Ørsted (company)

{{Short description|Danish energy company}} {{Use dmy dates|date=October 2020}} {{Infobox company | name = Ørsted A/S | logo = Ørsted logo.svg | type = Aktieselskab | traded_as = {{OMX|CSE122544|ORSTED}} | predecessor = Dansk Naturgas A/S Elsam Energi E2 NESA Københavns Energi Frederiksberg Forsyning | successor = | founder = | defunct =  | fate = | area_served = | key_people = Rasmus Errboe (CEO)<ref>{{cite news |last1=Millard |first1=Rachel |title=World’s biggest offshore wind developer Ørsted replaces chief |url=https://www.ft.com/content/d6c56ce0-eb21-463e-aa08-48cec528f7b8 |access-date=2 February 2025 |work=Financial Times |publisher=Nikkei |date=31 January 2025}}</ref> Lene Skole(Chairman) | industry = Electricity generation | products = Electricity | services = | revenue = {{Decrease}} {{DKK|79.26 billion|link=yes}} (2023)<ref name="Ørsted Annual Report 2023">{{cite web |title=Ørsted Annual Report 2023 |url=https://via.ritzau.dk/ir-files/13560592/8204/12529/%C3%98rsted%20annual%20report%202023.pdf|publisher=Ørsted |accessdate=4 April 2024}}</ref> | operating_income = {{Decrease}} {{DKK|−17.8 billion}} (2023)<ref name="Ørsted Annual Report 2023"/> | net_income = {{Decrease}} {{DKK|−20.2 billion}} (2023)<ref name="Ørsted Annual Report 2023"/> | assets = {{Decrease}} {{DKK|281.1 billion}} (2023)<ref name="Ørsted Annual Report 2023"/> | equity = {{Decrease}} {{DKK|77.79 billion}} (2023)<ref name="Ørsted Annual Report 2023"/> | owner = | num_employees = {{Increase}} 8,905 (FTE, end 2023)<ref name="Ørsted Annual Report 2023"/> | parent = | divisions = | subsid = | footnotes = | intl = | caption = | foundation = {{Start date and age|2006|3|14|df=yes}} (as DONG Energy) | location_city = Fredericia | location_country = Denmark | locations = | homepage = {{URL|orsted.com}} }} '''Ørsted A/S''' (formerly '''DONG Energy''') is a Danish multinational energy company. Headquartered in Fredericia, Denmark, Ørsted is the largest energy company in Denmark. The company adopted its current name on 6 November 2017. It was previously known as DONG Energy.

As of January 2022, the company is the world's largest developer of offshore wind power by number of built offshore wind farms.<ref>{{Cite web|title=Our offshore wind farms|url=https://orsted.com/en/our-business/offshore-wind/our-offshore-wind-farms|access-date=2022-02-04|website=orsted.com|language=en}}</ref> Ørsted developed approximately 30% of the global offshore wind power installed capacity, excluding mainland China.<ref name=":0">{{Cite web|title=Ørsted Annual Report 2021|url=https://orstedcdn.azureedge.net/-/media/annual2021/annual-report-2021.ashx?la=en&rev=9d4904ddf4c44594adab627f7e4c62be&hash=BD463F56D8BEF7EB591136136FEFDF44}}</ref> Globally, Ørsted produces 90% of its energy from renewable sources, and has an objective of exceeding 95% by 2023 and 99% by 2025.<ref name=":0" /> The company has a goal of net zero generation by 2025 and no carbon emissions by 2040.<ref>{{cite news |last=Storrow |first=Benjamin |url=https://www.eenews.net/stories/1063713187 |title=How one fossil fuel company became a green giant |work=Environment & Energy Publishing |date=9 September 2020 |accessdate=10 September 2020 }}</ref>

In 2025, Ørsted A/S broke into the top 10 in the Corporate Knights Global 100, coming in ninth in the annual ranking of the world's most sustainable corporations.

