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.



Like this

loading...
loading...

Latest


03 October 2017
Word on the Street: Should university tuition fees be frozen?
This will no longer go ahead and fees will remain at the current price of £9,250. Tuition fees were set to increase by £250 for 2018-19, making them £9,500 a year.

03 October 2017
Taj Mahal missing from UP tourism booklet
The state tourism department has said that the Taj Mahal is not being neglected or marginalised. The booklet also includes Fatehpur Sikri.

03 October 2017
GW Pharmaceuticals PLC (GWPH) Expected to Post Earnings of -$1.39 Per Share
Howard Hughes Medical Institute acquired a new stake in GW Pharmaceuticals PLC- during the third quarter valued at about $166,000. The stock is now moving below its 20-Day Simple Moving Average of -6.11% with a 50-Day Simple Moving Average of -5.79 percent.

03 October 2017
Austin-based Bumble takes a swipe at LinkedIn with new endeavor
Since 2014, Bumble has facilitated more than 250 million women-led first moves and more than one billion messages sent. Bumble Bizz , which launches today on the Bumble app, is for people seeking opportunities over job hunting.

03 October 2017
Province to release more details about disability bus pass
British Columbians with disabilities will have a little more money to help cover the costs of transportation in the new year. The B.C. government has announced a new monthly supplement for persons with disabilities.

03 October 2017
White House Says Premature To Discuss Gun Control After Las Vegas Shooting
Incidentally, Sanders - Trump's official spokeswoman - is herself bound by the candidate rules and not the presidential ones. Sanders also didn't say if Trump considered the gunman Stephen Paddock to be a domestic terrorist.

03 October 2017
Fortress Investment Group LLC (FIG) Receives Average Recommendation of "Hold" from Analysts
Analysts await Wayfair Inc (NYSE:W) to report earnings on November, 14. ( NYSE:MRK ), 15 have Buy rating , 1 Sell and 4 Hold. Jefferies maintained Fortress Investment Group LLC (NYSE: FIG ) on Monday, September 25 with "Hold" rating .

03 October 2017
Standard Life Investments LTD Acquires 135951 Shares of Colony Starwood Homes (SFR)
CCI is relatively high when prices are much higher than average, and relatively low when prices are much lower than the average. Investors are a little more bearish on Starwood Waypoint Homes of Ben of late if you consider the increase in short interest.

03 October 2017
PUBG is getting bombarded with negative Steam reviews
We're crossing our fingers that other regions will not start seeing in-game ads in PUBG , but this report does not bode well. The lag caused players to connect to other region's servers, but that only brought lag to those servers too.

03 October 2017
Uber board to consider vote to cut Kalanick influence
Directors are divided about what role Kalanick should play and whether he should retain control over a large part of the board. But under the proposal, that would change to one vote per share. ■ The plan does allow Mr.