DOCSLIB.ORG

Hornsea Project Three Offshore Wind Farm

Total Page：16

File Type：pdf, Size：1020Kb

Download full-text PDF Read full-text
Hornsea Project Three Offshore Wind Farm Hornsea Project Three Offshore Wind Farm Hornsea Project Three Offshore Wind Farm Funding Statement Annex 2 – Ørsted Annual Report PINS Document Reference: A4.1.2 APFP Regulation 5(2)(h) Date: May 2018 Compulsory Acquisition Funding Statement Annex 2 – Ørsted Annual Report May 2018 Compulsory Acquisition Funding Statement Annex 2 – Ørsted Annual Report Cover Letter to the Planning Inspectorate Report Number: A4.1.2 Version: Final Date: May 2018 This report is also downloadable from the Hornsea Project Three offshore wind farm website at: www.hornseaproject3.co.uk Ørsted 5 Howick Place, London, SW1P 1WG © Orsted (UK) Ltd, 2018. All rights reserved Front cover picture: Kite surfer near a UK offshore wind farm © Orsted Hornsea Project Three (UK) Ltd., 2018 i Compulsory Acquisition Funding Statement Annex 2 – Ørsted Annual Report May 2018 Prepared by: Oliver Palasmith Checked by: Richard Grist Accepted by: Sophie Banham Approved by: Stuart Livesey ii Ørsted Annual report 2017 Ørsted Annual report 2017 Contents The Ørsted Way Let’s create a world that runs entirely on green energy Climate change is one of the biggest challenges for life on Earth. Today, the world mainly runs on fossil fuels. We need to transform the way we power the world; from black to green energy. At Ørsted, our vision is a world that runs entirely on green energy. We want to revolutionise the way we power people by developing green, independent and economically viable energy systems. By doing so, we create value for the societies that we are a part of and for all our stakeholders. The way we work is based on five guiding principles: Integrity Results We are open and trustworthy We set the bar high, take ownership and uphold high ethical standards and get the right things done Passion Safety We are passionate about what We never compromise on health and safety we do and proud of what we achieve standards Team Integrity is our root. Passion is our energy. We value diversity and collaborate in a Team is our strength. Results give us freedom. non-hierarchical, respectful and trusting way The safe way or no way. Ørsted Annual report 2017 Contents Contents Management’s review Financial statements Overview 4 Consolidated financial statements 63 Chairman’s statement 5 Income statement 64 CEO’s review 6 Statement of comprehensive income 65 Our geographic footprint 10 Balance sheet 66 Our business model 11 Statement of changes in equity 67 Strong progress in consolidated results 12 Statement of cash flows 68 Outlook 2018 13 Note summary 69 Financial targets and policies 15 Notes 70 Group 16 Consolidated ESG statements (additional information) 147 Market situation 17 Introduction 148 Our strategy 20 Environment 149 Strategic targets 23 Social 151 Results 25 Governance 153 Five-year summary 29 Basis of reporting 154 Fourth quarter 30 Quarterly summary, 2016-2017 33 Parent company financial statements 155 Income statement 156 Business units 34 Balance sheet 156 Our business units 35 Statement of changes in equity 157 Wind Power 36 Notes 158 Bioenergy & Thermal Power 40 Distribution & Customer Solutions 43 Management statement, auditor’s reports and glossary 165 Governance 46 Statement by the Executive Board Risk and risk management 47 and the Board of Directors 166 Corporate governance 51 Independent Auditors’ Report 167 Remuneration report 55 Limited assurance report of the independent auditor 171 Shareholder information 58 Glossary 172 Group Executive Management 60 Board of Directors 61 Ørsted Annual report 2017 Contents Overview Headquarter in Denmark Chairman’s statement 5 CEO’s review 6 Revenue in 2017 Our geographic footprint 10 5,638 employees Our business model 11 DKK 59.5bn Strong progress in consolidated results 12 Outlook 2018 13 Financial targets and policies 15 Ørsted Annual report 2017 Management’s review Overview Contents Chairman’s statement The transformation of the energy supply to green energy is one of the biggest challenges facing the world. Today, more than 80% of the With the decisions we made in 2017, we world’s energy supply comes from the burning of fossil fuels, which leads to serious climate “completed our strategic transformation change and impacts people’s living conditions from black to green energy. None of the all over the planet. If we are to slow down this other major energy companies in Europe development, we need to supply the world with energy in a sustainable manner. have come this far in their transfor- mation processes. Over a period of 11 years, Ørsted has been transformed from a Danish utility company based on coal, oil and gas to an international energy company based on green energy. In 2017, we decided to phase out our use of coal by 2023, and we divested our oil and gas business. We also guaranteed our Danish