==History==

===Origin=== Ørsted has its origin in the Danish state-owned company Dansk Naturgas A/S. The company was founded in 1972 to manage gas and oil resources in the Danish sector of the North Sea. After some years, the company was renamed to Dansk Olie og Naturgas A/S (DONG), meaning Danish Oil and Natural Gas. At the beginning of the decade of the 2000s, DONG started to expand itself into the electricity market by taking long positions in electricity companies. In 2005, DONG acquired and merged Danish electrical power producers Elsam and Energi E2 and public utility (electricity distribution) companies NESA, Københavns Energi and Frederiksberg Forsyning. The result of the merger was the creation of DONG Energy.<ref>{{Cite web |title=Derfor hedder vi Ørsted |url=https://orsted.dk/om-orsted/derfor-hedder-vi-orsted |access-date=2026-03-01 |website=orsted.dk |language=da}}</ref> The merger was approved by the European Commission on 14 March 2006. In 2002 Elsam had installed the 160 MW Horns Rev offshore wind farm, which was the first large-scale offshore wind farm in the world.<ref name="ptHorn1">[http://www.power-technology.com/projects/hornsreefwind/ Horns Rev I Offshore Wind Farm, Denmark] {{webarchive|url= https://web.archive.org/web/20120129222645/http://www.power-technology.com/projects/hornsreefwind/ |date=29 January 2012 }} ''Power Technology''. Retrieved: 27 October 2010.</ref><ref name="4cDKhorns1">[http://www.4coffshore.com/windfarms/horns-rev-denmark-dk03.html Horns Rev 1 (Denmark) offshore wind farm] {{webarchive|url= https://web.archive.org/web/20111009182813/http://www.4coffshore.com/windfarms/horns-rev-denmark-dk03.html |date=9 October 2011 }} ''4C'' . Retrieved: 30 July 2010.</ref><ref name=mps20021015>[http://www.modernpowersystems.com/story.asp?storyCode=2017033 Horns Revolution] {{webarchive |url=https://web.archive.org/web/20110714110540/http://www.modernpowersystems.com/story.asp?storyCode=2017033 |date=14 July 2011 }}, Modern Power Systems, 5 October 2002, accessed 14 April 2010.</ref>

In 2005, DONG Energy acquired 10.34% in the Ormen Lange gas field (operated by Shell). The share of gas reserves allocated to DONG Energy are approximately {{convert|40|e9m3|abbr=off}}. The following year, DONG entered a 20-year contract for one billion cubic meters of natural gas per year from 2011, from Gazprom in Russia through Nord Stream 1 and Germany. The deal included that DONG delivers 600 million cubic meters per year (for 15 years) from the Ormen Lange gas field to Gazprom in United Kingdom.<ref>{{cite web |title=Gazprom, DONG sign gas supply deal |url=https://www.ogj.com/pipelines-transportation/article/17280923/gazprom-dong-sign-gas-supply-deal |website=www.ogj.com |publisher=Oil & Gas Journal |archive-url= https://web.archive.org/web/20220531193542/https://www.ogj.com/pipelines-transportation/article/17280923/gazprom-dong-sign-gas-supply-deal |archive-date=31 May 2022 |date=23 June 2006 |url-status=live}}</ref>

In 2007, DONG and Wingas (partly owned by Gazprom) agreed to a gas swap, where DONG delivers gas to Wingas UK, while Wingas delivers the same amount to DONG in North Germany.<ref>{{cite web |last1=A/S |first1=Ørsted |title=070205 Agreement between DONG Energy - WINGAS and Wintershall |url=https://www.globenewswire.com/en/news-release/2007/02/05/73696/0/en/070205-Agreement-between-DONG-Energy-WINGAS-and-Wintershall.html |website=GlobeNewswire News Room |language=en |date=5 February 2007}}</ref> The deal was criticized as "damaging to European interests".<ref>{{cite web |title=DONG's Ruslandseventyr skader europæiske interesser |url=https://www.information.dk/indland/2007/08/dongs-ruslandseventyr-skader-europaeiske-interesser |website=Dagbladet Information |archive-url= https://web.archive.org/web/20220531183741/https://www.information.dk/indland/2007/08/dongs-ruslandseventyr-skader-europaeiske-interesser |archive-date=31 May 2022 |language=da |date=22 August 2007 |url-status=live}}</ref>

===Use of fossil fuels=== At about the time of the 2009 United Nations Climate Change Conference in Copenhagen, DONG Energy adopted the "85/15 vision" strategy, with the aim of changing from a company with 85% of activities fossil fuel based to a company 85% based on green energy activities.<ref name=telegraph-20201020>{{cite news |url=https://www.telegraph.co.uk/business/2020/10/20/orsted-oil-giant-went-dirty-fuel-clean-energy-decade/ |title=Ørsted: The oil giant that went from dirty fuel to clean energy in a decade |last=Clowes |first=Ed |newspaper=The Daily Telegraph |url-access=subscription |date=20 October 2020 |access-date=25 October 2020}}</ref>

In 2009, the Gazprom->DONG contract was doubled to 2 bcm/year for 18 years, beginning in 2012.<ref>{{cite web |title=Gazprom and DONG Increase Gas Supply to Denmark - LNG Carriers |url=https://www.gulfoilandgas.com/webpro1/main/mainnews.asp?id=9301 |website=www.gulfoilandgas.com |archive-url= https://web.archive.org/web/20171002161222/https://www.gulfoilandgas.com/webpro1/main/mainnews.asp?id=9301 |archive-date=2 October 2017 |date=1 October 2009 |url-status=live}}</ref> However, Gazprom records showed that DONG only bought 15% of that amount in 2012 and 2013.<ref>{{cite web |last1=BINDSLEV |first1=JOACHIM CLAUSHØJ |title=Henrik Poulsen nedtoner Gazprom-problem |url=https://shippingwatch.dk/Offshore/article6976648.ece |archive-url= https://web.archive.org/web/20140829104747/https://shippingwatch.dk/Offshore/article6976648.ece |archive-date=29 August 2014 |language=da |date=28 August 2014 |url-status=live}}</ref>

