By Editors of Power Engineering
Danish corporation DONG Energy has announced it will soon become known as Ørsted.
“DONG was originally short for Danish Oil and Natural Gas,” said Thomas Thune Andersen, Chairman of DONG’s Board of Directors. “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 company will bring the name change proposal before shareholders later this month. If approved, the name change will take place on November 6.
As a result of divesting its upstream oil and gas business, the company has reduced its carbon emissions by 52 percent since 2006. Thanks in large part to a new decision to cease coal use, the company estimates it will reduce its carbon emissions by 96 percent of 2006 levels by 2023.
“Today, we’re dedicated to green energy,” said CEO Henrik Poulsen. “Our focus going forward will be on green growth based on our existing business platforms in offshore wind, biomass, green customer solutions and advanced waste-to-energy solutions. We’ll also explore new green growth opportunities to strengthening our existing platform, if they support our vision, provide a strong competitive position and create value for our shareholders.”
DONG will continue to trade in natural gas, though the company plans to incorporate battery storage and new energy technologies.
The name Ørsted refers to Danish scientist Hans Christian Ørsted, who discovered electromagnetism in 1820 in addition to other discoveries.