Dogger Bank wind farm owners, Equinor and SSE, have today announced financial close on the first two phases of the project, representing in aggregate the largest offshore wind project financing to date globally.

“Reaching financial close on the two first phases of Dogger Bank is a major milestone, demonstrating our commitment to profitable growth within offshore wind. The extensive interest from lenders underpins the attractiveness of UK offshore wind assets and confidence in SSE and Equinor. As the wind farm’s future operator, we are proud to take this big step forward in delivering what will be the backbone of a growing wind hub in the North Sea,” says Pål Eitrheim, Equinor’s executive vice president of New Energy Solutions.

The total senior debt facilities across the two phases is GBP 4.8 billion, plus ancillary facilities of around GBP 0.7 billion. Dogger Bank A and B are being project financed with gearing of 65% to 70% for the generation assets. Gearing on the transmission facilities is set to 90% of the forecasted OFTO sale proceeds.

With the strong interest from lenders, Dogger Bank A and B were able to secure competitive terms, despite unprecedented economic circumstances arising from the global coronavirus pandemic. The final group of lenders, comprising 29 banks and three export credit agencies, includes experienced lenders in the sector along with relationship lenders of both SSE and Equinor. The level of interest achieved reflects the quality of the project and enables strong returns on shareholder capital to be delivered.

Pål Eitrheim, Equinor’s executive vice president of New Energy Solutions. (Photo: Ole Jørgen Bratland)

“Equinor is committed to being a leading company in the energy transition and to helping the UK Government deliver on its 10-point plan for a green industrial future. Through the sheer scale of the project we have delivered record-low contract prices for the UK market, and as operator of the wind farm we will continue to deliver value to the UK for years to come. Dogger Bank will generate renewable electricity for British homes, whilst creating jobs and attracting significant investment to the UK,” says Eitrheim.

The project is being built in three 1.2 GW phases, with the first two phases being constructed at the same time to take advantage of the synergies resulting from their geographical proximity and use of common technology and contractors. As such, the two phases are being financed concurrently with all lenders participating in each phase in equal proportions. Dogger Bank A and B will each require total capital expenditure of around GBP 3 billion, including the capex for the offshore transmission station (OFTO). The third phase, Dogger Bank C, is being developed on a different timescale with financial close to follow at a later stage.

SSE Renewables are leading the construction of the 3.6 GW project, and Equinor will lead on the wind farm’s operations.

Equinor is developing as a broad energy company, and on 2 November this year Equinor announced its ambition to become a net-zero energy company by 2050. The company aims to become a global offshore wind major and expects to increase its current installed capacity to 12-16 GW, around 30 times the current level, by 2035.

Equinor is building material offshore wind clusters in the North Sea, the US North East and in the Baltic Sea and powers over one million European homes with renewable electricity from offshore wind. In the UK, the company currently operates three offshore wind farms, including the world’s first floating wind farm, Hywind Scotland. As well as progressing Dogger Bank, Equinor plans to extend two of its UK wind farms, doubling its offshore wind capacity off the coast of Norfolk.

As part of it's recent JobKeeper series - Business Member COOPER PARTNERS  - has published its latest brief with some straightforward checklists for those businesses that are either seeking to qualify

for the extended JobKeeper scheme

or

are no longer eligible.

 

These checklists will assist you in determining on what you need to do, from new to existing participants, those no longer eligible and legacy employers.

Their great little graphic outlines the payment periods for the Jobseeker 2.0 Extension Fortnights as well as some 'Next Steps' - including helpful reminders and tips, - and how Cooper Partners can assist you.

 

FIND OUT MORE

This festive season, Flokk's distributors across Australia are offering some amazing discounts on numerous Flokk products.

All beautifully and ergonomically designed, Flokk provides a wide range of furniture and acoustic solutions.

 

With a shared belief in human-centred and sustainable design, each of their brands has its own identity and its own stories to tell.

 

 

 

 

Don't miss out on this rare opportunity for some great savings.

 

For your nearest distributor, CONTACT FLOKK NOW 

 

Click on image above to view the video

Equinor’s 10th Energy Perspectives report describes how the world can reach the climate and sustainability goals by a more equitable distribution of economic growth and contributions from developed countries to climate actions and development also in emerging markets.

“2020 has been an extraordinary year. The impacts of Covid-19 have led to a considerable decline in energy demand, energy prices and global greenhouse gas emissions,” says Eirik Wærness, senior vice president and chief economist of Equinor.

Through the Reform, Rivalry and Rebalance scenarios the Energy Perspectives report describes possible outcomes for the development of world economy, the global energy mix, energy demand and greenhouse gas emissions towards 2050. Rebalance is a new scenario in this year’s report, describing how the world can still reach the goals of the Paris Agreement and limit global warming to well below two degrees Celsius.

