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DONG Energy board agrees to Ørsted

By: Tom Russell 31/10/2017 Ørsted A/S

General Windfarms

Following an extraordinary general meeting yesterday (30^th October), DONG Energy's board of directors agreed to change the company's name to Ørsted A/S. The name change was announced by CEO Henrik Poulsen on 2^nd October.

As a result of the name change, the company's ticker symbol is changing to Orsted. The change takes effect today ( 31^st October 2017).

Thomas Thune Andersen, Chairman of the Board of Directors, Ørsted, said: "I'm delighted that the shareholders clearly supported changing the company's name to Ørsted. The reason for the name change is that after the comprehensive strategic transformation from black to green energy, our old name no longer matched the company. Ørsted is a signal of our Danish roots – and our vision of creating a world that runs entirely on green energy. The new name has already been well received in Denmark and abroad."

The new name comes from Danish scientist Hans Christian Oersted, a Danish physicist and chemist who discovered that electric currents create magnetic fields, which was the first connection found between electricity and magnetism.

The company stated the new name reflects its plans to move away entirely from coal, oil & gas towards a sustainable renewable energy such as offshore wind, a technology which the company is a world leader in.

DONG Energy is one of Northern Europe's leading energy groups and is headquartered in Denmark. Around 5,600 employees develop, construct and operate offshore wind farms, generate power and heat from our power stations as well as supply and trade in energy to wholesale, business and residential customers. The group generated revenue in 2016 reached DKK 61bn (EUR 8.2 billion).

By 2020, it aims to have doubled its installed wind capacity compared with 2016 from 3GW to 6.5GW. In 2016, the company produced 6TWh of wind energy.

The roll out of the new name and design across DONG Energy’s markets, will begin on 6^th November.

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DONG Energy board agrees to Ørsted

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