resi- dential customers that the power they receive from us is generated by offshore wind farms. business. We want to build on these strengths intelligent customer solutions and solutions per share, enabling us to retain an attractive and help the world’s transformation to green integrating generation and consumption. level of dividend. With the decisions we made in 2017, we com- energy systems. pleted our strategic transformation from black In 2017, we continued our tireless work to im- On behalf of the Board of Directors, I would to green energy. None of the other major en- Our commitment to sustainability is funda- prove safety for our employees and suppliers. like to thank the management and employees ergy companies in Europe have come this far mental. We therefore run our business in a way We achieved a lost-time injury frequency of for having created one of the most successful in their transformation processes, and among that supports the United Nations Sustainable 1.6, the lowest level ever in the Group’s history. energy companies in Europe, and one that is this group, we are now the fastest-growing Development Goals (SDGs). In our Sustainabil- On this basis, we are now switching to an leading the way towards a world which runs company. As a result, we are a completely ity Report, you can read more about how we even more fine-meshed measuring method entirely on green energy. different company today. That is why we de- contribute to these goals. comprising all accidents, whether they lead to cided to change our name to Ørsted, inspired absence or not. by the world-renowned Danish scientist H.C. The heading for our strategy is ’Green growth’. Ørsted. In the coming years, growth will primarily be Profit for the year from continuing operations driven by our build-out of offshore wind, where amounted to DKK 13.3 billion, our best ever Our vision is a world that runs entirely on green we have the largest investment programme in result. The Board of Directors recommends energy. We have strong competences within the sector. We are also looking into new growth to the annual general meeting that dividend Thomas Thune Andersen sustainable energy solutions in all parts of our opportunities within green energy generation, payments be increased from DKK 6 to DKK 9 Chairman 5 / 173 Ørsted Annual report 2017 Management’s review Overview Contents CEO’s review Ørsted’s vision of creating a Results world that runs entirely on In 2017, we achieved a strong operating profit green energy was supported by (EBITDA), which more than lived up to our expectations at the beginning of the year. a strong performance in 2017. Underlying growth in 2017 was 56%. The good — Strong growth in the Group’s operating results were driven by yet another strong year profit (EBITDA) of 18% in Wind Power where EBITDA was up 74% — Wind Power’s EBITDA increased by 74% to and ended at DKK 20.6 billion, fuelled by the DKK 20.6 billion, of which the farm-downs farm-downs of 50% of the Walney Extension of 50% of Walney Extension and Borkum and Borkum Riffgrund 2 offshore wind farms. Riffgrund 2 accounted for almost half In addition, there was an increase of 45% — Good progress in the build-out of new in earnings from our offshore wind farms in offshore wind farms operation where the portfolio is continuously — New offshore wind projects awarded in expanded. Germany and the UK — Important milestones for our offshore wind The reported EBITDA for 2017 amounted to projects in the USA and Taiwan DKK 22.5 billion, corresponding to a growth of — Inauguration of the biomass conversion of 18%. Our return on capital employed (ROCE) Skærbæk Power Station and start-up of the increased to 25% in 2017 from 17% in 2016, Asnæs Power Station conversion when adjusting for lump-sum payments — Divestment of our oil and gas business related to gas purchase contracts amounting — Change of name to Ørsted. to DKK 4.3 billion in 2016. The net profit for the continuing part of the Group increased by DKK 1.1 billion to DKK 13.3 billion. In addition, the result from the divested Our target is to upstream oil and gas business contributed “ with DKK 6.9 billion. increase the green In 2017, the green share of our heat and power share of power and generation increased by 14%-points to 64% as a result of the conversion of our CHP plants to heat generation to sustainable biomass and increased generation from offshore wind farms. Our target is to at least 95% in 2023. 6 / 173 Ørsted Annual report 2017 Management’s review Overview Contents increase the green share of power and heat while also focusing on improving customer generation to at least 95% in 2023. experience through digitisation and innovation of our products. Our utility business comple- Strategic development ments our wind power business, enabling us We want to gradually expand Our vision is to create a world that runs entire- to develop vertically integrated, green energy “ ly on green energy.
