Dong Energy to become Orsted in line with green identity
Image by Dong Energy (dongenergy.com)
Danish offshore wind-focused utility Dong Energy A/S (CPH:DENERG) is changing its name to Orsted (Ørsted) to cap its transformation from black to green energy.
The news comes several days after the company completed the disposal of its upstream oil and gas business to INEOS.
"DONG was originally short for Danish Oil and Natural Gas. With our profound strategic transformation and the divestment of our upstream oil and gas business, this is no longer who we are," said board chairman Thomas Thune Andersen.
The new name references Danish scientist Hans Christian Orsted, who spearheaded the discovery of electromagnetism. Dong will ask its shareholders to approve the change at an extraordinary general meeting on October 30.
"2017 will be remembered as the year when offshore wind became cheaper than black energy, as demonstrated by the recent tenders for offshore wind in Germany and the UK," said chief executive Henrik Poulsen. "It has never been more clear that it is possible to create a world that runs entirely on green energy,"’ the CEO added.
The company will now focus on green growth based on its existing businesses in offshore wind, biomass, green customer solutions and advanced waste-to-energy solutions, but will also look into new green growth opportunities, Poulsen said. Dong has set up a storage team to explore opportunities in energy storage and has also set up a corporate ventures unit in Silicon Valley, California to explore emerging energy technologies. It said it will continue to trade in natural gas as a bridge to a fully green energy world.