacity,

  8. Offshore WindMarkets UK and Germanyleadingthepath in Europe 0.2 0.1 3.0 0.3 0.2 1.3 4.5-6.0 0.4 3.7 2.3-2.5 0 1.9 0 8.5 - 13 6.0 0.6 0.6 1.8-2.0 0.6 0 1.5 0 6.0 6 - 8

  9. History of offshore wind More than 20 years of growth 2017- Large scale GW offshore power plants 2009-2017 Industrialising offshore • Apply R&D & demonstration • New concepts • New materials • New technology 1991-2009 Pioneering Phase • Stimulating competition • Applying lessons • R&D & demonstration • Scale • sourcing • knowledge base • Cost efficiency • technology development • installation and O&M concepts • value chain engineering • Component reliability • Technology viability • System knowledge • Developing concepts • Developing relationships

  10. Offshore Windsites Challenginglocations Offshore wind projects are installed further from shore and in deeper waters

  11. Offshore wind Maincomponents of a project

  12. Offshore wind Size and Logistics

  13. Offshore Wind DevelopmentCycletypicaltimeline • Confirm project economics • Detailed site surveys • Front End Engineering Design • Establish executable contracts • Secure finance • Discharge consent conditions • Construct wind farm • Establish O&M base • Concept selection • Site characterisationsurveys • Secure “buildable” consent • Identify site • Evaluate potential • Secure development rights Gate 1 Gate 2 Gate 3 Gate 4 • (2 - 3 years) • (1 - 2 years) • (2 - 4 years) • (25 – 50 years) Project Progress

  14. Offshore WindEconomics Key figures DEVEX EIA Geophysical Geotechnical WindAssesment … • CAPEX • Supply of elements • Installation • Comissioning • … OPEX Operation Maintenance Repairment Transmision … 70-140 k€/MW 3-4 m€/MW 40-80 €/MWh LCOE 160 €/MWh (*) (*) Weighted-average levelised cost of energy value of projects financed in 2013

  15. Offshore wind Key Risks Ornithology Marine Mammals Commercial Fishing Permitting Regulatory changes Cost Reduction Capital Requirements Commercial Grid Connection Supply Chain Constrains Asset Performance Execution

  16. Innovation Fromallaspects of offshore wind

  17. Innovation Floatingsubstructures

  18. Repsol Offshore Wind Portfolio Global projectinfo Beatrice Moray Firth Inch Cape Scotland Inch Cape Moray Firth Beatrice

  19. Repsol Offshore Wind Portfolio MetMast

  20. Global contextof renewables • Offshore Wind • Markets • Concepts and key figures • Risks • Conclusions

  21. Conclusions Offshore Wind • Installed capacity is expected to grow during this decade, mainly in Europe, although not as much as estimated 3-4 years ago • Interest in the offshore sector continues to grow, with investor commitments, policy support and technological innovations driving the industry forward • Growing cost concerns, due to deeper waters and further from shore, need to be addressed for offshore to become cost-competitive • More competition has to be achieved at the supply chain level in order to allow cost reduction and standardization • Offshore wind presents significant risks at all stages of the project (Development, Construction and Operation) but can be mitigated through proper project management

  22. Pablo Gómez-Acebo Head of Renewables Business Development pgomezacebom@repsol.com

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