Load more

Recommended publications
  • Ørsted Annual Report 2018 Ørsted Annual Report 2018 Contents
    Ørsted Annual report 2018 Ørsted Annual report 2018 Contents Our vision Let’s create a world that runs entirely on green energy Ørsted Annual report 2018 Contents Content Management’s review Financial statements Overview 4 Consolidated financial statements 72 Chairman’s statement 5 Income statement 73 CEO’s review 6 Statement of comprehensive income 74 Performance highlights 10 Balance sheet 75 Outlook 2019 12 Statement of changes in equity 76 Financial estimates and policies 14 Statement of cash flows 77 Note summary 78 Our business 15 Notes 79 The green transformation 16 Our strategic playing field 18 Consolidated ESG statements (additional information) 167 Our markets 19 Basis of reporting 168 Our strategy 22 Environment 169 Our business model 25 Social 171 Strategic targets 26 Governance 172 Our geographic footprints 28 Parent company financial statements 175 Results 30 Income statement 176 Results 31 Balance sheet 176 Five-year summary 35 Statement of changes in equity 177 Fourth quarter 36 Notes 178 Quarterly summary, 2017-18 38 Management statement, Business units 39 auditor’s reports and glossary 185 Our business units 40 Statement by the Executive Board Offshore 41 and the Board of Directors 186 Onshore 46 Independent Auditors’ report 187 Bioenergy 49 Limited assurance report of the independent auditor 191 Customer Solutions 52 Glossary 192 Governance 55 Board of Directors 56 Group Executive Management 58 Corporate governance 59 Remuneration report 63 Risk and risk management 66 Shareholder information 70 3 / 193 Ørsted Annual
    [Show full text]
  • Appendix 6.1: List of Cumulative Projects
    Appendix 6.1 Long list of cumulative projects considered within the EIA Report GoBe Consultants Ltd. March 2018 List of Cumulative Appendix 6.1 Projects 1 Firth of Forth and Tay Offshore Wind Farms Inch Cape Offshore Wind (as described in the decision notices of Scottish Ministers dated 10th October 2014 and plans referred to therein and as proposed in the Scoping Report submitted to MS-LOT in May 2017) The consented project will consist of up to 110 wind turbines and generating up to 784 MW situated East of the Angus Coast in the outer Forth and Tay. It is being developed by Inch Cape Offshore Windfarm Ltd (ICOL). This project was consented in 2014, but was subject to Judicial Review proceedings (see section 1.4.1.1 of the EIA Report for full details) which resulted in significant delays. Subsequently ICOL requested a Scoping Opinion for a new application comprising of 75 turbines with a generating capacity of 784 MW. Project details can be accessed at: http://www.inchcapewind.com/home Seagreen Alpha and Bravo (as described in the decision notices of Scottish Ministers dated 10th October 2014 and plans referred to therein and as Proposed in the Scoping Report submitted to MS-LOT in May 2017) The consents for this project includes two offshore wind farms, being developed by Seagreen Wind Energy Limited (SWEL), each consisting of up to 75 wind turbines and generating up to 525 MW. This project was consented in 2014, but was subject to Judicial Review proceedings (see section 1.4.1.1 of the EIA Report for full details) which resulted in significant delays.
