what’s next? - wavecfloating wind what’s next? aaron smith wavec annual seminar 2018 lisboa,...
TRANSCRIPT
![Page 1: WHAT’S NEXT? - WavecFloating Wind WHAT’S NEXT? Aaron Smith WavEC Annual Seminar 2018 Lisboa, Portugal 4 December 2018 Introduction to Principle Power Successful 5-year Full Life-Cycle](https://reader034.vdocuments.mx/reader034/viewer/2022042316/5f0558f37e708231d4128452/html5/thumbnails/1.jpg)
Floating Wind WHAT’S NEXT?
Aaron Smith WavEC Annual Seminar 2018 Lisboa, Portugal 4 December 2018
![Page 2: WHAT’S NEXT? - WavecFloating Wind WHAT’S NEXT? Aaron Smith WavEC Annual Seminar 2018 Lisboa, Portugal 4 December 2018 Introduction to Principle Power Successful 5-year Full Life-Cycle](https://reader034.vdocuments.mx/reader034/viewer/2022042316/5f0558f37e708231d4128452/html5/thumbnails/2.jpg)
Introduction to Principle Power
Successful 5-year Full Life-Cycle Demonstration 2MW Vestas, Identical Performance to Fixed Foundation
17GWh, Produced in 12m waves; Survived 17m waves
A Proven
Technology
Project Pipeline
100 MW Small Commercial Projects in Progress
Large Commercial Developments in Europe, USA, Asia
Strong
Backing
Shareholders
Global
Presence
Partners
Founded in 2007
~60 people -- Offices in USA, France, and Portugal
Our Vision: Be the global leader in deep water wind technology
Our Mission: To make the WindFloat the most competitive, safe, reliable and environmentally friendly floating technology
and unlock GWs of global renewable energy potential
![Page 3: WHAT’S NEXT? - WavecFloating Wind WHAT’S NEXT? Aaron Smith WavEC Annual Seminar 2018 Lisboa, Portugal 4 December 2018 Introduction to Principle Power Successful 5-year Full Life-Cycle](https://reader034.vdocuments.mx/reader034/viewer/2022042316/5f0558f37e708231d4128452/html5/thumbnails/3.jpg)
Offshore Wind Today…
Photo Credits: NOAA
Bigger Projects
Larger Turbines
Further from Shore
Rapid cost reduction,
Minimal to no subsidies
Status
![Page 4: WHAT’S NEXT? - WavecFloating Wind WHAT’S NEXT? Aaron Smith WavEC Annual Seminar 2018 Lisboa, Portugal 4 December 2018 Introduction to Principle Power Successful 5-year Full Life-Cycle](https://reader034.vdocuments.mx/reader034/viewer/2022042316/5f0558f37e708231d4128452/html5/thumbnails/4.jpg)
To date, offshore wind has been a regional industry, only viable in areas with shallow continental shelf and good wind
Existing Fixed markets
Emerging Fixed markets
![Page 5: WHAT’S NEXT? - WavecFloating Wind WHAT’S NEXT? Aaron Smith WavEC Annual Seminar 2018 Lisboa, Portugal 4 December 2018 Introduction to Principle Power Successful 5-year Full Life-Cycle](https://reader034.vdocuments.mx/reader034/viewer/2022042316/5f0558f37e708231d4128452/html5/thumbnails/5.jpg)
Photo Credit: Principle Power Photo Credit: Equinor Flo
atin
g W
ind
: Th
e Fi
rst
Step
s
Hywind I (2009) WindFloat I (2011)
![Page 6: WHAT’S NEXT? - WavecFloating Wind WHAT’S NEXT? Aaron Smith WavEC Annual Seminar 2018 Lisboa, Portugal 4 December 2018 Introduction to Principle Power Successful 5-year Full Life-Cycle](https://reader034.vdocuments.mx/reader034/viewer/2022042316/5f0558f37e708231d4128452/html5/thumbnails/6.jpg)
Kincardine, 50 MW Scotland (2020)
WFA, 25 MW Portugal (2019) Buchan Deep, 30 MW Scotland (2017)
Photo Credit: Equinor
Photo Credit: Dock90
Photo Credit: Principle Power
Flo
atin
g W
ind
: A n
ew p
has
e
