|Traded as||Nasdaq Copenhagen: ORSTED|
|Predecessor||Dansk Naturgas A/S
|Henrik Poulsen (CEO)
Thomas Thune Andersen (Chairman)
|Services||Gas distribution, Oil and Gas exploration and drilling|
|Revenue||71 billion DKK (2015)|
|18.5 billion DKK (2015) |
|-12.1 billion DKK (2015) |
Number of employees
Ørsted A/S (formerly DONG Energy, Dansk Naturgas and Dansk Olie og Naturgas, abbreviated DONG) is a power company based in Fredericia, Denmark. It is the largest energy company in Denmark. The company has changed its name to Ørsted on 6 November 2017.
The Danish state-owned company Dansk Naturgas A/S was founded in 1972 to manage gas and oil resources in the Danish sector of the North Sea. After some years, the company was renamed to Dansk Olie og Naturgas A/S (DONG), meaning Danish Oil and Natural Gas. At the beginning of the decade of the 2000s, DONG started to expand itself into the electricity market by taking long positions in electricity companies. In 2005, DONG acquired and merged Danish electrical power producers Elsam and Energi E2 and public utility (electricity distribution) companies NESA, Københavns Energi and Frederiksberg Forsyning. The result of the merger was the creation of DONG Energy. The merger was approved by the European Commission on 14 March 2006.
In 2005, DONG Energy acquired 10.34% in the Ormen Lange gas field (operated by Shell). The share of gas reserves allocated to DONG Energy are approximately 40 billion cubic metres (1.4 trillion cubic feet).
In 2007, DONG Energy entered into the Dutch market. In 2010, it started a cooperation with Dutch De Nederlandse Energie Maatschappij. However, in 2014 DONG Energy withdrew its consumer activities from the Dutch market. In 2010, DONG divested Norwegian power companies Salten and Nordkraft. In September 2013, DONG sold a power cable accessing the London Array wind farm to its partners, E.ON and Masdar for around $728 million.
In 2013 DONG Energy finished the construction of the 400 MW Anholt Offshore Wind Farm off the Danish island of Anholt in the Kattegat at a cost of 10 billion Danish kroner (€1.35 bn). DONG Energy was the only bidder in the process. As of 2012, DONG Energy had a wind turbine capacity of 794 MW and planned to add another 594 MW in 2013. In 2014 DONG divested its last onshore wind turbines, focusing on offshore wind power. of which DONG had 3,000 MW in 2015;
As part of a restructuring plan, in January 2014 DONG sold an 18% stake to New Energy Investment S.a.r.l., a subsidiary of Goldman Sachs, while Danish pension funds, ATP and PFA Pension acquired 4.9% and 1.8% accordingly. The deal was heavily criticised and caused a split of the ruling coalition of Helle Thorning-Schmidt. Six cabinet ministers and the Socialist People's Party withdrew from the government. On 9 June 2016, some of these shares were sold in an IPO at Copenhagen Stock Exchange.
In 2017, DONG completed decommissioning the world first offshore wind farm, Vindeby Offshore Wind Farm. Also in 2017, the company decided to phase-out the use of coal for power generation, and it sold off its oil and gas business to Ineos for US$1.05 billion. After selling its oil and gas business the company announced its intention to change its name to Ørsted after the Danish scientist Hans Christian Ørsted.
Oil and gas exploration and production
Before divestment of its oil and gas upstream assets to INEOS in 2017, DONG Energy's core areas of oil and gas exploration and production laid in southern part of the Norwegian North Sea and the Danish part of the North Sea, Barents Sea, west of Shetland, and in the mid Norway (gas production). The reserve base was expected to be 570 million barrels (91,000,000 m3) of oil equivalent. In 2016, it produced 100,000 barrels per day (16,000 m3/d) of oil equivalent.
DONG Energy has agreed to sell its oil and gas pipelines to Energinet.dk. It owns oil and gas pipelines which extend from the Danish part of the North Sea to Nybro and the Swedish gas transmission network (Nova Naturgas). DONG Energy co-owns the Tyra West – F3 pipeline pipelines, which create a link from the North Sea Danish section to the Netherlands natural gas hub in Den Helder, the DEUDAN pipeline from Jutland to north of Hamburg in Germany, and the Langeled pipeline from Nyhamna terminal in Norway to Easington in the UK. DONG Energy owns a share of the Norwegian gas pipeline system.
