DONG Energy is calling its shareholders to approve a change of the company name to Ørsted.
“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, it is now the right time to change our name, said Thomas Thune Andersen, Chairman of the Board of Directors. “Our vision is a world that runs entirely on green energy. Climate change is one of the most serious challenges the world faces today, and to avoid inflicting serious harm to the global ecosystems, we need to fundamentally change the way we power the world – from black to green energy.”
“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," said Henrik Poulsen, CEO of DONG Energy.
Over the past decade, DONG Energy has transformed from an energy company based on coal and oil to a global leader in renewable energy. The company has been able to increase earnings considerably, while reducing the use of coal in its power stations and building out new offshore wind farms. Since 2006, CO2-emissions have been reduced by 52 percent, and by 2023, they will have been reduced by 96 percent compared to 2006.
DONG Energy has divested its upstream oil and gas business and decided to stop all use of coal. In addition, the company has established a new storage team to explore new business opportunities in energy storage. DONG Energy has also established a new corporate ventures unit in Silicon Valley, California, to explore emerging energy technologies and potential long-term business opportunities.
As battery storage and new energy technologies mature and as a more flexible demand side is developed, natural gas will, in the coming years, continue to support the transition to an entirely green energy system. DONG Energy will continue to trade in and sell natural gas to its customers, facilitating the bridge to a world that runs entirely on green energy.
The roll out of the new name and design across the markets in which DONG Energy is present will take place from November 6.
The information in this announcement does not change DONG Energy’s previous financial guidance for the financial year 2017 or the announced expected investment level for 2017.