In 2009, DONG Energy sold its fiber broadband in northern Zealand to TDC A/S.<ref name=berlinske171109>{{cite news | url = https://www.business.dk/digital/tdc-koeber-dongs-fibernet | title = TDC køber DONGs fibernet | trans-title = TDC buys DONG's fiber network | newspaper = Berlingske | date = 17 November 2009 | accessdate = 4 October 2017 | language = Danish | url-status = live | archive-url = https://web.archive.org/web/20171005000319/https://www.business.dk/digital/tdc-koeber-dongs-fibernet | archive-date = 5 October 2017}}</ref>

In 2010, the company started a cooperation with Dutch {{ill|Nederlandse Energie Maatschappij|nl}}.<ref>{{cite press release |url =http://www.dongenergy.com/en/investors/company-announcements/company-announcement-detail?om |title = DONG Energy strengthens its position in the Netherlands |publisher = DONG Energy |date = 14 October 2010 |accessdate = 8 April 2017 |url-status = live |archive-url = https://web.archive.org/web/20170409112422/http://www.dongenergy.com/en/investors/company-announcements/company-announcement-detail?omxid=977352 |archive-date = 9 April 2017}}</ref> However, in 2014 DONG Energy withdrew its consumer activities from the Dutch market.<ref>{{cite press release |url = http://nieuws.eneco.nl/eneco-neemt-klanten-en-medewerkers-over-van-dong-energy-sales-bv/ |title = Eneco neemt klanten en medewerkers over van DONG Energy Sales B.V. |trans-title = Eneco acquires customers and employees from DONG Energy Sales B.V. |publisher = Eneco |date = 21 January 2014 |accessdate = 8 April 2017 |language = Dutch |url-status = live |archive-url = https://web.archive.org/web/20161027081551/http://nieuws.eneco.nl/eneco-neemt-klanten-en-medewerkers-over-van-dong-energy-sales-bv/ |archive-date = 27 October 2016}}</ref><ref>{{cite news |url = http://www.business.dk/green/dong-energy-siger-farvel-til-skidt-investering |title = Dong Energy siger farvel til skidt investering |trans-title = Dong Energy says goodbye to bad investment |first1 = Jakob |last1 = Ussing |first2 = Signe Ferslev |last2 = Pedersen |newspaper = Berlingske |date = 21 January 2014 |accessdate = 8 April 2017 |language = Danish |url-status = live |archive-url = https://web.archive.org/web/20170116083658/http://www.business.dk/green/dong-energy-siger-farvel-til-skidt-investering |archive-date = 16 January 2017}}</ref> In 2010, DONG divested Norwegian power companies Salten and Nordkraft.<ref name="saltnord">http://www.offshorewind.biz/2010/10/12/divestment-of-stakes-in-nordkraft-and-salten-kraftsamband-has-been-approved-denmark/ Divestment of stakes in Nordkraft and Salten Kraftsamband has been approved] {{webarchive |url= https://web.archive.org/web/20140222013242/http://www.offshorewind.biz/2010/10/12/divestment-of-stakes-in-nordkraft-and-salten-kraftsamband-has-been-approved-denmark/ |date=22 February 2014 }} ''DONG Energy'', 12 October 2010. Retrieved: 16 November 2010.</ref>

In September 2013, DONG Energy sold a power cable accessing the London Array wind farm to its partners, E.ON and Masdar for around $728 million.<ref>{{cite news |url = https://www.reuters.com/article/us-dong-eon-london-array-idUSBRE9890NP20130910 |title = DONG sells link to world's largest wind farm for $728 million |first = Karolin |last = Schaps |work = Reuters |date = 10 September 2013 |accessdate = 8 April 2017 |url-status = live |archive-url = https://web.archive.org/web/20150924184522/http://www.reuters.com/article/2013/09/10/us-dong-eon-london-array-idUSBRE9890NP20130910 |archive-date = 24 September 2015}}</ref>

