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DONG Energy name dropped

By: Tom Russell 02/10/2017 DONG Energy

General Windfarms

At a meeting today for DONG Energy’s employees, CEO Henrik Poulsen announced the new name for the company. The new name, Ørsted, aims to comes as the company moves forward with its strategic transformation from black to green energy.

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.

Thomas Thune Andersen, Chairman of the Board of Directors, says: “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. Therefore, now is the right time to change our name.”

“Our vision is a world that runs entirely on green energy. Climate change is one of the most serious challenges facing the world today, and to avoid causing serious harm to the global ecosystems, we need to fundamentally change the way we power the world by switching from black to green energy.”

Henrik Poulsen, CEO of DONG Energy, says: “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. It has never been more clear that it is possible to create a world that runs entirely on green energy. The time is now right for us to change our name to demonstrate that we want to help create such a world.”

“Today, we’re 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’ll also explore new green growth opportunities to strengthening our existing platform, if they support our vision, provide a strong competitive position and create value for our shareholders.”

Last week, DONG Energy completed the divestment of its oil & gas assets to INEOS after it received regulatory approvals from the Danish and Norwegian authorities. The was originally announced on the 24th May 2017 and included an unconditional payment of $1,050m (approx. DKK 6.6bn) on a cash and debt free basis.

INEOS stated that in acquiring the DONG Oil & Gas business, the deal positions it as a Top 10 company and the biggest private enterprise operating in the North Sea.

At closing of the transaction, approximately 440 employees working for DONG Energy Oil & Gas will transfer to employment with the INEOS group.

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 3.0 GW to 6.5 GW. In 2016, the company produced 6TWh of wind energy.

An Extraordinary General Meeting will be held on 30th October 2017 to formally decide the name change. As part of becoming Ørsted, a new logo and brand identity will be introduced. DONG Energy will change its stock exchange ticker to Orsted. The change in ticker will become effective from the start of trading on 31st October 2017, assuming a positive outcome at the general meeting.

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

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DONG Energy name dropped

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