DONG Energy Plans to Change Company Name to Ørsted
DONG Energy has announced that the company will change its name from DONG Energy to Ørsted. The decision follows the global energy company’s profound strategic transformation from black to green energy and the recent divestment of its upstream oil and gas production.
The company will also phase out all use of coal by 2023.
Noting that the DONG Energy name no longer accurately reflects the activities and ambitions of the company, company leaders called for an Extraordinary General Meeting to ask the shareholders of the company to approve a change of the company name to Ørsted.
The new name and branding is available at orsted.com.
Thomas Thune Andersen, Chairman of the Board of Directors, said: “DONG was originally short for Danish Oil and Natural Gas. With the divestment of our oil and gas production and the fact that we have decided to stop using coal, this is no longer who we are. With our profound transformation to green energy, it is the right time to change our name to reflect who we are becoming.
“Our vision is a world that runs entirely on green energy. Climate change is one of the most serious threats to the global ecosystem, and we believe that we need to change the way we power the world. With our own transformation, we fully support the change to green energy.”
From green transformation to green growth
Over the past decade, DONG Energy has transformed from an energy company based on coal and oil to a global leader in renewable energy. The company increased earnings considerably, while building new offshore wind farms and reducing the use of coal on its power stations.
Henrik Poulsen, CEO of DONG Energy, said: “Today, we are entirely dedicated to green energy. Our focus going forward will be on green growth based on our existing business platforms in offshore wind, biomass, green customer solutions and advanced waste to energy solutions. We will also explore new green growth opportunities strengthening our existing platform and decide if they support our vision, provide a strong competitive position and create value for our shareholders.
“The global green energy transition is not only possible. It is makes financial sense for society. This year a German offshore wind tender as well as the award of the giant UK offshore wind farm Hornsea 2 marked the fact that offshore wind has become cheaper than fossil fuels.”
The Ørsted vision is a world which runs entirely on green energy. Ørsted develops, constructs and operates offshore wind farms, bioenergy plants and innovative waste-to-energy solutions and provides smart energy products to its customers.
Headquartered in Denmark, Ørsted employs 5,600 people. Ørsted’s shares are listed on Nasdaq Copenhagen (Orsted as of 31st October). In 2016, the company’s revenue was DKK 61 billion (€8.2 billion). For more information on Ørsted, visit orsted.com or follow them on Facebook, LinkedIn, Instagram and Twitter