DONG Energy is the largest power producer in Denmark with market shares of 49% for electricity production and 35% for heat production. It also owns power production facilities and projects in Germany, Sweden, the Netherlands, Norway and the United Kingdom.
DONG is the largest offshore wind farm company in the world with a market share of 16%. DONG surpassed 1,000 offshore wind turbines in 2016. In Denmark, it operates the 209 MW Horns Rev 2 offshore wind farm. In the United Kingdom DONG operates Barrow and Burbo Bank offshore windfarms and will construct Walney Island and Gunfleet Sands I and II wind farms. In addition, it is building the world largest wind farms, the 1,200 MW Hornsea 1 and the 1,386 MW Hornsea 2. In North America it is a partner for the Bay State Wind offshore wind farm in the United States and the Haida Energy Field offshore wind farm in Canada. In the Netherlands, it develops Borssele 1 and 2 wind farms.
DONG is listed at the Copenhagen Stock Exchange. Danish Government holds the majority of DONG Energy shares (50.1%). Capital Group Companies, EuroPacific Growth Fund's, and SEAS-NVE holds over 5% of shares. According to a political agreement, the Danish Government shall maintain a majority in the company until 2025. Reduction of the ownership below 50% requires political agreement of Danish parties.
DONG Energy is the main sponsor of the Danish men's national ice hockey team.
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- "About us". DONG Energy A/S.
- Horns Rev I Offshore Wind Farm, Denmark Power Technology. Retrieved: 27 October 2010.
- Horns Rev 1 (Denmark) offshore wind farm 4C . Retrieved: 30 July 2010.
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- "'Nederland is voor ons geen speeltuintje'" ['Netherlands is not a playground for us']. NRC (in Dutch). 23 June 2007. Retrieved 8 April 2017.
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- Anholt Offshore Wind Farm
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- "Toyota, Tesla and Vestas ranked among world's top green companies". The Guardian. UK. 15 August 2016. Retrieved 5 September 2016.
- "Dong completes Vindeby removal". 6 September 2017. Retrieved 16 March 2017.
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- "DONG Energy completes the divestment of its upstream oil and gas business to INEOS" (Press release). DONG Energy. 29 September 2017. Retrieved 1 October 2017.
- Spector, Julian (2 October 2017). "So Long, DONG: Danish Energy Giant Changes Name While Dropping Fossil Fuels". Greentech Media. Retrieved 4 October 2017.
- "Danish State to take over oil and gas pipelines" (Press release). DONG Energy. Retrieved 1 October 2017.
- "DONG's offshore gas pipelines to be sold to Danish TSO". ICIS. 21 September 2015. Retrieved 1 October 2017.
- Clark, Pilita (17 March 2017). "Denmark's Dong Energy shifts from fossil fuels to renewables". Financial Times. Retrieved 8 April 2017.
- "Offshore wind: Europe far ahead, Siemens largest by far". 19 August 2016. Retrieved 6 October 2016.
- "DONG Energy Surpasses 1,000 Wind Turbines Installed At Sea". CleanTechnica. 25 October 2016. Retrieved 24 November 2016.
- Horns Rev 2 (Denmark) offshore wind farm 4C . Retrieved: 30 July 2010.
- Horns Rev 2 LORC . Accessed: 10 December 2011.
- Gunfleet Sands offshore wind farm (United Kingdom) 4C . Retrieved: 27 October 2010.
- "DONG Energy Invests in UK Offshore Wind Farms". Oil Voice. 3 December 2007. Retrieved 16 December 2007.
- "Dong commits to Hornsea build". renews.biz. 3 February 2016.
- "World's largest offshore wind farm to be built in the UK" (Press release). Department of Energy and Climate Change. 3 February 2016.
- Hill, Joshua S. (12 September 2017). "DONG Energy To Build World's Largest Offshore Wind Farm At 1,386 MW". Clean technica. Retrieved 1 October 2017.
- Hill, Joshua S. (14 September 2017). "DONG Energy Partners With NaiKun Wind Energy Group To Develop 2 Gigawatt British Columbia Offshore Wind Site". Clean technica. Retrieved 1 October 2017.
- "Siemens catches wind with A2Sea move". Upstream Online. NHST Media Group. 29 June 2010. Retrieved 16 November 2010.
- Antitrust authority approves Siemens as equity partner in A2SEA DONG Energy, 13 October 2010. Retrieved: 16 November 2010.
- DONG becomes co-owner of CT (in Danish) Maritime Denmark, 12 November 2010. Retrieved: 16 November 2010.
|Map of DONG activities|