Following the firm's transformation from black to green energy and its divestment of the upstream oil and gas production, DONG Energy has called an Extraordinary General Meeting to be held October 30 to ask the shareholders to approve changing the company name to Ørsted. The planned name change will require amending the company’s Articles of Association.
Thomas Thune Andersen, Chairman of the Board of Directors, stated, “DONG was originally short for Danish Oil and Natural Gas. This is no longer who we are. Therefore, now is the right time to change our name.
“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,”
The new name – Ørsted – references the innovative Danish scientist Hans Christian Ørsted (1777-1851). Ørsted spearheaded several scientific discoveries, including the discovery of electromagnetism in 1820, which helped lay the scientific foundation for how today’s societies are powered.
Henrik Poulsen, CEO of DONG Energy, said, “We’ve undertaken significant efforts to find the right name and brand identity for our company. Our new name recognises H.C. Ørsted’s curiosity, dedication and interest in nature and our brand identity speaks to the innovation and profound understanding of nature, which is vital to creating a world that runs entirely on green energy.”
If the name change is accepted, DONG Energy will change its stock exchange ticker to Orsted as of October 31, 2017. The roll out of the new name and design across DONG Energy’s markets will begin on November 6.
The firm is currently building the world’s largest offshore wind farm, expected to provide 1.4GW of power by 2050.
Being built 89 miles off the coast of Yorkshire, the wind farm will produce enough energy to provide power for as many as 1.3mn UK homes.