Why the Majors need to consider margins in weighing up offshore wind
Report summary
Table of contents
- Executive summary
- A new cash margin metric: operating cash flow per GJe
- Offshore wind delivers by some margin
- The traditional comparison: risk and reward
- Balancing the value equation: higher risk, returns and high cash margins
- Final word
-
Appendix
- Notes on methodology
- Breakdown of average unit operating cash margins
Tables and charts
This report includes 11 images and tables including:
- Weighted average operating cash margin (real), pre-production assets, 2025-2040:
- Annual weighted average operating cash margin (real), pre-production assets:
- Weighted average upstream operating cash margin (real), pre-production assets, 2025-2040:
- New project nominal returns - Majors’ upstream* vs unlevered offshore wind projects**
- Offshore wind unlevered IRRs (nominal) by development status:
- Capital intensity* in offshore wind versus upstream, pre-production assets:
- Annual cash margin movement since 2010 in offshore wind and upstream, onstream assets:
- Weighted average operating cash margin, 2025-2040, and IRRs, for pre-production assets:
- Understand and benchmark the companies leading the energy transition:
- Offshore wind operating cash margin - using average and annual efficiency factor:
- Breakdown of weighted average operating cash margin (real), pre-production assets, 2025-2040:
What's included
This report contains:
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