===Focus on offshore wind power=== By 2012, DONG Energy had a wind turbine capacity of 794 MW and planned to add another 594 MW the following year.<ref>{{cite web|last=Wittrup|first=Sanne|title=Dong Energy øger vindkraften med 75 procent i 2013 |url=http://ing.dk/artikel/133784-dong-energy-oeger-vindkraften-med-75-procent-i-2013|publisher=Ingeniøren|accessdate=1 November 2012|date=1 November 2012 |url-status=live |archive-url=https://web.archive.org/web/20121104235303/http://ing.dk/artikel/133784-dong-energy-oeger-vindkraften-med-75-procent-i-2013 |archive-date=4 November 2012}}</ref> In 2013, the company finished the construction of the 400 MW Anholt Offshore Wind Farm off the Danish island of Anholt in the Kattegat at a cost of 10 billion Danish kroner (€1.35 bln). DONG Energy was the only bidder in the process.<ref>{{cite web | url= http://www.rechargenews.com/energy/wind/article218455.ece | title= Dong gets green light for 400MW Anholt despite high prices | last= Bjartnes | first= Anders | date= 22 June 2010 | work= Recharge | accessdate= 23 June 2010 | url-status= live | archive-url= https://web.archive.org/web/20100628104053/http://www.rechargenews.com/energy/wind/article218455.ece | archive-date= 28 June 2010}}</ref><ref name="ensanholt3">Hanne, Windemuller. [http://www.ens.dk/EN-US/INFO/NEWS/NEWS_ARCHIVES/2010/Sider/20100702AnholtOffshoreWindFarm.aspx Anholt Offshore Wind Farm will be the largest in Denmark] {{webarchive|url=https://web.archive.org/web/20110930101221/http://www.ens.dk/EN-US/INFO/NEWS/NEWS_ARCHIVES/2010/Sider/20100702AnholtOffshoreWindFarm.aspx |date=30 September 2011 }} ''Danish Energy Agency'', 2 July 2010. Accessed: 27 November 2010.</ref><ref>{{cite web|url=http://www.dongenergy.com/EN/business%20activities/renewables/Offshore_wind_farms/Pages/Anholt_Offshore_Wind_Farm.aspx/ |title=Anholt Offshore Wind Farm|publisher=DONG Energy|accessdate=25 April 2018|url-status=live |archive-url= https://web.archive.org/web/20120123052620/http://www.dongenergy.com/EN/business%20activities/renewables/Offshore_wind_farms/Pages/Anholt_Offshore_Wind_Farm.aspx |archive-date=23 January 2012}}</ref> The following year, DONG Energy divested its last onshore wind turbines, focusing on offshore wind power.<ref name=last>Fribo, Adam. "[http://ing.dk/artikel/dong-saelger-de-sidste-landmoeller-173165 Dong sælger de sidste landmøller] {{webarchive|url=https://web.archive.org/web/20141227095240/http://ing.dk/artikel/dong-saelger-de-sidste-landmoeller-173165 |date=27 December 2014 }}" ''Ingeniøren'', 23 December 2014. Accessed: 24 December 2014.</ref> of which DONG Energy had 3,000 MW in 2015;<ref>{{Cite web |url= http://energiwatch.dk/secure/Energinyt/Renewables/article7726020.ece | archiveurl= https://web.archive.org/web/20150522160914/http://energiwatch.dk/secure/Energinyt/Renewables/article7726020.ece|url-status=dead|title=Dong runder 3000 MW havmøllekapacitet|archivedate=22 May 2015}}</ref>