 

Eirik Wærness, senior vice president and chief economist of Equinor. (Photo: Arne Reidar Mortensen)

“The energy transition is progressing too slowly, and effective actions are required urgently to reach the climate goals. To reach the climate goals, we must establish a new balance in the priorities between economic growth, increased welfare and climate actionsT. A more equitable global distribution of welfare increase, acknowledging that a cost distribution is required between developed and emerging markets to support the energy transition, describes a more credible path to reaching the climate goals and the UN’s sustainability goal,” says Wærness.

In the Rebalance scenario the premise of continued high global economic growth across all regions has been changed.

“We do not know for certain how the development will be after the pandemic. It is precisely in times of much uncertainty that scenario planning is more important than ever. The outcome space is big, and the choices made in the next years will be vital for how the world is developing to a sufficient extent in a more sustainable direction,” says Wærness.

Rebalance shows a development path towards 2050 where economic growth accelerates in emerging markets, while the growth is lower in developed economies, and:

• The global energy-related CO₂ emissions will never return to the level they were before the Covid-19 pandemic.
• The absolute global energy demand is reduced by 15 per cent compared to the 2019 level.
• Even if the oil demand peak was passed in 2019, there will still be a need for oil and gas in the energy mix.
• The electricity demand increases by 80 per cent and wind power production must increase around nine times from the present level.
• Carbon capture and storage must handle around two billion tonnes of CO₂ emissions per year, equivalent to 400 Northern Lights projects.
• Only 10 per cent of the world’s private cars will be petrol or diesel powered.

The Reform scenario is based on a market and technology driven development. There will be continued tightening of climate policies in line with the commitments of the Paris Agreement, however, it will not be enough to reach the climate goals. The developed countries are the main drivers of the development, and there is limited success for zero-emission technology, such as carbon capture and storage, and new energy carriers, such as hydrogen.

In the Rivalry scenario we assume that climate policy is not sufficiently prioritized and consequently the energy transition is not gaining enough momentum. There are several indications of the development heading in this direction. Trade wars, social and political unrest and regional political conflicts with potential for further escalation are examples of that. In Rivalry these trends continue, leading to protectionism, autocracy, less global cooperation, slower technology development and weak economic growth.

Equinor recently announced an ambition of net zero CO₂ emissions from our activities and use of the company’s products by 2050.

Anders Opedal, president and CEO of Equinor. (Photo: Ole Jørgen Bratland)

“Equinor’s strategy will ensure long-term competitiveness in times of significant changes in the global energy systems. It will be a leading company in these changes, and we have set an ambition of becoming a net-zero energy company by 2050. This means that we will be among the best companies in the world in producing oil and gas with low CO₂ emissions. We will accelerate the growth in renewables, and we have projects that can help establish new value chains for carbon capture and storage and hydrogen,” says Anders Opedal, president and CEO of Equinor.

This is the 10th year in a row that Equinor is presenting its Energy Perspectives. The driving forces behind the climate challenge have changed considerably, and the energy systems have been through major changes since the first Energy Perspectives report was published.

“During these 10 years we have been surprised by the extent and impact of the shale revolution, and coal has been replaced faster than we anticipated. However, we hit the target surprisingly well regarding the growth in renewables during the past ten years. We were also right about the oil demand, but for the wrong reasons. Nobody could predict the dramatic consequences that a pandemic would have on the energy demand,” says Wærness.

Norwegian Australian Chamber of Commerce President - Sophia Demetriades Toftdahl - participated in the EABC's recent Forum 'The US Federal Elections & Transatlantic Relationships' on Wednesday 4 November, 2020, together with many distinguished guests located in Sydney, Melbourne, New York City as well as participants across Australia and Europe.

The expert panel included EABC Board Member Stephen Loosley AM, Deputy Chair of Thales Australia and former Federal Senator and Chair of the Foreign Affairs Defence and Trade Committee and former National President of the Australian Labor Party; Dr Gorana Grgic, Lecturer at the Department of Government & International Relations and the United States Studies Centre at the University of Sydney; and Hon Andrew Robb AO, former Australian Trade Minister and Federal Director of the Liberal Party of Australia.

EABC Forum Photo Gallery - The US Federal Elections & Transatlantic Relationship, 4 NOV 20

The proceedings on the evening included welcome remarks from EABC Chair and Deputy Chancellor of Monash University Hon Simon Crean. At the conclusion of the session, EABC Corporate Council Member and Principal of Trade and Investment Advisory Zoe McKenzie proposed the Vote of Thanks to all speakers and panellists.

