Going, going Dong! Shareholders back energy giant's name change to Ørsted
ALL CHANGE: Dong Energy will now become Ørsted.
By Grimsby Telegraph | Posted: 31 Oct 2017
SHAREHOLDERS have backed the proposal to change the name of the world’s leading offshore wind developer from Dong Energy to Ørsted.
The company, spearheading Grimsby’s maritime renaissance to service the huge structures emerging in the near North Sea, announced the intention earlier this month.
It was agreed at an extraordinary general meeting held in Copenhagen, Denmark, yesterday.
Thomas Thune Andersen, chairman, said: “I’m delighted that the shareholders clearly supported changing the company’s name to Ørsted. The reason for the name change is that after the comprehensive strategic transformation from black to green energy, our old name no longer matched the company. Ørsted is a signal of our Danish roots – and our vision of creating a world that runs entirely on green energy. The new name has already been well received in Denmark and abroad.”
What was originally an acronym for Danish Oil and Natural Gas, it brought a smile to many faces when used in its shortened form, so much so that the powerful multi-channel marketing campaign acknowledged it.
Ørsted takes the name of Danish scientist Hans Christian Ørsted, who discovered electromagnetism in 1820, laying the foundations for how the world is now powered.
As a result of the name change, the company’s ticker symbol on the Copenhagen stock market has immediately changed to Orsted, ahead of today's trading.
There, the company’s value has significantly strengthened since mid-September when the UK’s latest subsidy auction saw the firm bring forward a huge reduction in the price of delivering offshore wind. Nearly 10 per cent has been added after it brought a strike price of £57.50 for Hornsea Project Two, which will follow Hornsea Project One - currently in early stage construction - and take the crown of the world’s largest offshore wind farm.
They follow Westermost Rough and Race Bank, with Hornsea Three in the consultation phase and a potential fourth in the huge zone.
Matthew Wright, managing director for Dong Energy UK, said: “This change to our name reflects our transformation into a fully-fledged renewable energy company. Ørsted perfectly captures our roots as a business and the exciting future ahead.
“In the UK, we are leading the renewable energy transformation and our offshore wind business is part of a hugely successful and growing industry. Offshore wind is now a mainstream renewable technology in the UK, providing low-cost green energy, while creating quality jobs across the country and a thriving supply chain for businesses."
Dong's third quarter results will be revealed on Thursday, with the name officially changing on November 6.