DONG may consider shedding its oil and gas business in favour of renewables

DONG Energy has confirmed its intention to build a world-class clean energy company with a portfolio based on leading competences in offshore wind, bioenergy and green distribution.
DONG may consider shedding its oil and gas business in favour of renewables

As part of this approach, the company has said it would manage its oil & gas business for cash, and that future cash flows from the oil & gas business would be used to fund its investments in renewable energy. As such, it was confirmed that the oil & gas business was not considered a long-term strategic commitment for the company.

DONG Energy has confirmed that it is reviewing strategic options regarding the future of the oil & gas business, and that J.P. Morgan has been engaged to conduct a preliminary market assessment. However, the company has not yet made a firm decision to divest the oil & gas business.

The information provided in this announcement does not change DONG Energy's previously announced outlook for the 2016 financial year.

DONG Energy has divested its Danish gas distribution grid. In May this year, the company entered into an agreement with Danish state entity in which Energinet will acquire 100 percent ownership share in DONG Gas Distribution A/S and related operational activities. This was completed on 30th September.

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