The event was held following the final day of voting in the 2020 US Elections and offered participants the opportunity to hear from a panel of expert commentators, who shared their views and takeaways on the campaigns for the Presidential, Senate and House of Representatives races; on significant trends in the emerging results; and the final outcome’s implications for Australia, the transatlantic relationship, and the many critical issues on the global affairs agenda including defence and security, multilateral institutions and the rules-based order, climate change, and many others. Following remarks from our panellists, we were joined for ‘live crosses’ from New York and received direct insights from Sky News correspondent James Morrow and Politico Senior Editor Ryan Heath on the political dynamics and situation on the ground.

For further information on the implications of President-elect Joe Biden’s election victory and the expected divergences from a second Trump administration; here is the link to the United States Studies Centre’s Guide, which includes key insights on the trajectory of US Foreign Policy in Europe from Dr Gorana Grgic.

 

 

Norwegian company EKORNES -  well-known globally for its brand 'Stressless' - is seeking a Warehouse Support staff.

An initial 3 month role

that could lead to a full-time position. 

 

See the Job Description here and use this email to apply..

Today, more companies are embracing international remote workforce strategies. IDC expects by 2025, $21 billion will be lost in the Nordics as a result of delayed product or service releases and missed revenue, due to lack of skills available. But as a manager how can you foster a sense of belonging, ensure that your employees work efficiently, collaborate well and work towards the same goal when they are not in the same location?

Which Method Is The Best Way To Organise?

There are several ways  to organize global teams. As a rule of thumb, you can link these to one of two methods, and sometimes it will be a combination of the two. On one hand, we have the classic method where teams in each location have their own specific goal and focus area. These teams are often independent. On the other hand, we have people that work together across locations with a common goal and focus.

Do you recognise using or having used one of these methods?  No matter which way you organize your global teams, there are several points to consider.

When Global Teams Are Organised Based On Specific Goal and Focus Area

From a short-term perspective, assigning each team their own tasks may be the most effective way to work.

For example, ALL the front-end software developers are in Vietnam and ALL the back-end software developers are in Australia.

Advantages are:

• Strong feeling of team unity and team ownership for team's success
• Clear responsibilities for each team in different locations makes it easier for top management to keep track
• Each department becomes specialists in an area or task

However, it is important to point out that based on our experience, this is only an effective way to organize autonomous teams if everything is running smoothly. Most of us who have worked in management for a while know that this is rarely the case.

Keep in mind the several pitfalls of organizing teams this way:

• Interest, ownership and pride of the team is specific to the location and takes precedence over overall company success.
• Lack of global communication and transparency.
• A divided organization, where only the top level has an overview.
• Lack of trust due to lack of collaboration, sense of belonging and information.
• Lack of career advancement opportunities
• The employee's affiliation is limited to the team in that location
• All communication will be centralized through team leaders

Crucially, the perception of balance of power, can lead to power struggles and not teamwork.

So, if we weigh the pros and cons against each other, we quickly see that there are more challenges than benefits linked with this method.

Let's take a closer look at the alternative way.

When Global Teams Share a Common Purpose:

The article “Global Teams That Work”, from the Harvard Business Review, summarizes that global teams that succeed are those that have a common purpose and focus.

In this example, some front-end developers are in Vietnam and some in Australia, some back-end developers are in Vietnam and the rest in Australia. Each team is mixed with members in the same role but from different locations.

Advantages are:

• Instead of “us vs them” mentality, collaboration is more efficient when team members across locations are integrated and work together.
• Inter-team communication is enhanced because members of several teams now work in a single location.
• Contribution to overall company success takes precedence with better understanding and knowledge of company goals and purpose.
• Career development opportunities for EVERYONE regardless of location. This encourages self-development and benefits the entire company, not just a single location.
• Long-term development opportunities for the individual strengthen the company's ability to retain good employees for long.

That said, in the short term, communication within the team across the globe will be affected by time zone, culture and language skills. However, this can be overcome by proper onboarding, integration, training and understanding the purpose of their role in the company, rather than just following instructions from the top management. Organising your teams this way can lead to long term stability, growth and better risk management.

Invest In Long Term Success

If you want to organize a global team and at the same time ensure affiliation, collaboration and efficiency across the departments, our advice is simple. Invest in long-term success and bring in employees who align with this. You achieve this best when employees get to develop their value, feel ownership and belonging to your company. If you think like this, the possibilities will be many, and you will have a truly integrated team consisting of the best people regardless of location, who all work with one goal in mind - your company's success.

For 13 years Facilitated Work Hub has worked with international collaboration, recruitment, facilitation and integration of remote permanent full time software developers in companies. We have seen several different ways in which companies work with global teams and know the challenges and opportunities companies face with international collaboration.

