DONG Energy (Danish Oil and Natural Gas) has proposed to change its company name to Ørsted, following its strategic transformation from black to green energy and the recent divestment of the upstream oil and gas production.
Turbine. Image from DONG Energy.
“The name DONG Energy does not fit the company anymore,” DONG Energy said in a statement.
DONG Energy has called an extraordinary general meeting today (2 October) to ask the shareholders of the company 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, now is the right time to change our name,” says 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 facing the world today, and to avoid causing serious harm to the global ecosystems, we need to fundamentally change the way we power the world by switching from black to green energy,” says Andersen.
“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,” says Henrik Poulsen, CEO of DONG Energy.
Last week, DONG completed the divestment of its upstream oil and gas business, DONG E&P to Ineos, which will form Ineos DeNoS.
Hannah Martin, Head of Energy at Greenpeace UK, said: "A major industry player is changing it's name because the lion's share of its work is now in offshore wind and no longer fossil fuels. Clean energy is clearly good for business. Offshore wind power is now cheaper than nuclear and competitive with gas. It is also creating jobs, regional growth and export opportunities.We are witnessing an energy revolution. It is brilliant to see a company like DONG, Danish Oil & Natural Gas, soon to be named after a scientist who laid the foundation for how today's societies are powered. This company is leading the way towards a world run on affordable clean power."