    [Show full text]
  • Final Annual Load Factors for 2018/19 Tnuos Tariffs
    Final Annual Load Factors for 2018/19 TNUoS Tariffs October 2017 NGET: Final ALFs for 2018/19 TNUoS Tariffs October 2017 1 Final Annual Load Factors for 2018/19 TNUoS Tariffs This information paper contains the Final Annual Load Factors (ALFs) that National Grid will use in the calculation of Generation TNUoS charges from April 2018. October 2017 October 2017 Contents Executive Summary 4 Annual Load Factors For The 2018/19 Charging Year 5 Table 1: Annual Load Factors By Generating Station 5 Table 2: Generic Annual Load Factors For The 2018/19 Charging Year 10 Changes to the Draft ALFs 11 The Onshore Wind Generic ALF has changed 11 Edinbane 11 Pen Y Cymoedd 11 Inactive Generators 12 How Are ALFs Calculated? 13 Five Years Of Data 13 Four Years Of Data 14 Three Years Of Data 14 Fewer Than Three Years Of Data 14 Calculation Of Partial Year ALFs 15 Generic ALFs 15 Next Steps 15 Appendix A: Generation Charging Principles 16 CMP268 16 The TNUoS Wider Tariff 16 Other Charges 17 Contact Us If you have any comments or questions on the contents or format of this report, please don’t hesitate to get in touch with us. Team Email & Phone [email protected] 01926 654633 NGET: Final ALFs for 2018/19 TNUoS Tariffs October 2017 3 Executive Summary This document contains the Final Annual Load Factors (ALFs) to be used in the calculation of generator Transmission Network Use of System (TNUoS) tariffs for 2018/19, effective from 1 April 2018. The ALFs are based on generation data for five years from 2012/13 until 2016/17.
    [Show full text]
  • Learning from the Success of Offshore Wind in Grimsby
    Growing the UK’s coastal economy Learning from the success of offshore wind in Grimsby Growing the UK’s coastal economy © Green Alliance, 2015 Green Alliance’s work is licensed Learning from the success of offshore under a Creative Commons wind in Grimsby Attribution-Noncommercial-No derivative works 3.0 unported licence. This does not replace By William Andrews Tipper copyright but gives certain rights without having to ask Green Alliance for permission. The views expressed in this report are Under this licence, our work may Green Alliance’s own. be shared freely. This provides the freedom to copy, distribute and Green Alliance transmit this work on to others, provided Green Alliance is credited Green Alliance is a charity and independent think tank as the author and text is unaltered. focused on ambitious leadership for the environment. This work must not be resold or used We have a track record of over 35 years, working with the for commercial purposes. These conditions can be waived under most influential leaders from the NGO, business, and certain circumstances with the political communities. Our work generates new thinking written permission of Green Alliance. and dialogue, and has increased political action and For more information about this licence go to http:// support for environmental solutions in the UK. creativecommons.org/licenses/ by-nc-nd/3.0/ Acknowledgements With particular thanks to Chris Holden. Thanks also to the following for their contributions during the project: India Redrup, Mia Rafalowicz-Campbell, Nicola Wheeler, Emma Toulson, Gary Maddison, Andy Dixson, Duncan Clark, Tracey Townsend, Jon Beresford, Antony Innes, Leo Hambro, Waverly Ley, Jonathan Ellis, Tsveti Yordanova and Kurt Christensen.
    [Show full text]
  • Ex-Ante Cost Review of Race Bank Offshore Wind Farm Transmission Assets
    Ex-Ante Cost Review of Race Bank Offshore Wind Farm Transmission Assets Report of Grant Thornton UK LLP dated 23 April 2018 CONTENTS 1 Executive summary 1 2 Introduction and background 11 3 The ROW01 Ex-Ante Review 15 4 ROW01 processes 18 5 Costs common to the Transmission Assets as a whole 23 6 Project common costs and development costs 37 7 Offshore substation 54 8 Submarine cable supply and installation 65 9 Land cable supply and installation 79 10 Onshore substation connection 85 11 Reactive substation 94 12 Connection costs 97 13 Other costs 98 APPENDICES 1 Summary of cost movements and unsubstantiated costs 2 General development costs © Grant Thornton UK LLP. All rights reserved. Report of Grant Thornton UK LLP Strictly private and confidential – not for disclosure dated 23 April 2018 EX-ANTE COST REVIEW OF RACE BANK OFFSHORE WIND FARM TRANSMISSION ASSETS 1 1 EXECUTIVE SUMMARY 1.1 This report relates to the Race Bank Offshore Wind Farm (ROW01/ the Wind Farm) which is owned1 by DONG Energy A/S (DONG Energy) (50% shareholder) and Macquarie Corporate Holdings Pty Limited (25% shareholder) and Macquarie European Investment Fund 5 RB Holding (25% shareholder)2 (collectively the Developers). The Wind Farm is owned through the subsidiary Race Bank Wind Farm Limited and its development is being managed by DONG Energy. 1.2 Our review is based upon the Developers’ cost template submitted to Ofgem dated 17 March 2017 and incorporates information and explanations provided regarding the costs in this version of the cost template, both in our site visits and in correspondence with the Developer, up to 26 January 2018.