As part of the restructuring plan to fund offshore wind projects, in January 2014 the company sold an 18% stake to New Energy Investment S.a.r.l., a subsidiary of Goldman Sachs, while Danish pension funds, ATP and PFA Pension acquired 4.9% and 1.8% accordingly. The deal was heavily criticised and caused a split of the ruling coalition of Helle Thorning-Schmidt.<ref name=telegraph-20201020/><ref name=bloomberg300114> {{cite news |url = https://www.bloomberg.com/news/2014-01-29/goldman-1-5-billion-bid-imperils-danish-government-re-election.html |title = Goldman Deal on Danish Energy Splits Copenhagen Coalition |first1 = Peter |last1 = Levring |first2 = Christian |last2 = Wienberg |agency = Bloomberg |date = 30 January 2014 |accessdate = 31 January 2014 |url-status = live |archive-url = https://web.archive.org/web/20140131071728/http://www.bloomberg.com/news/2014-01-29/goldman-1-5-billion-bid-imperils-danish-government-re-election.html |archive-date = 31 January 2014 }}</ref> Six cabinet ministers and the Socialist People's Party withdrew from the government.<ref name=Levring>{{cite news | last1 = Levring | first1 = Peter | first2 = Christian | last2 = Wienberg | title = In Denmark, Goldman Sachs Deal Ignites Political Crisis | url = https://www.bloomberg.com/news/articles/2014-02-06/in-denmark-goldman-sachs-deal-ignites-political-crisis | date = 6 February 2014 | work = Bloomberg Businessweek | accessdate = 12 February 2014 | url-status = live | archive-url = https://web.archive.org/web/20140207020756/http://www.businessweek.com/articles/2014-02-06/in-denmark-goldman-sachs-deal-ignites-political-crisis | archive-date = 7 February 2014}}</ref> On 9 June 2016, some of these shares were sold in an IPO at Copenhagen Stock Exchange.<ref>[http://globenewswire.com/news-release/2016/06/09/847240/0/en/Nasdaq-Copenhagen-Welcomes-DONG-Energy-To-List-On-Its-Main-Market.html Nasdaq Copenhagen Welcomes DONG Energy To List On Its Main Market] {{webarchive|url= https://web.archive.org/web/20160610140830/https://globenewswire.com/news-release/2016/06/09/847240/0/en/Nasdaq-Copenhagen-Welcomes-DONG-Energy-To-List-On-Its-Main-Market.html |date=10 June 2016 }}, GlobeNewswire.</ref> In 2015, DONG Energy had a deficit of 12 billion DKK, the largest of any Danish company ever.<ref>{{cite news |url = http://www.business.dk/energi/dong-leverer-det-stoerste-underskud-i-danmarkshistorien |title = DONG leverer det største underskud i danmarkshistorien |trans-title = DONG falls the largest deficit in the history of Denmark |first = Michael Korsgaard |last = Nielsen |date = 4 February 2016 |newspaper = Berlingske |language = Danish |accessdate = 1 October 2016 |url-status = live |archive-url = https://web.archive.org/web/20161223021902/http://www.business.dk/energi/dong-leverer-det-stoerste-underskud-i-danmarkshistorien |archive-date = 23 December 2016}}</ref>

DONG Energy was listed on the Copenhagen Stock Exchange in June 2016. At the same time, it divested its ownership shares of five Norwegian oil and gas fields to Faroe Petroleum. That year, the company was voted number 11 on the Clean200 list.<ref>{{cite news |url=https://www.theguardian.com/environment/2016/aug/15/toyota-tesla-and-vestas-ranked-among-worlds-top-green-companies |title=Toyota, Tesla and Vestas ranked among world's top green companies |work=The Guardian |date=15 August 2016 |accessdate=5 September 2016|url-status=live |archive-url= https://web.archive.org/web/20160905115722/https://www.theguardian.com/environment/2016/aug/15/toyota-tesla-and-vestas-ranked-among-worlds-top-green-companies |archive-date=5 September 2016}}</ref><ref>{{cite web |url=http://static1.squarespace.com/static/579bd6e8414fb5125750d050/t/57b1ea14d482e94594339e47/1471277588692/Clean200_Q3-16_AYS%2BCK_20160815.pdf |title=CARBON CLEAN 200: INVESTING IN A CLEAN ENERGY FUTURE |author1=TOBY HEAPS |author2=MICHAEL YOW |author3=ANDREW BEHAR |date=2016 |accessdate=10 September 2016|url-status=live |archive-url= https://web.archive.org/web/20170116144749/http://static1.squarespace.com/static/579bd6e8414fb5125750d050/t/57b1ea14d482e94594339e47/1471277588692/Clean200_Q3-16_AYS%2BCK_20160815.pdf |archive-date=16 January 2017}} </ref>

In 2017, DONG Energy completed decommissioning of the world's first offshore wind farm, Vindeby Offshore Wind Farm.<ref>{{cite news |url= http://renews.biz/108374/dong-completes-vindeby-removal/ |title= Dong completes Vindeby removal |date= 6 September 2017|accessdate= 16 March 2017|url-status= live|archive-url= https://web.archive.org/web/20170906144919/http://renews.biz/108374/dong-completes-vindeby-removal/ |archive-date= 6 September 2017}}</ref>

===Name change=== In 2017, the company decided to phase-out the use of coal for power generation, and it sold off its oil and gas business to Ineos for US$1.05 billion.<ref name=ct290917/><ref name=dong290917>{{cite press release |url = http://www.dongenergy.com/en/investors/company-announcements/company-announcement-detail?om |title = DONG Energy completes the divestment of its upstream oil and gas business to INEOS |date = 29 September 2017 |publisher = DONG Energy |accessdate = 1 October 2017 |url-status = live |archive-url = https://web.archive.org/web/20171001214139/http://www.dongenergy.com/en/investors/company-announcements/company-announcement-detail?omxid=1623311 |archive-date = 1 October 2017}}</ref> After selling its oil and gas business the company announced its transition to renewable energy was fulfilled and changed its name to Ørsted after the Danish scientist Hans Christian Ørsted, citing that DONG was inappropriate considering they no longer owned any oil and natural gas assets.<ref name=telegraph-20201020/><ref name=gtm021017>{{cite news |url = https://www.greentechmedia.com/articles/read/dong-energy-changes-name-while-dropping-fossil-fuels |title = So Long, DONG: Danish Energy Giant Changes Name While Dropping Fossil Fuels |date = 2 October 2017 |first = Julian |last = Spector |work = Greentech Media |accessdate = 4 October 2017 |url-status = live |archive-url = https://web.archive.org/web/20171005050813/https://www.greentechmedia.com/articles/read/dong-energy-changes-name-while-dropping-fossil-fuels |archive-date = 5 October 2017}}</ref>

