Economy

Dong Energy changes its name to Ørsted

Dong Energy changes its name to Ørsted”

Dong has been working for a decade to transform from an energy company based on coal and oil to a global leader in renewable energy.

Last week, it completed the divestment of its upstream oil and gas business to the global manufacturer of petrochemicals INEOS, with the 430 employees transferred to the new owner.

"Following the profound strategic transformation from black to green energy and the recent divestment of the upstream oil-and-gas production, the name Dong Energy does not fit the company anymore", the company said in a statement.

The days of people visiting Denmark and having a right chuckle about the name of the Danish energy company Dong Energy are coming to an end. It said it will continue to trade in natural gas as a bridge to a fully green energy world.

An extraordinary general meeting will be held October 30 to formally approve the name change, with the rebrand rollout expected to begin November 6. "With our profound transformation to green energy, it is the right time to change our name to reflect who we are becoming".

"We see an increased interest", DONG Energy CEO Henrik Poulsen told Reuters on Monday.

The new name references Danish scientist Hans Christian Orsted, who spearheaded the discovery of electromagnetism.

"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 United Kingdom", he said in a statement. "We've undertaken significant efforts to find the right name and brand identity for our company", he said. Dong's Jakob Askou Bøss (Senior Vice President of Corporate Strategy & Stakeholder Relations) will be discussing how to fast-track and scale-up the use of renewable energies and accelerating the energy transition.

On its new website, Orsted describes itself as a renewable energy company working towards a world that runs entirely on green energy.

Poulsen said the company remained committed to investing in a range of clean technologies under the new name. With 300 turbines producing more than 1,386MW, the new wind farm will enable them to power up to 1.3 million British households at a 63% lower price than just six years ago, demonstrating the rapid reductions in costs for green energy.



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