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Written by Martin Lynch, European News Editor for Industrial Info (Galway, Ireland)--The world's largest offshore wind energy company, DONG Energy A/S (Fredericia, Denmark), has announced the successful sale of its oil and gas business and revealed that it will change its name to reflect its focus on renewable energy.
DONG, which stood for Dansk Olie og Naturgas (Danish Oil and Natural Gas) will now change its name to Ørsted. The move follows the recent conclusion of the sale of its oil and gas business for $1.3 billion to U.K. petrochemicals major INEOS (London), which was originally covered by Industrial Info in June. For additional information, see June 1, 2017, article - INEOS Buys DONG's Oil and Gas Business for $1.3 Billion. Approximately 430 employees have been transferred from DONG Energy to INEOS. The company reiterated that it is on track to phase out coal at its power stations by 2023.
Thomas Thune Andersen, chairman of the board of directors, explained: "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."
The new name is taken from Danish scientist Hans Christian Ørsted, who spearheaded several scientific discoveries, including the discovery of electromagnetism in 1820. DONG said that discovery helped lay the scientific foundation for modern power.
"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 U.K.," added Henrik Poulsen, chief executive officer of DONG Energy. "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."
DONG said that it has "increased earnings considerably" by building offshore windfarms and reducing the use of coal in its power stations. Since 2006 carbon emissions have been reduced by 52%, and by 2023, it intends to boost that reduction to 96% compared to 2006.
Earlier this year, Industrial Info reported on the commissioning of DONG's Burbo Bank Extension windfarm off the coast of Liverpool in the U.K., the first windfarm to use 8-megawatt (MW) turbines. For additional information, see May 30, 2017, article - Ribbon Cut at First 8-Megawatt Turbine Windfarm.
Industrial Info Resources (IIR), with global headquarters in Sugar Land, Texas, six offices in North America and 12 international offices, is the leading provider of global market intelligence specializing in the industrial process, heavy manufacturing and energy markets. Our European headquarters are located in Galway, Ireland. Follow IIR Europe on: Facebook - Twitter - LinkedIn For more information on our European coverage send inquiries to info@industrialinfo.eu or visit us online at Industrial Info Europe.
DONG, which stood for Dansk Olie og Naturgas (Danish Oil and Natural Gas) will now change its name to Ørsted. The move follows the recent conclusion of the sale of its oil and gas business for $1.3 billion to U.K. petrochemicals major INEOS (London), which was originally covered by Industrial Info in June. For additional information, see June 1, 2017, article - INEOS Buys DONG's Oil and Gas Business for $1.3 Billion. Approximately 430 employees have been transferred from DONG Energy to INEOS. The company reiterated that it is on track to phase out coal at its power stations by 2023.
Thomas Thune Andersen, chairman of the board of directors, explained: "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."
The new name is taken from Danish scientist Hans Christian Ørsted, who spearheaded several scientific discoveries, including the discovery of electromagnetism in 1820. DONG said that discovery helped lay the scientific foundation for modern power.
"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 U.K.," added Henrik Poulsen, chief executive officer of DONG Energy. "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."
DONG said that it has "increased earnings considerably" by building offshore windfarms and reducing the use of coal in its power stations. Since 2006 carbon emissions have been reduced by 52%, and by 2023, it intends to boost that reduction to 96% compared to 2006.
Earlier this year, Industrial Info reported on the commissioning of DONG's Burbo Bank Extension windfarm off the coast of Liverpool in the U.K., the first windfarm to use 8-megawatt (MW) turbines. For additional information, see May 30, 2017, article - Ribbon Cut at First 8-Megawatt Turbine Windfarm.
Industrial Info Resources (IIR), with global headquarters in Sugar Land, Texas, six offices in North America and 12 international offices, is the leading provider of global market intelligence specializing in the industrial process, heavy manufacturing and energy markets. Our European headquarters are located in Galway, Ireland. Follow IIR Europe on: Facebook - Twitter - LinkedIn For more information on our European coverage send inquiries to info@industrialinfo.eu or visit us online at Industrial Info Europe.