In 2018 Ørsted acquired Deepwater Wind to expand offshore wind in the US.<ref>{{cite web|url=https://orsted.com/en/Company-Announcement-List/2018/10/1819975 |title=Ørsted acquires Deepwater Wind and creates leading US offshore wind platform|website=orsted.com|accessdate=21 May 2019}}</ref>

In 2018, a gas price arbitration case was closed between Gazprom on one side, and Ørsted, Shell and others on the opposite side.<ref>{{cite web |title=Gazprom: Arbitration case over gas prices against Ørsted and other players has closed |url=https://energywatch.com/EnergyNews/Utilities/article10606427.ece |website=energywatch.com |language=en |date=16 May 2018}}</ref>

In 2019, Ørsted divested the Copenhagen electricity distribution network to Andel for $3 billion.<ref>{{cite web |title=Ørsted sælger Radius for 21,3 mia. kroner |url=https://ing.dk/artikel/oersted-saelger-radius-213-mia-kroner-228852 |website=Ingeniøren |language=da |date=18 September 2019}}</ref>

On 9 September 2020 it was revealed that Mads Nipper, former CEO of Grundfos, will take over as CEO from Henrik Poulsen on 1 January 2021.<ref>{{Cite web|title=Ørsted appoints Mads Nipper the next CEO of Ørsted|url=https://orsted.com/en/company-announcement-list/2020/09/2091118 |access-date=11 October 2020|website=orsted.com|language=en}}</ref>

In 2020 developer Ørsted sold a 50% stake in the Greater Changhua 1 Offshore Wind Farm in Taiwan to Caisse de depot et placement du Quebec and Cathay PE for $2.7 billion.<ref>{{cite news |last1=Jones |first1=Jeffrey |title=Caisse invests in wind power project in Taiwan as part of green push |url=https://www.theglobeandmail.com/business/article-caisse-invests-in-wind-power-project-in-taiwan-as-part-of-green-push/ |newspaper=The Globe and Mail |date=28 December 2020 |access-date=30 December 2020}}</ref>

In 2022, Ørsted began rewilding the seabottom near some of its offshore wind farms.<ref>{{cite web |title=Ørsted to Rewild Offshore Wind Farms |url=https://www.offshorewind.biz/2022/05/17/orsted-to-rewild-offshore-wind-farms/ |website=Offshore Wind |date=17 May 2022}}</ref>

==Operations== Ørsted considers Denmark, Sweden, the United Kingdom, Germany and the Netherlands as core markets of corporation.<ref>{{Cite web|last=BSIC|date=2019-10-06|title=Gone with the wind: Orsted sells domestic utility unit in $3.2bn deal to SEAS-NVE|url=https://bsic.it/gone-with-the-wind-orsted-sells-domestic-utility-unit-in-3-2bn-deal-to-seas-nve/|access-date=2021-08-31|website=BSIC {{!}} Bocconi Students Investment Club|language=en-GB}}</ref> However, in 2015 they also received a lease from the US agencies the Department of the Interior and the Bureau of Ocean Energy Management, which, in the lease, handed over some sea area in the United States for wind park development, specifically in New Jersey.

===Oil and gas exploration and production=== Before the divestment of its oil and gas upstream assets to Ineos in 2017, DONG Energy's core areas of oil and gas exploration and production lay in the southern part of the Norwegian North Sea and the Danish part of the North Sea, Barents Sea, west of Shetland, and in the central region of Norway (gas production). The reserve base was expected to be {{convert|570|e6oilbbl}} of oil equivalent.<ref name=ct290917>{{cite news | url = https://cleantechnica.com/2017/09/29/dong-energy-receives-regulatory-approval-divest-oil-gas-business-ineos/ | title = DONG Energy Receives Regulatory Approval To Divest Oil & Gas Business To INEOS | last = Hill |first = Joshua S. | date = 29 September 2017 | newspaper = Clean technica | accessdate = 1 October 2017}}</ref> In 2016, it produced {{convert|100000|oilbbl/d}} of oil equivalent.<ref name=ct290917/>

