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Euronews
27-05-2025
- Business
- Euronews
Europe turns to offshore wind for energy and economic security
Rising from the Baltic Sea, Kriegers Flak is more than Denmark's largest offshore wind farm. It's a pioneering energy bridge between Denmark and Germany, helping balance electricity prices and strengthen energy security for both countries — all while providing a clean alternative to fossil fuels. As Europe seeks to secure its energy future, wind parks like Kriegers Flak are set to play a growing role. 'Europe needs more homegrown renewable electricity like this,' says Giles Dickson, CEO of WindEurope, an industry body representing over 600 companies. 'That means more energy security, which in turn means economic security and national security.' The numbers are ambitious. The EU wants to grow its offshore wind capacity from 20 gigawatts today to 360 gigawatts by 2050. It's a massive undertaking, backed by policy support and rapid technological innovation. At the Port of Esbjerg on Denmark's west coast, the future is already taking shape. From here, Swedish energy giant Vattenfall remotely manages more than 1,200 offshore turbines across four countries. Algorithms are playing a growing role in this digital transition: according to Laura Ørsted, who heads Vattenfall's operational control centre, automation is key to keeping up with the growth in turbine numbers. As turbines get taller and more powerful, ports like Esbjerg are expanding to meet the logistical demands. Having already handled 80% of Europe's offshore wind installations, the port is now reclaiming more land to accommodate next-generation equipment. 'One of the challenges with offshore wind is that it needs very large port space, port capacity — and that's also why there aren't sufficient offshore wind ports in Europe today,' says Dennis Jul Pedersen, the port's CEO. 'We are lucky here that we have been able to develop the port in line with what the industry needs, and we will also be very, very busy going forward.' Getting turbines installed at sea isn't easy — or cheap. Specialised vessels like the Wind Osprey, operated by Danish offshore services company Cadeler, are critical. With extendable legs that reach down to the seabed, they form stable platforms for lifting and assembling massive components. 'Everything's getting bigger,' says Captain Matthew Christie of the Wind Osprey. 'We've just had a new crane fitted — it's longer and has a bigger lifting capacity, because the tower sections are taller now.' A single day of operation for these ships can cost hundreds of thousands of euros. And once the turbines are up, keeping them running smoothly is another major challenge. Offshore turbines are battered by salt water and storms. Unlike land-based units, they're hard to access — requiring boats or helicopters, and only during calm weather. This makes maintenance one of the most expensive parts of offshore wind operations, accounting for up to a third of total costs. 'The cost of maintenance is actually quite a large fraction of the total levelised cost of energy,' says Simon Watson, professor of wind energy systems at TU Delft. 'There's a big interest in trying to reduce that to make offshore wind energy more cost effective.' The sector is increasingly looking to robotics as part of the solution. In Latvia, a company called Aerones has developed a climbing robot that can inspect and repair turbine blades more quickly — and safely — than human workers. These robots can sand, coat, and inspect blades for damage, dramatically reducing downtime and keeping the turbines turning. 'The largest blades in the world are exceeding 120 metres,' says Aerones CEO Dainis Kruze. 'We optimise the robots for speed, so the turbines have far less downtime while we're doing the job.' At their Riga factory, Aerones is now producing dozens of these machines each month to keep up with demand. The long-term vision? Autonomous maintenance robots for every turbine, overseen by technicians rather than operated manually. 'As the robots become smarter, we try to implement algorithms so the operator would be kind of overseeing the AI agents doing the work, not so much being involved himself, moving the robot left or right,' adds Aerones CTO Janis Putrams. Despite the challenges, momentum is strong. The WindEurope Annual Event in Copenhagen highlighted just how much investment, research, and international collaboration is going into this growing sector. By 2030, the European wind industry — both onshore and offshore — is expected to employ over 900,000 people and contribute more than €100 billion to the EU economy. 'There are the jobs, the growth, the investment that comes locally from building and operating these wind farms and manufacturing the turbines and all the equipment, the grid equipment, that is part of wind energy,' says WindEurope's Giles Dickson. As Europe works to reduce reliance on fossil fuels and unstable energy imports, offshore wind is fast becoming a pillar of its strategy. Scaling up isn't easy, but with innovation and smart investment, the continent is turning its coastal winds into a powerful force for change. Speaking with 'Ocean' at Denmark's Kriegers Flak offshore wind farm, Giles Dickson, CEO of WindEurope, highlighted a key benefit of wind energy: lower electricity bills. 'Wind energy is cheaper than the fossil alternatives. So the more of these offshore wind farms we can build, and the onshore wind farms, of course, the more electricity bills will come down for consumers,' Dickson explains. As Europe faces rising energy demands and environmental pressures, offshore wind is increasingly seen as a reliable and affordable solution. European governments are prioritising offshore wind because it delivers affordable, secure, and locally generated power. Dickson points out, 'It's local energy generated here in Europe with equipment manufactured here in Europe — these wind turbines were made in Denmark.' This homegrown approach not only boosts energy security but also supports local manufacturing and jobs. Heavy industries, which consume vast amounts of electricity, are eager to tap into this clean energy source. 'They're knocking on our doors saying, can we please build more of these offshore wind farms so that they can consume the electricity, because they know it'll be cheaper to run their factories on electricity than it is to run them on fossil fuels,' Dickson says. The shift to wind power is helping European manufacturers cut costs and reduce their carbon footprint. Despite the progress, Europe's wind sector still relies on some key imported components. 'Some wind turbines have permanent magnets that have rare earths inside them, for example. And there, we are heavily dependent on China,' Dickson notes. The European Union is now working to diversify its supply chains, aiming to source these critical materials from other countries. 'It's going to take us 5 or 10 years. But you know, this is a top priority for us,' he adds. 'Because we don't want to replace the old dependency that we had on Russian gas with a new dependency on Chinese equipment for renewable energy.'
