Velkommen

”Sådan skabes der succes for den danske værdikæde i et globalt offshore marked!”

Agenda

Velkommen og bordet rundt

Oplæg

- Ulrik Stridbæk, Vice President, Head of Regulatory Affairs, Ørsted

- Ove Bolander Johansen, Business Development Manager, Scanel International

Borddrøftelser

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Ulrik Stridbæk Vice President, Head of Regulatory Affairs Ørsted

Let’s create a world that runs entirely on green energy

17 January 2019Ulrik StridbækVice President, Head of Regulatory AffairsULSTR@orsted.dk

5

Significant transformation of Ørsted over the past decade

5.3

22.5

2006 2017

88%

10%

12%

2006 2017

90%

2017

10%24%

60%

16%

2006

90%

O&G WP

Danish utility

Domestic

International

Business transformedShare of capital employed%

International expansionShare of operating profit (EBITDA)%

Operating profit (EBITDA) quadrupledDKK bn

4.2x

6

Ørsted transformed from black to green energy

202020172006 2023

17

64

80

95

2007 2017 2020

151

20

2023

452

100

Share of green power

%

CO2-emissions

g / kWh

-96%

Levelized Cost of Electricity, offshore wind projects, 2014-2017

EUR/MWh1

7

We have brought the cost of offshore wind down below conventional power plants

156

124

102

68 65 6270 72

East Anglia 2015

Walney Extension

2014

Horns Rev III2015

Hornsea 2

2017Kriegers Flak

2016Cluster 1

2017Gas1 Coal1

‒60%

Unparalleled experience and track recordØrsted offshore wind global footprint

Walney Extension

West of Duddon Sands

Westermost Rough

Isle of Man

Walney 1 & 2

Barrow

Burbo Bank Ext.

Burbo Bank

Gunfleet Sands 3

Gunfleet Sands 1 & 2

Lincs

London Array

Race Bank

Horns Rev 1 & 2

Hornsea 1

Anholt

Vindeby

Nysted

Borkum Riffgrund West 1&2

Borkum Riffgrund 2

Borkum Riffgrund 1

Gode Wind 1

Gode Wind 4

Gode Wind 2

Bay State Wind

25 offshore wind farms

in operation

5 offshore wind farms

under construction

20

Partnerships

25+ years of experience

and track record in the

offshore wind power sector

1991 2018

3.4 GW

under

construction

~ 2,300

Dedicated

employees

5.6 GW Constructed

capacity

15 million

people with

clean

electricity

~ 1,100

turbines

World's

leading

operator

Coastal Virginia

Avedøre

Under construction

In operation

Under development

Decommissioned after 25 years

Asia Pacific

Formosa 1.1Formosa 1.2

North America Europe

Greater Changhua projects

OWP West

Ocean Wind

Hornsea 2 Hornsea 3 & 4

Borssele 1&2

Today it is mainly an European game

Revolution Wind

Gode Wind 3

Block IslandSouth Fork

Garden StateSkipjack

Ørsted Offshore, December 2018

By 2030 offshore wind power will be truly global…

Strong growth in established and new offshore wind power marketsInstalled capacity, GW

29.9

7.1

54.0

67.8

20302020

43.5

2005 2015

10.9

9.2

2025

24.3

3.9

0.7

11.9

33.5

129.0

77.3

+1.1GW

+4.3 GW

+8.8 GW

+10.3 GW

%#

Americas Asia Pacific Europe

GW addition/year CAGR

33%

23%

18%

Source: Bloomberg New Energy Finance (BNEF), 1H 2018 offshore wind market outlook

11%

Ørsted Offshore, December 2018

Offshore wind capacity with firm political commitment1

The UK government has a CfD roadmap with bi-yearly auctions of 2-4GW towards 2030 to reach 30GW

Target of 15GW offshore wind by 2030

MA 2027 (2035) target: 1.6 (3.2) GW. VA 2028 target: 2.0GW.NJ 2030 target: 3.5GW. NY 2030 target: 2.4GW.

