Global offshore leader Orsted said its planned and operating wind farms remain on track so far, but warned of potential risks down the road as the coronavirus crisis sweeps across the globe.
The Danish group said its assets are currently operating within normal parameters as it reiterated its existing financial guidance for the year. Its “construction projects are all progressing according to plans”.
Orsted – which said it is buffered by more than Dkr 30bn ($4.3bn) of liquidity reserves – said its “operational and financial situation remains stable” as it outlined an extensive list of measures to protect employees during the global health emergency.
However, Orsted – which has set up a crisis management committee headed by CEO Henrik Poulsen – set out potential risks down the road as the coronavirus situation unfolds.
They include risks caused by restrictions on employees’ ability to travel and the crewing of vessels, which could “over time impact the availability of wind farms”.
Orsted could also see future downsides from delivery problems for critical components, delays to national tenders and lower demand for power, added the group, which will discuss the issue further with financial analysts later today.
Orsted operates and is building some of the world’s largest offshore wind farms. They include Hornsea 1 off eastern England, which entered service last year, and the even larger Hornsea 2 which is under construction to supersede its twin as the world’s largest wind at sea development with 1.4GW.
The Danish group is also building the 900MW Greater Changhua 1&2a project, which it expects to commission in 2022 off Taiwan, as well as advancing early-stage planning for major US offshore wind farms.