![Page 7: WHAT’S NEXT? - WavecFloating Wind WHAT’S NEXT? Aaron Smith WavEC Annual Seminar 2018 Lisboa, Portugal 4 December 2018 Introduction to Principle Power Successful 5-year Full Life-Cycle](https://reader034.vdocuments.mx/reader034/viewer/2022042316/5f0558f37e708231d4128452/html5/thumbnails/7.jpg)
WFA Financing is a key milestone for the industry Floating wind is now bankable
![Page 8: WHAT’S NEXT? - WavecFloating Wind WHAT’S NEXT? Aaron Smith WavEC Annual Seminar 2018 Lisboa, Portugal 4 December 2018 Introduction to Principle Power Successful 5-year Full Life-Cycle](https://reader034.vdocuments.mx/reader034/viewer/2022042316/5f0558f37e708231d4128452/html5/thumbnails/8.jpg)
Prototype Pre-Commercial
1 unit
2-4MW
3-5 units
25-50MW
Commercial
10-50 units
100-500MW
Fully Industrialized
50-100 units
1GW+
Moving beyond WindFloat Atlantic, Principle Power’s focus is firmly on industrializing to prepare for commercial projects
From 2020 From 2025
![Page 9: WHAT’S NEXT? - WavecFloating Wind WHAT’S NEXT? Aaron Smith WavEC Annual Seminar 2018 Lisboa, Portugal 4 December 2018 Introduction to Principle Power Successful 5-year Full Life-Cycle](https://reader034.vdocuments.mx/reader034/viewer/2022042316/5f0558f37e708231d4128452/html5/thumbnails/9.jpg)
LCOE path is fully competitive with Fixed-Bottom offshore and other sources of generation
Source: Principle Power
![Page 10: WHAT’S NEXT? - WavecFloating Wind WHAT’S NEXT? Aaron Smith WavEC Annual Seminar 2018 Lisboa, Portugal 4 December 2018 Introduction to Principle Power Successful 5-year Full Life-Cycle](https://reader034.vdocuments.mx/reader034/viewer/2022042316/5f0558f37e708231d4128452/html5/thumbnails/10.jpg)
Major sponsors are now actively positioning in commercial-scale floating wind projects; current pipeline exceeds 16 GW
![Page 11: WHAT’S NEXT? - WavecFloating Wind WHAT’S NEXT? Aaron Smith WavEC Annual Seminar 2018 Lisboa, Portugal 4 December 2018 Introduction to Principle Power Successful 5-year Full Life-Cycle](https://reader034.vdocuments.mx/reader034/viewer/2022042316/5f0558f37e708231d4128452/html5/thumbnails/11.jpg)
Competitive floating technology is poised to greatly expand opportunities for the offshore wind industry
Floating potential
Existing Fixed markets
Emerging Fixed markets
![Page 12: WHAT’S NEXT? - WavecFloating Wind WHAT’S NEXT? Aaron Smith WavEC Annual Seminar 2018 Lisboa, Portugal 4 December 2018 Introduction to Principle Power Successful 5-year Full Life-Cycle](https://reader034.vdocuments.mx/reader034/viewer/2022042316/5f0558f37e708231d4128452/html5/thumbnails/12.jpg)
10 years ago: Remember Onshore Wind?...
Source: GWEC; World Energy Outlook
![Page 13: WHAT’S NEXT? - WavecFloating Wind WHAT’S NEXT? Aaron Smith WavEC Annual Seminar 2018 Lisboa, Portugal 4 December 2018 Introduction to Principle Power Successful 5-year Full Life-Cycle](https://reader034.vdocuments.mx/reader034/viewer/2022042316/5f0558f37e708231d4128452/html5/thumbnails/13.jpg)
…Can we do it again?
Source: GWEC; World Energy Outlook
![Page 14: WHAT’S NEXT? - WavecFloating Wind WHAT’S NEXT? Aaron Smith WavEC Annual Seminar 2018 Lisboa, Portugal 4 December 2018 Introduction to Principle Power Successful 5-year Full Life-Cycle](https://reader034.vdocuments.mx/reader034/viewer/2022042316/5f0558f37e708231d4128452/html5/thumbnails/14.jpg)
www.principlepowerinc.com
Thank you!
Aaron Smith VP Strategy & Commercial [email protected] +351 918 542 826