It hopes to completely phase out coal by 2023 and install 20GW of offshore and onshore wind and solar PV by 2025 鈥 up from the 7.6GW it has today, according to 搖錢樹娛樂城 Intelligence.
By phasing out fossil fuels and boosting its renewables fleet, it will have reduced its carbon emissions by 98%, 脴谤蝉迟别诲 stated.
For the remaining 2%, the Danish company intends to switch its company car fleet to electric vehicles, before offsetting any residual emissions 鈥渢hrough verified, measurable and additional carbon removal projects, it added.
The developer plans to invest DKK 200 billion (鈧26.7 billion) in green energy between 2019 and 2025, it stated.
All of the above
In a conference call, CEO Henrik Poulsen said that the company was open to green energy investment anywhere in the world.
鈥淭here are no markets where we are staying away because we find the regulatory framework unattractive,鈥 he told reporters.聽
鈥淲e鈥檙e active in most markets around the world.鈥
However, he admitted it currently had no firm plans for onshore wind development beyond the US, where it re-entered the onshore wind sector through its acquisition of Lincoln Clean Energy in 2018.
鈥淲e really feel that we have plenty of opportunities for the time being, but I would certainly not rule it out further down the road,"聽Poulsen explained.
脴谤蝉迟别诲 has a pipeline of 9.1GW of approved renewables capacity worldwide and the developer is also eyeing up 鈥渟ix or seven鈥 offshore wind power auctions in 2020 ------ specifically tenders in Maryland, New York, and New Jersey in the US, as well as for the Hollandse Kust Noord project in the Netherlands, and Taiwan and Japan.
鈥淲e鈥檙e entering auctions all the time so we could end up exceeding our (capacity) targets," Poulsen said.
Supply chain
To reach its 2040 targets 脴谤蝉迟别诲 will need to incentivise suppliers to decarbonise, Poulsen explained.
He added that the company was engaging its top suppliers to make sure that they decarbonise their production.
鈥淭his will be part of our assessment for suppliers: whether they are contributing to the fight against climate change,鈥 he said.聽
鈥淚t will be difficult to work with 脴谤蝉迟别诲 if you are not part of the journey.鈥
Hydrogen investment
The developer is at a 鈥渧ery early stage鈥 with its understanding of hydrogen and Poulsen explained the company wanted a better understanding of the technology鈥檚 financial and technical implications.聽
To this end, 脴谤蝉迟别诲 is currently engaging with 鈥渉eavy industry companies鈥, which Poulsen sees as 鈥渘atural off-takers鈥 for hydrogen.聽
For now, Poulsen believes 脴谤蝉迟别诲鈥檚 role should be investing in electrolysers and production facilities, before, eventually, financing technologies to further refine hydrogen into methanol and ammonia.
脴谤蝉迟别诲 secured funding for a 2MW electrolysis pilot project located beside a biomass power station in Copenhagen in December. The site will聽use electricity generated by two nearby 3.6MW wind turbines.
Poulsen said if the pilot is successful, the developer would consider larger-scale hydrogen plants.
'Very satisfactory' 2019
脴谤蝉迟别诲 made a full-year operating profit (Ebitda) for 2019 of DKK 17.5 billion - down 42% from Ebitda in 2018, or up 17% when an exceptional DKK 15.1 billion sale is excluded from the previous year鈥檚 total.
More than half of its record-high DKK 30 billion Ebitda for 2018 had come from the sale of a 50% stake in its Hornsea One site, which is due to be the world鈥檚 largest offshore wind farm.
CEO Henrik Poulsen described 2019鈥檚 Ebitda as 鈥渧ery satisfactory鈥.
The developer boosted its earnings from operational onshore and offshore wind farms by 30% to DKK 14.8 billion, due to the ramp-up of generation at offshore wind farms and at new onshore wind farms and a full-year contribution from onshore.
Its net profit of DKK 6.1 billion was down 69% year on year.
The green share of 脴谤蝉迟别诲鈥檚 heat and power generation reached a new high of 86% due to the developer increasing its onshore and offshore wind capacity and decreasing its use of coal and gas.
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