Dong Energy to rebrand as Ørsted

DENMARK: From 6 November, offshore wind developer Dong Energy will be known as Ørsted in recognition of its shift to a renewables-only firm.

Dong Energy (soon to be Ørsted) CEO Henrik Poulsen reveals the new company name

The name is taken from 19th-century Danish electro-magnet pioneer Hans Christian Ørsted.

Group CEO Henrik Poulsen said the new branding will reflect the companies new vision of creating a world "that runs entirely on green energy".

Dong completed the sale its upstream oil and gas business to UK petrochemicals firm Ineos last week, following a €1.17 billion deal in May.

Dong was originally an acronym for Danish Oil and Natural Gas.

"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," 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," he added.

The name change needs approval from shareholders at an extraordinary general meeting on 30 October.