    [Show full text]
  • Forecast from 2016-17 to 2019-20
    Tariff Information Paper Forecast TNUoS tariffs from 2016/17 to 2019/20 This information paper provides a forecast of Transmission Network Use of System (TNUoS) tariffs from 2016/17 to 2019/20. These tariffs apply to generators and suppliers. This annual publication is intended to show how tariffs may evolve over the next five years. The forecast tariffs for 2016/17 will be refined throughout the year. 28 January 2015 Version 1.0 1 Contents 1. Executive Summary....................................................................................4 2. Five Year Tariff Forecast Tables ...............................................................5 2.1 Generation Tariffs ................................................................................. 5 2.2 Onshore Local Circuit Tariffs ..............................................................10 2.3 Onshore Local Substation Tariffs .......................................................12 Any Questions? 2.4 Offshore Local Tariffs .........................................................................12 2.5 Demand Tariffs ...................................................................................13 Contact: 3. Key Drivers for Tariff Changes................................................................14 Mary Owen 3.1 CMP213 (Project TransmiT)...............................................................14 Stuart Boyle 3.2 HVDC Circuits.....................................................................................14 3.3 Contracted Generation .......................................................................15
    [Show full text]
  • Transmission Networks Connections Update
    Transmission Networks Connections Update May 2015 SHE-T–TO SPT–TO NG–TO/SO SHE-T–TO SPT–TO NG–TO/SO Back to Contents TNCU – May 2015 Page 01 Contents Foreword ////////////////////////////////////////////////////////////////// 02 1. Introduction /////////////////////////////////////////////////////////// 03 2. Connection timescales ///////////////////////////////////////////// 04 Illustrative connection timescales /////////////////////////////////////// 04 Connections by area /////////////////////////////////////////////////////// 05 3. GB projects by year ///////////////////////////////////////////////// 06 Contracted overall position /////////////////////////////////////////////// 08 Renewable projects status by year ///////////////////////////////////// 10 Non-Renewable projects status by year – Excluding Nuclear /// 11 Non-Renewable projects status by year – Nuclear only ////////// 12 Interconnector projects status by year //////////////////////////////// 13 4. Additional data by transmission owner ///////////////////////// 14 National Grid Electricity Transmission plc //////////////////////////// 16 Scottish Hydro Electricity Transmission plc ////////////////////////// 18 Scottish Power Transmission Limited ///////////////////////////////// 20 5. Connection locations /////////////////////////////////////////////// 22 Northern Scotland projects map //////////////////////////////////////// 25 Southern Scotland projects map /////////////////////////////////////// 28 Northern England projects map /////////////////////////////////////////
    [Show full text]
  • Offshore 'Can Supply 25% of EU Energy'
    Produced by RECHARGE | rechargenews.com OFFICIAL SHOW DAILY DAY ONE In association with Offshore ‘can supply 25% of EU energy’ MHI Vestas CHRISTOPHER HOPSON launches 9.5MW DARIUS SNIECKUS offshore turbine ffshore wind could churn out enough power to meet at DARIUS SNIECKUS Oleast 25% of the EU’s power needs by the end of the next decade HI Vestas has unveiled a at an average of €54/MWh in the mighty 9.5MW version of “most favourable locations” off UK, Mits V164 turbine, which has Denmark, the Netherlands, Germany already been earmarked for several and France, according to a new projects off Europe and will be resource assessment produced for immediately available as an upgrade industry body WindEurope by BVG for all current and future orders. The UK’s 317MW Associates and Geospatial Enterprises. Sheringham Shoal The souped-up design will have a But to reach this target — which wind farm retooled transmission system and is based on fixed foundations fly the OEM’s field-proven 80-metre and includes grid connection “structural shell” blades powering a — governments will have to up results show that the industry has “In our upside analysis — which is drivetrain with an ultra-high torque their game by removing barriers achieved unprecedented levels of driven by a more optimistic scenario load gearbox, permanent-magnet preventing the wider deployment of competitiveness through rapid of 86GW being installed by 2030 generator and full-scale converter. the technology via national energy, progress in technology, industrial — the cost of the same amount of MHI Vestas V164 senior product climate and economic development growth and a reduction in the cost resource falls to an average of CONTINUED on Page 4 Statkraft | plans, as currently only 7-11% of EU of capital,” says BVG director Giles €51/MWh, and the locations of demand will be met by offshore wind Hundleby, lead author on the report, the lowest cost resource widen by 2030.