Yahoo
25-03-2025
- Business
- Yahoo
Cadeler Reports Strong 2024 Annual Results, Marking a Year of Strategic Transformation and Strong Growth
COPENHAGEN, Denmark, March 25, 2025--(BUSINESS WIRE)--Today, Cadeler A/S ("Cadeler" and, together with its subsidiaries, the "Group"), a global leader in offshore wind transportation and installation, has published its 2024 annual report, highlighting a year of significant transformation, strong growth, strategic fleet expansion, and an all-time high contract backlog. 2024 was a landmark year for Cadeler, driven by strong client demand, strategic fleet expansion, and significant progress on its integration of Eneti, following the merger completed in 2023, which solidified Cadeler's position as the world's leading pure-play offshore wind transportation and installation company. A year of transformation, strong growth, and major milestonesCadeler more than doubled its revenue in 2024 to EUR 249 million, an increase of EUR 140 million from EUR 109 million in 2023. The increase in revenue was driven by high demand for Cadeler's services, the successful business combination with Eneti (completed in December 2023) which resulted in the addition of Wind Scylla and Wind Zaratan to the fleet, and Cadeler's continued success in project execution across its available fleet, with the Wind Peak commencing operations in Q4 2024 immediately upon arriving in Europe after her delivery. This significant year-on-year growth was achieved despite a reduced utilisation rate of 66% due to main crane upgrades on both Wind Orca and Wind Osprey, as well as scheduled maintenance on Wind Scylla and Wind Zaratan before they commenced installation operations on key projects in the United States and Taiwan, respectively. EBITDA for the year reached EUR 126 million, up EUR 84 million from EUR 42 million in 2023. Cadeler has a record-high order backlog of EUR 2.5 billion as of today's date, including 100% of contractual options, up from approximately EUR 1.7 billion at the end of 2023. Outlook for 2025With its current contract coverage and a growing fleet, Cadeler expects its 2025 financial performance to result in revenue in the range of EUR 485 million to EUR 525 million and EBITDA of between EUR 278 million and EUR 318 million. This outlook reflects Cadeler's ongoing growth trajectory and strong market positioning. Mikkel Gleerup, CEO of Cadeler, commented: "Cadeler is in a very strong position, delivering on our commitments while expanding on our capabilities. Our versatile fleet, dedicated team, and innovative approach continue to drive demand from customers seeking efficiency, flexibility and performance. With strong execution in 2024, realised cost synergies, and a clear path to achieving sales synergies, we are well-positioned for another transformative year in 2025. Our solid financial position, future-proof newbuilds, and robust order book provide a strong foundation for continued growth." Strategic fleet expansion and upgradesIn 2024, Cadeler expanded its fleet as planned, upgrading Wind Orca and Wind Osprey with higher-capacity cranes. Additionally, Cadeler took delivery of the Wind Peak, a state-of-the-art jack-up vessel and the first of seven newbuilds, on time and on budget in Q3 2024 and she commenced commercial operations shortly thereafter. Looking ahead, the fleet expansion continues. Wind Maker, Cadeler's first M-Class vessel, was delivered in January 2025 and immediately deployed, while Wind Pace, the second P-Class vessel, is scheduled for delivery imminently. The first A-Class vessel is set to arrive in Q3 2025, with an additional M-Class vessel expected in Q4 2025, followed by two more A-Class vessels in 2026 and 2027. Operational excellence2024 highlighted Cadeler's commitment to operational excellence through strong project execution and optimised vessel utilisation: Successful installation of 60 x 14.7 MW turbines on the Moray West project in Scotland for Siemens Gamesa, marking the world's first installation of the SGRE 14.7 MW platform. Continued execution on Ørsted's Gode Wind 3 / Borkum Riffgrund 3 project in Germany. Completion of the Yunlin project in Taiwan, installing 46 turbines for Siemens Gamesa. Ongoing installation on the Revolution Wind project for Ørsted in the United States. Multiple O&M campaigns kept vessels active between projects, maximising fleet utilisation. Strategic contracts and record-high backlogToday, Cadeler's order book stands at a record-high EUR 2.5 billion, including 100% of contractual options. Key contracts awarded in 2024 included firm