DONG Energy plans to change company name to Ørsted

Published:  17 October, 2017

DONG Energy has called for an Extraordinary General Meeting to ask the shareholders of the company to approve a change of the company name to Ørsted.

Following the strategic transformation from black to green energy and the recent divestment of the upstream oil and gas production, the DONG Energy name, according to the company, is no longer suitable.

Thomas Thune Andersen, chairman of the board of directors, said: “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

“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.”

Henrik Poulsen, CEO of DONG Energy, added: “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.”

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%, and by 2023, they will have been reduced by 96% 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 new name – Ørsted – references the Danish scientist Hans Christian Ørsted (1777-1851). Ørsted spearheaded several scientific discoveries, including the discovery of electromagnetism in 1820, which helped lay the scientific foundation for how today’s societies are powered.

As part of becoming Ørsted, a new logo and brand identity will be introduced. The new brand identity is inspired by the Danish design tradition in being simple, functional and human and supporting a sustainable way of life. The brand identity will consist of a full spectrum of colours, inspired by Scandinavian nature and the Danish 20th century artist Vilhelm Lundstrøm.

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