    [Show full text]
  • April Forecast Tnuos Tariffs for 2019-20
    Forecast TNUoS Tariffs for 2019/20 April 2018 NGET: Forecast TNUoS Tariffs for 2019/20 June 2017 1 Forecast TNUoS Tariffs for 2019/20 This information paper provides National Grid’s April Forecast Transmission Network Use of System (TNUoS) Tariffs for 2019/20, applicable to transmission connected Generators and Suppliers, effective from 1 April 2019. April 2018 April 2018 Contents Contact Us 4 Executive Summary 5 Changes since the previous demand tariffs forecast 9 Gross half hourly demand tariffs 9 Embedded export tariff 10 NHH demand tariffs 12 Generation tariffs 14 Generation wider tariffs 14 Changes since the last generation tariffs forecast 15 Generation wider zonal tariffs 15 Onshore local tariffs for generation 17 Onshore local substation tariffs 17 Onshore local circuit tariffs 17 Offshore local tariffs for generation 19 Offshore local generation tariffs 19 Background to TNUoS charging 20 Generation charging principles 20 Demand charging principles 24 HH gross demand tariffs 24 Embedded export tariffs 24 NHH demand tariffs 25 Updates to revenue & the charging model since the last forecast 25 Changes affecting the locational element of tariffs 25 Adjustments for interconnectors 26 RPI 26 Expansion Constant 27 Local substation and offshore substation tariffs 27 Allowed revenues 27 Generation / Demand (G/D) Split 28 Exchange Rate 28 Generation Output 28 Error Margin 28 Charging bases for 2019/20 28 Generation 29 Demand 29 NGET: TNUoS Tariffs for 2019/20 April 2018 3 Annual Load Factors 30 Generation and Demand Residuals 30 Small
    [Show full text]
  • Offshore Statistics 2012.Indd
    The European offshore wind industry - key trends and statistics 2012 January 2013 A report by the European Wind Energy Association Contents Contents Executive summary 3 Annual market in 2012 5 Cumulative market 11 Market outlook for 2013 and 2014 16 Trends: turbines, water depth and distance to shore 18 Financing 21 Annual investment in offshore wind farms 24 Wind turbine announcements 25 Offshore grid developments 27 National updates 28 If you have a query on distribution or reproduction, contact EWEA Offshore grid development: Communications Director Julian Scola at [email protected]. Paul Wilczek (Senior Regulatory Affairs Advisor – grids and Markets, EWEA) Review: Contributors: Julian Scola (Communication Director, EWEA) Author and Statistical analysis: Sarah Azau (Head of Communications Unit, EWEA) Athanasia Arapogianni (Senior Research Officer, EWEA) Co-ordinating authors: Acknowledgements: Jacopo Moccia (Head of Policy Analysis, EWEA), RenewableUK – EDORA – ODE Vlaanderen – Irish Wind Energy Association Justin Wilkes (Policy Director, EWEA) (IWEA) – Nederlands Wind Energie Associatie (NWEA) – Stiftung Offshore Financing highlights and developments: Windenergie (SOW), Danish Wind Industry Association (DWIA) Jérôme Guillet (Green Giraffe Energy Bankers) The European offshore wind industry - key trends and statistics 2012 2 Executive summary Executive summary Offshore wind power • 293 new offshore wind turbines, in 9 wind farms, representing investments of market in 2012 around €3.4 bn to €4.6 bn, were fully grid connected between 1 January and 31 December 2012, totalling 1,166 MW, 33% more than in 2011. • 369 turbines were erected during 2012, an average of 3.9 MW per day. 76 of these turbines are awaiting grid connection. • Work is on-going on five projects and foundation installation has started on a further nine new projects.
