Moray Offshore Renewables Limited MORL Speed Update Aberdeen, January 2014 Moray Offshore Renewables Limited MORL’s first projects are in the EDA – Telford, Stevenson and MacColl Key Project Characteristics • Submitted for consent for 1500 MW in August 2012 (consent expected Q1 2014) • First project will be around 500 MW in p j 2018 (CAPEX ~£1.8 billion) • WTGs to be between 5‐8 MW capacity Key Challenges to FID • CfD availability and UK Government capacity definition • Consents‐maintain the advantage as an early mover • Grid (delivery timescales) • WTG selection (shortlist February 2014) • Route to Market (PPA) <<MORL Engineering Activities 30‐01‐2013>> 2 MORL Programme Key Workstreams to maintain FID in Q4 2015 and First Generation in 2018 Q4 2013 Q1 2014 Consent Determination Q2 2014 Q3 2014 Q4 2014 Q1 2015 Q2 2015 Remuneration Certainty Q3 2015 Stage Gate 3 FID Final Economic Model Bank Engagement/ Insurance/ Economic Model Management Contractor Pre‐FEED 25‐50 Geotech Boreholes WTG Shortlist – 4/5 Turbines Q2 2016 Q3 2016 Q4 2016 FEED Balance of Geotech Contract Award – based on lead time drivers: Offshore AC SS: up to 32mo. WTGs: up to 36mo. SS/GBS: up to 25mo. Critical Path WTG Selection WTG Shortlist – 2/3 Turbines Turbines Scoping Q1 2016 Project Process Engineering Evolution WTG Procurement Grid Offshore Metmast Offshore Metmast Stage Gate 2 WF Layout Q4 2015 Commercial Negotiations & initial fabrication g Offshore Studies Final Land Acquisition AC St d AC Study C bl R t S Cable Route Survey OMM Installation 1 Year Data 2 Years Data OMM Design, Fab. & Transp. <<MORL Engineering Activities 30‐01‐2013>> 3 MORL Key 2014 Milestones Critical path items to maintain FID date and increase the probability of successful award of a CfD The following actions have been prioritised for MORL (and, where applicable, in conjunction with ICOL) in the period January 2014 to April 2014: conjunction with ICOL) in the period January 2014 to April 2014: • Secure offshore consents for MORL eastern development area (Q1 2014) • WTG shortlist: reduce shortlist to 2 manufacturers (by 14 February 2014) WTG shortlist: reduce shortlist to 2 manufacturers (by 14 February 2014) • Final layout/capacity definition for first MORL project (February 2014) • Detailed geotechnical investigation (to commence May 2014) • Install offshore met mast (June 2014) • Substructure selection (June 2014) WTG selection (July 2014) • WTG selection (July 2014) • Supply Chain Plan submission (July 2014) • CfD Application (Q4 2014) ( ) <<MORL Engineering Activities 30‐01‐2013>> 4
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