The Danish company DONG Energy is changing its name to Ørsted to reflect its strategic transformation from black to green energy. It divested its upstream oil and gas business last week.
DONG Energy announced that it will hold an Extraordinary General Meeting at the end of October to change the company’s name to Ørsted to reflect its focus on green energy.
“DONG was originally short for Danish Oil and Natural Gas,” explained Thomas Thune Anderson,chairman of DONG Energy. “With our profound strategic transformation and the divestment of our upstream oil and gas business, this is no longer who we are.”
Last week, the Danish energy company completed the divestment of its upstream oil and gas business to INEOS, transferring 430 employees to the Spanish petrochemicals company. It has also decided to stop all use of coal.
The name change is the latest step in a decade-long transformation from an energy company based on coal and oil to a leader in renewable energy.
Since 2006, DONG Energy has reduced the use of coal in its power stations and built new offshore wind farms. This has cut carbon emissions by 52 per cent since 2006, and by 2023 they will have been reduced by 96 per cent.
The new name – Ørsted – is inspired by the Danish scientist Hans Christian Ørsted, who discovered electromagnetism in 1820, which helped lay the scientific foundation for how today’s societies are powered.
Ørsted will be dedicated to green energy and green-growth based on offshore wind, biomass, green customer solutions and advanced waste-to-energy technology. The company will also explore new opportunities in energy storage and explore emerging energy technologies.
“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 CEO Henrik Poulsen.
“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.”
Image credit: DONG Energy