In 2016, DONG Energy agreed to sell its oil and gas pipelines to Energinet.dk.<ref name=dongoil>{{cite press release |url = http://www.dongenergy.com/en/investors_/Pages/Sale-of-the-oil-and-gas-infrastructure.aspx |title = Danish State to take over oil and gas pipelines |publisher = DONG Energy |accessdate = 1 October 2017 |url-status = live |archive-url = https://web.archive.org/web/20171001214202/http://www.dongenergy.com/en/investors_/Pages/Sale-of-the-oil-and-gas-infrastructure.aspx |archive-date = 1 October 2017}}</ref><ref name=icis210915>{{cite news |url = https://www.icis.com/resources/news/2015/09/21/9925750/dong-s-offshore-gas-pipelines-to-be-sold-to-danish-tso/ |title = DONG's offshore gas pipelines to be sold to Danish TSO |date = 21 September 2015 |work = ICIS |accessdate = 1 October 2017 |url-status = live |archive-url = https://web.archive.org/web/20171001213122/https://www.icis.com/resources/news/2015/09/21/9925750/dong-s-offshore-gas-pipelines-to-be-sold-to-danish-tso/ |archive-date = 1 October 2017}}</ref> It owned oil and gas pipelines which extend from the Danish part of the North Sea to Nybro and the Swedish gas transmission network (Nova Naturgas). DONG Energy co-owned the Tyra West – F3 pipeline pipelines, which create a link from the North Sea Danish section to the Netherlands natural gas hub in Den Helder, the DEUDAN pipeline from Jutland to north of Hamburg in Germany, and the Langeled pipeline from Nyhamna terminal in Norway to Easington in the UK.

===Power production=== Ørsted is the largest power producer in Denmark with market shares of 49% for electricity production and 35% for heat production. It also owns power production facilities and projects in Germany, Sweden, the Netherlands, Norway and the United Kingdom.

Ørsted is the largest offshore wind farm company in the world<ref name=ft170317>{{cite news |url = https://www.ft.com/content/99150262-d368-11e6-b06b-680c49b4b4c0 |title = Denmark's Dong Energy shifts from fossil fuels to renewables |last = Clark |first = Pilita |date = 17 March 2017 |newspaper = Financial Times |accessdate = 8 April 2017 |url-status = live |archive-url = https://web.archive.org/web/20170409111009/https://www.ft.com/content/99150262-d368-11e6-b06b-680c49b4b4c0 |archive-date = 9 April 2017}}</ref> with a market share of 16%.<ref>{{cite web|url=http://energypost.eu/offshore-wind-grows-fits-starts/|title=Offshore wind: Europe far ahead, Siemens largest by far|date=19 August 2016|accessdate=6 October 2016|url-status=usurped|archive-url=https://web.archive.org/web/20161009102413/http://energypost.eu/offshore-wind-grows-fits-starts/|archive-date=9 October 2016}}</ref> Ørsted surpassed 1,000 offshore wind turbines in 2016.<ref>{{cite web|url=https://cleantechnica.com/2016/10/25/dong-energy-surpasses-1000-wind-turbines-installed-sea/ |title=DONG Energy Surpasses 1,000 Wind Turbines Installed At Sea|work=CleanTechnica|date=25 October 2016|accessdate=30 April 2020}}</ref> In Denmark, it operates the 209 MW Horns Rev 2 offshore wind farm.<ref name="4cDKhorns2">[http://www.4coffshore.com/windfarms/horns-rev-2-denmark-dk10.html Horns Rev 2 (Denmark) offshore wind farm] {{webarchive|url=https://web.archive.org/web/20111210221155/http://www.4coffshore.com/windfarms/horns-rev-2-denmark-dk10.html |date=10 December 2011 }} ''4C'' . Retrieved: 30 July 2010.</ref><ref name=lorcDKhorns2>[http://www.lorc.dk/Knowledge/Offshore-renewables-map/Offshore-site-datasheet/Horns-Rev-2-Offshore-Wind-Farm/000036?free=horns+rev Horns Rev 2] {{webarchive|url=https://web.archive.org/web/20120324202556/http://www.lorc.dk/Knowledge/Offshore-renewables-map/Offshore-site-datasheet/Horns-Rev-2-Offshore-Wind-Farm/000036?free=horns+rev |date=24 March 2012 }} ''LORC'' . Accessed: 10 December 2011.</ref> In the United Kingdom Ørsted operates Barrow and Burbo Bank offshore windfarms and will construct Walney and Gunfleet Sands I and II wind farms.<ref name="4cUKgs">[http://www.4coffshore.com/windfarms/gunfleet-sands-united-kingdom-uk07.html Gunfleet Sands offshore wind farm (United Kingdom)] {{webarchive|url=https://web.archive.org/web/20111009182707/http://www.4coffshore.com/windfarms/gunfleet-sands-united-kingdom-uk07.html |date=9 October 2011 }} ''4C'' . Retrieved: 27 October 2010.</ref><ref name=oilvoice>{{cite news | url = http://www.oilvoice.com/n/DONG_Energy_Invests_in_UK_Offshore_Wind_Farms/9a96469e.aspx | title = DONG Energy Invests in UK Offshore Wind Farms | publisher = Oil Voice | date = 3 December 2007 | accessdate = 16 December 2007 | url-status = live | archive-url = https://web.archive.org/web/20090413173334/http://www.oilvoice.com/n/DONG_Energy_Invests_in_UK_Offshore_Wind_Farms/9a96469e.aspx | archive-date = 13 April 2009 }}</ref> In addition, it is building the world largest wind farms, the 1,200 MW Hornsea 1 and the 1,386 MW Hornsea 2.<ref>{{cite news| url = http://renews.biz/101385/dong-commits-to-hornsea-build| title = Dong commits to Hornsea build| date = 3 February 2016| work = renews.biz| url-status = live| archive-url = https://web.archive.org/web/20160204093546/http://renews.biz/101385/dong-commits-to-hornsea-build/| archive-date = 4 February 2016}}</ref><ref>{{cite press release| url = https://www.gov.uk/government/news/worlds-largest-offshore-wind-farm-to-be-built-in-the-uk| title = World's largest offshore wind farm to be built in the UK| date = 3 February 2016| publisher = Department of Energy and Climate Change| url-status = live| archive-url = https://web.archive.org/web/20160203150334/https://www.gov.uk/government/news/worlds-largest-offshore-wind-farm-to-be-built-in-the-uk| archive-date = 3 February 2016}}</ref><ref name=ct120917>{{cite news | url = https://cleantechnica.com/2017/09/12/dong-energy-build-worlds-largest-offshore-wind-farm-1386-mw/ | title = DONG Energy To Build World's Largest Offshore Wind Farm At 1,386 MW | last = Hill |first = Joshua S. | date = 12 September 2017 | newspaper = Clean technica | accessdate = 1 October 2017}}</ref>