Offshore Wind Energy Roadmap 2030 outlines 11.5GW by 2030 through 1GW per year post 2023

Outlined plan for three 800MW (2.4GW) offshore wind projects before 2030 by the Danish Government leading to a total of 5GW in 2030

Current 2025 target of 5.5GW which has already been reached through grid allocation and price auction

Targets in existing footprint markets

Targets in next horizon markets

~81GW

The Indian government has target of 5GW before 2022 and 30GW by 2030

The South Korean government has a total wind target of 18GW by 2030 of which 13GW is allocated to offshore wind

Authorities of Belgium have announced plans for offshore wind targets of 2.2GW by 2020 and 4GW by 2030

France has a 2023 target of 3GW installed and 6GW in the pipeline post 2023

~46GW

Note 1: Firm political commitment is defined by a country’s public offshore wind target by 2025/2030

513

300

714

Lincoln Clean Energy’s geographical footprintPortfolio overview at time of acquisitionMW 1

Ørsted is investing in onshore wind energy as well

Corporate HQOperational and constructionNear-term development

Chicago, IL

Dermott

Wind

253MW

Willow Springs

Wind

250MW

Plum Creek Wind

230MW

Sage Draw Wind

300MW

Oak Solar

10MW

Lockett

184MW

Tahoka

Wind

300MW

Total by 2022

Construc-tion

Opera-tional2

Pipeline(post-2020)

Near-term develop-

ment

Total by 2020

~1,000 ~2,500

100% PTC 60% PTC

ERCOT (Electric Reliability Council of Texas)

MISO (Midcontinent Independent System Op.)

SPP (Southwest Power pool)

~30%

~10%

~60%~2,500MW

1. Potential future capacity based on LCE’s existing project pipeline at time of the acquisition

2. Operational portfolio includes 10MW of Solar PV

3. Including pipeline post-2020

1,527

Ørsted Offshore, December 2018

Estimated gross investments, 2019-2025DKKbn

Ørsted green growth investments towards 202511

Committed capital spend without continued European

farm-downs

Bioenergy + Customer Solutions

3.8GW awarded offshore wind

Offshore wind pipeline Onshore Expected growth capital spend

40-45

~200

Ørsted Offshore, December 2018

Q&A

Ove Bolander JohansenBusiness Development Manager

Scanel International

World-famous in Denmarkand The Bahamas and Britain and Norway and

Cameroon and Poland and the US and Singapore

and Germany and Spain and over 40 other countries

Vindindustrien 17.01.19

Established 1991

Frederikshavn, Denmark

Esbjerg Denmark

Korsør Denmark

Lindø Denmark

Skagen Denmark

Strandby Denmark

Aalborg Denmark

Baltimore USA

Cuxhaven Germany

Hull England

Rygge Norway

Szczecin Poland

Taipei Taiwan?

Currently 300+ staff from Denmark, Sweden, Poland, Finland, Ireland, Ukraine, England

Company language: English. Employment requirement: Minimum business-level English

Most staff speak Danish and Scandinavian. Many staff speak German. Some staff speak Polish, Romanian, Finnish and/or Russian.

Headquarter

Departments

Subsidiaries

We are here – and we can be anywhere the customer needs us to be.

Scanel quickly establishes pop-up sites anywhere in the world the customer needs us.

Privately owned by 2 50/50 owners

Scaffolding &

rigging

Rope

access

Painting

Mechanical

Electronics

Commissioning

Electrical installation

Service & maintenance

Troubleshooting & tests

Remote monitoring

operation systems

Warehousing

Cabling

High - voltage

Project supervision

Design & engineering

Project management

Electro mechanics

HVAC & piping

QC / Inspection

Lighting

Crew transfer

vessels

Crane

service

Helitransfer

Hydraulics

• Har arbejdet på alle kommercielle offshore windfarms, der er bygget efter 2012 et eller flere steder i supply chain.

Kerneområder i vind:

• El installation i 894 fundamenter siden 2013 +245000 timer. (+100 i ordrebøgerne)

• El design og engineering i en del af ovenstående

• Preassembly hos flere OEM’er. Naceller og tårne. +400 tårne

• GIS installationer on- og offshore. Hornsea 1

• HV arbejde generelt

• Installation, commissioning, service

”Ka’et nå betål sæ?”

Etablering på Taiwan:

5,5 GW 2025 – 10-11 GW 2030

Udfordringer:

AdvokaterSet-up

Skat – overskud – moms - told

Bankforbindelse Adresse/KontorRevision

Local content Arbejdskraft og regler

Samarbejdspartnere Egen arbejdskraft JV

Borddrøftelser

Hvad er jeres egen erfaringer ift. de globale markeder?

Formuler 1-3 spørgsmål som panelet skal drøfte.

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