DONG's name switch highlights renewable energy transition
DONG Energy is acknowledging the ongoing decarbonisation shift in the energy sector by calling on shareholders to approve a change of company name to Ørsted.
DONG – originally short for Danish Oil and Natural Gas – called for the name change to signify its “strategic transformation” and divestment of its upstream oil and gas business. The company called for an Extraordinary General Meeting on Monday (2 October) to seek approval of the name change amongst stakeholders.
The name Ørsted refers to Danish scientist Hans Christian Ørsted, famed for the discovery of electromagnetism in 1820. The name and new logo design will take place on 6 November.
“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,” DONG Energy’s chief executive Henrik Poulsen said. “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.”
The company’s transformation from an oil and gas company to a leading developer of renewable energy has enabled CO2 emissions to be reduced by 52% since 2006. By 2023, DONG Energy anticipates that this reduction will reach 96%.
Name of the wind
As well as backing the world’s largest offshore windfarm, DONG Energy has recently moved to capture the benefits of energy storage. The company plans to integrate a 2MW battery storage system into the Burbo Bank offshore windfarm to deliver frequency response to aid the National Grid in managing grid stability.
The company also committed to phase-out its coal-related business aspects by 2023, which include the divestment of its upstream oil and gas business. DONG Energy will continue to trade in and sell natural gas to its customers.
In fact, DONG Energy has also ventured into the biogas market. The firm is financing, constructing and operating the world's first biogas plant that can handle unsorted and untreated household waste will be built in Northwich in Cheshire.
With an annual capacity of up to 120,000 tonnes of waste, the plant will be the first of its kind to handle previously untreated household waste using enzymes.