contracts with: ScottishPower Renewables for the East Anglia Two project: contracts for the full-scope transportation and installation of 64 x 15 MW offshore wind turbine generators and their foundations (this marks Cadeler's second full-scope foundation transport and installation (T&I) contract, following Hornsea 3); Inch Cape Offshore Ltd.: a wind turbine installation contract for the installation of 72 x 15 MW wind turbines, with operations scheduled to begin in 2026; and Ørsted: a long-term agreement to provide A-Class vessel capacity from 2027 to 2030. Additional firm contracts awarded in 2024 include: an offshore wind turbine installation contract for Wind Scylla set to begin in 2025 with a duration of 300 to 550 days; and two additional wind turbine installation contracts in Polish waters: the Baltica 2 project (with Ørsted and PGE Polska Grupa Energetyczna), and the Bałtyk 2 and Bałtyk 3 projects (with Equinor and Polenergia). Securing more equity financing and attractive debt financingIn 2024, Cadeler raised EUR 152 million through a private placement, net of transaction costs. Additionally, the company secured more favorable debt financing for its operating vessels and newbuilds, enhancing financial flexibility and supporting future growth. Sustainability and ESG commitmentCadeler remains committed to delivering on its climate ambitions. In 2024, the company invested in measures to reduce emissions by enhancing energy efficiency, advancing electrification, and preparing for the adoption of green fuels, including testing of biofuels onboard an O-class vessel in early 2025. In the fourth quarter of 2024, Cadeler conducted a Human Rights Impact Assessment to further strengthen its human rights management across the company and the value chain. Looking Ahead: A Vision for 2025 and BeyondCadeler anticipates continued growth in 2025, underpinned by its expanded, versatile fleet, robust order backlog, and the increasing global demand for offshore wind solutions. Mikkel Gleerup, CEO of Cadeler, said: "Our record-breaking contract backlog reflects our forward-looking strategy as we take on increasingly complex and large-scale projects. Beyond business growth, we remain committed to supporting the decarbonisation of our planet and building a sustainable future for generations to come." Key figures for 2024 Contract backlog: EUR 2.5 billion as of 25 March 2025, including 100% of contractual options. Contract backlog of EUR 2.3 billion as of 31 December, 2024, including 100% of contractual options, compared to EUR 1.7 billion at the end of 2023. Revenue: EUR 249 million (EUR 109 million in 2023) EBITDA: EUR 126 million (EUR 42 million in 2023) Utilisation: 66% (75% in 2023) Financial outlook for 2025 Expected revenue: EUR 485 – 525 million. Expected EBITDA: EUR 278 – 318 million. Earnings callCadeler will host a live video webcast earnings presentation for investors on 25 March 2025 from 09:00 EST / 13:00 UK / 14:00 CET with Mikkel Gleerup, Chief Executive Officer, and Peter Brogaard Hansen, Chief Financial Officer, presenting. The presentation is open to all interested parties and may include forward-looking information. Please register in advance at the following link: A replay of the webcast will be available through the same link following the presentation, and for at least three months thereafter. The presenter's slides will be made available on Cadeler's website at About Cadeler A/S: Cadeler is a global leader in offshore wind installation, operations, and maintenance services. Cadeler is a pure play company, operating solely in the offshore wind industry with an uncompromising focus on safety and the environment. Cadeler owns and operates the industry's largest fleet of jack-up offshore wind installation vessels and has for more than 10 years been a key supplier in the development of offshore wind energy to power millions of households. Cadeler's fleet, expertise and capacity to handle the largest and most complex next-generation offshore wind installation projects positions the company to deliver exceptional services to the industry. Cadeler is committed to being at the forefront of sustainable wind farm installation and to enabling the global energy transition towards a future built on renewable energy. Cadeler is listed on the New York Stock Exchange (ticker: CDLR) and the Oslo Stock Exchange (ticker: CADLR). For more information, please visit View source version on Contacts For further information, please contact: Mikkel GleerupCEO, Cadeler+45 3246 Alexander SimmondsEVP & CLO, Cadeler+44 7376