 

 

 

New Research from DNV GL Helps Shipowners Choose Fuels and Engines to Keep Vessels Commercially Viable in a Decarbonizing World

Decarbonizing shipping will require faster technology development, large-scale piloting and appropriate safety standards. DNV GL's fourth edition of Maritime Forecast to 2050 sets out three decarbonization pathways for shipping and explores detailed energy mix and fleet composition scenarios. Plus it aims to assist shipowners in choosing the right fuel and technology options for next-generation ships and sets out three decarbonization pathways for shipping and also explores detailed energy mix and fleet composition scenarios, based on different energy prices, demand growth and regulatory options.

The findings all help to pick the right fuel solution for future-proofed vessels and scenario modelling showing possible decarbonization pathways.

CHECK OUT THE FULL REPORT HERE

New research from DNV GL forecasts that hydrogen will be a catalyst for deeply decarbonizing the oil and gas value chain, transforming the oil and gas industry in the process, but it won’t begin to scale as an energy carrier until the mid-2030s.

Explore the outlook for hydrogen and for decarbonizing the oil and gas industry in DNV GL's dedicated Energy Transition Outlook report for the industry providing an independent forecast of developments in the world’s energy system to 2050.

Furthermore, get insights into the multiple energy transitions taking place around the world, as energy demand slows, oil demand never again reaches the levels of 2019, and natural gas becomes the world’s largest energy source.

 

Equinor has signed a Memorandum of Understanding (MoU) with Microsoft to explore ways to support the Northern Lights carbon capture and storage (CCS) project as a technology partner. Microsoft will explore using the project to enable the transportation and storage of captured CO₂ . Equinor is developing the project together with Shell and Total as equal partners.

“Carbon capture and storage is a proven technology and has the potential to play a key role in decarbonizing energy and industries across sectors to meet international climate targets,” said Equinor Executive Vice President Irene Rummelhoff. “We look forward to working together with Microsoft and the Northern Lights partners to develop digital technologies for Northern Lights. We are also happy to partner with Microsoft to explore opportunities for the Northern Light project to remove carbon from Microsoft’s operations.”

“One of the world’s imperatives is the need to develop new ways to capture, transport, and permanently store carbon. This will require enormous investment and innovation, including a huge amount of computing power and data,” said Brad Smith, president of Microsoft. "As a company, Microsoft is excited about and committed to supporting promising carbon capture approaches. Our goal is not only to contribute our technology and know-how, but explore how new solutions like the Northern Lights project can help us meet our own carbon negative goals by 2030.”

Irene Rummelhoff, Equinor’s executive vice president for Marketing, Midstream and Processing (MMP), and Brad Smith, president of Microsoft. (Photo: Ole Jørgen Bratland)

Equinor and Microsoft have agreed to:

• Explore a technology collaboration to integrate Microsoft’s digital expertise into the Northern Lights project.
• Microsoft will explore the use of Northern Lights' CO₂ transport and storage facility as part of Microsoft’s portfolio of carbon capture, transportation, and storage projects.
• Explore ways for Microsoft to invest in the effective development of Northern Lights.
• Explore and establish advocacy of policies that help accelerate the contribution CCS can make to meeting Europe’s climate goals.

“Together with the other Northern Lights partners, we will explore how this carbon capture and storage project can help potential future customers to mitigate emissions caused by their own energy use. This relationship will make decarbonization solutions including carbon capture and storage technology available to increasing numbers of customers,” says Syrie Crouch, Vice President for CCUS in Shell.

Prime Minister Erna Solberg at the signing ceremony for the MoU. (Photo: Ole Jørgen Bratland)

“As an historic CCS partner of Norway since 1996, Total is proud that its renewed commitment with Northern Lights project enables this new cooperation with Microsoft. Northern Lights and its partners are at the fore front of offering innovative services to the industry worldwide. We believe that this will be the start of a fruitful collaboration in line with our ambition to get to net zero by 2050.’’ says Gabrielle Gauthey, Senior Vice President Carbon Neutrality Businesses at Total.

Equinor, Shell and Total made a conditional investment decision on the Northern Lights CO₂ transport and storage project in May 2020. Pending approval by regulatory authorities, the project partners will form a joint venture. It will be responsible for creating an open-source, ship-based carbon transport and storage network including developing business models to store captured CO₂ from across Europe. The final investment decision is subject to the Norwegian parliament’s approval, anticipated late 2020. The plan is to start operations in the first half of 2024.

MoUs have been signed with eight European entities representing different industries, including Air Liquide, Arcelor Mittal, Ervia, Fortum Oyj, HeidelbergCement AG, Preem, Stockholm Exergi and ETH Zürich. As part of the MoUs, the parties are looking at solutions for CO₂ delivery, transport and storage of CO₂, including logistics, CO₂ specifications and roadmap towards potential start of operations.