    [Show full text]
  • Downloaded and Analysed
    This publication is made freely available under ______ __ open access. AUTHOR(S): TITLE: YEAR: Publisher citation: OpenAIR citation: Publisher copyright statement: This is the ______________________ version of an article originally published by ____________________________ in __________________________________________________________________________________________ (ISSN _________; eISSN __________). OpenAIR takedown statement: Section 6 of the “Repository policy for OpenAIR @ RGU” (available from http://www.rgu.ac.uk/staff-and-current- students/library/library-policies/repository-policies) provides guidance on the criteria under which RGU will consider withdrawing material from OpenAIR. If you believe that this item is subject to any of these criteria, or for any other reason should not be held on OpenAIR, then please contact [email protected] with the details of the item and the nature of your complaint. This publication is distributed under a CC ____________ license. ____________________________________________________ Better estimates of LCOE from audited accounts – a new methodology with examples from United Kingdom offshore wind and CCGT John Aldersey-Williams, Ian Broadbent, Peter Strachan Correspondence: J. Aldersey-Williams Aberdeen Business School, Robert Gordon University, Garthdee Road, Aberdeen, AB10 7QB, UK Abstract Around the world, government policies to support new renewable energy technologies rely on accurate estimates of Levelised Cost of Energy (LCOE). This paper reveals that such estimates are based on “public domain” data which may be unreliable. A new approach and methodology has been developed which uses United Kingdom (UK) “audited” data, published in company accounts that has been obtained from Companies House, to determine more accurate LCOE estimates. The methodology is applicable to projects configured within Special Purpose Vehicle (SPV) companies.
    [Show full text]
  • Satisfying the Changing Needs of Our Customers
    Satisfying the changing needs of our customers Annual Report and Accounts 2016 We are an energy and services company. Everything we do is focused on satisfying the changing needs of our customers. Group Highlights GROUP FINANCIAL SUMMARY (Year ended 31 December) Group revenue Adjusted operating profit Adjusted earnings Adjusted basic earnings per share (EPS) £27.1bn £1,515m £895m 16.8p 2015: £28.0bn 2015: £1,459m 2015: £863m 2015: 17.2p ▼ 3% ▲ 4% ▲ 4% ▼ 2% Adjusted operating Group net debt Return on average capital Growth revenue cash flow employed (ROACE) £2,686m £3,473m 16% £194m 2015: £2,253m 2015: £4,747m 2015: 12% 2015: £114m ▲ 19% ▼ 27% ▲ 4ppt ▲ 70% Statutory operating Statutory profit/(loss) Net exceptional items Basic earnings per share profit/(loss) for the year attributable after taxation included to shareholders in statutory profit/(loss) £2,486m £1,672m £27m 31.4p 2015: £(857)m 2015: £(747)m 2015: £(1,846)m 2015: (14.9)p ● nm ● nm ● nm ● nm GROUP KEY OPERATIONAL PERFORMANCE INDICATORS Total customer Total customer Total customer Total customer account holdings – account holdings – gas consumption electricity consumption Home Business (mmth) (GWh) 26,196 1, 3 4 8 12,022 144,810 2015: 27,069 2015: 1,396 2015: 12,177 2015: 151,595 ▼ 3% ▼ 3% ▼ 1% ▼ 4% *year end, ‘000s *year end, ‘000s Direct Group headcount1 Total recordable 1 Direct Group headcount excludes contractors, agency injury frequency rate and outsourced staff. 2015 has been restated to include North America DE&P. 36,494 0.98 2015: 39,389 2015: 1.10 ▼ 7% ▼ 11% *year end *per 200,000 hours worked At a Glance Iain Conn Group Chief Executive GOOD FINANCIAL INVESTING IN NEW “We delivered our key objectives PERFORMANCE TECHNOLOGIES AND including improved safety CAPABILITIES performance, better customer service, and more innovative Adjusted operating Enhanced ‘Internet of offerings and solutions, while profit and adjusted Things’ platform, data repositioning the portfolio, earnings both up 4%.
    [Show full text]