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Ørsted deploys COVID-19 corporate crisis management team

By: Tom Russell 25/03/2020 Ørsted

General Windfarms

Following the outbreak of COVID-19, Ørsted has activated its Corporate Crisis Management Organisation, which is headed by the Executive Committee and chaired by CEO Henrik Poulsen.

The company is following the situation and implement national guidelines and regulations. These include preventive measures such as travel and commute restrictions, working from home, splitting of teams, quarantine policy for infected and potentially infected employees, and enhanced hygiene at all locations.

Ørsted’s operational and financial situation remains stable. The company is maintaining continuity in all business-critical operations even with the extensive preventive measures being implemented, including a large number of employees working from home. The company stated that its asset base is fully operational at availability rates within the normal range and its construction projects are all progressing according to plans. Due to its extensive hedging programme, Ørsted noted that it remains largely shielded in the short to medium term from the current extreme market volatility and that it sees limited risk of being materially impacted by decreasing gas and power prices as well as volatile currency rates.

Ørsted's liquidity reserve is sized to support investments in renewable energy projects. It currently has more than DKK 30bn in liquidity reserves (cash, cash equivalents, and committed facilities), which can support our operations and construction programmes through 2020 and 2021 without further funding.

The company highlighted the fact that travel restrictions and quarantined employees may impact its ability to keep site operations and internationally staffed service operation vessels fully manned. This may over time impact the availability of wind farms.

Travel restrictions and quarantines may also impact its suppliers’ delivery of critical components to projects currently under construction. Its construction projects continue to progress according to plan and with embedded contingencies that, to a certain extent, can mitigate potential delays. Ørsted claims that its business model remains resilient, its operations remain stable, and it maintains its financial guidance for 2020. To continue to manage the COVID-19 situation, it will keep its Corporate Crisis Management Organisation in place for the time being.

Headquartered in Denmark, Ørsted is one of the largest offshore wind developers in the world and employs 6,500 people. It recently completed the commissioning of the largest offshore wind farm in the world, the 1.2 GW Hornsea One project which is located off the North Sea off the east coast of England. In 2022, the company plans to finish its giant 1.4 GW Hornsea Two offshore wind farm which will surpass Hornsea One as the world's largest project.

For more information on offshore wind farms worldwide, click here.

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Ørsted deploys COVID-19 corporate crisis management team

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