In North America it is a joint venture partner in multiple proposed offshore wind projects, including the Block Island Wind Farm, Revolution Wind, South Fork Wind, and Sunrise Wind, all off the southern coast of New England.<ref>{{cite web | title = About Us | access-date = 2022-10-22 | url = https://us.orsted.com/about-us | publisher = Ørsted US }}</ref> In August 2025, the Revolution Wind project received an offshore stop-work order from US Department of the Interior’s Bureau of Ocean Energy Management.<ref>{{Cite web |title=Revolution Wind receives offshore stop-work order from US Department of the Interior’s Bureau of Ocean Energy Management |url=https://orsted.com/en/company-announcement-list/2025/08/revolution-wind-receives-offshore-stop-work-order--145387701 |access-date=2025-09-02 |website=orsted.com |language=en}}</ref>

The company was also developing Ocean Wind, an offshore wind farm on the Atlantic coast near Atlantic City, New Jersey, until it was cancelled in October 2023, and Skipjack Wind, southeast of the mouth of Delaware Bay. The company also has interests in onshore wind farms in Texas, Kansas, Nebraska, and Illinois.

Ørsted was until 2017 <ref>{{Cite web|url=https://www.cfe.be/fr/geosea-acquiert-a2sea|title=GeoSea acquiert A2SEA {{!}} cfe|website=www.cfe.be|access-date=2019-10-21}}</ref> the largest shareholder (51%) of offshore wind turbine installer A2SEA,<ref name="upstream290610">{{cite news |url = http://www.upstreamonline.com/live/article219032.ece |title = Siemens catches wind with A2Sea move |newspaper = Upstream Online |publisher = NHST Media Group |date = 29 June 2010 |accessdate = 16 November 2010 |url-status = live |archive-url = https://web.archive.org/web/20120929011325/http://www.upstreamonline.com/live/article219032.ece |archive-date = 29 September 2012}} </ref> while Siemens owns the other 49%.<ref name="a2sie">[http://www.offshorewind.biz/2010/10/13/antitrust-authority-approves-siemens-as-equity-partner-in-a2sea-denmark/ Antitrust authority approves Siemens as equity partner in A2SEA] {{webarchive|url=https://web.archive.org/web/20120310171823/http://www.offshorewind.biz/2010/10/13/antitrust-authority-approves-siemens-as-equity-partner-in-a2sea-denmark/ |date=10 March 2012 }} ''DONG Energy'', 13 October 2010. Retrieved: 16 November 2010.</ref> Ørsted also has 30% of subsea cabling installer CT Offshore.<ref name="dongCt">[http://www.maritimedanmark.dk/?Id=9312 DONG becomes co-owner of CT] {{webarchive|url=https://web.archive.org/web/20120308092138/http://www.maritimedanmark.dk/?Id=9312 |date=8 March 2012 }} (in Danish) ''Maritime Denmark'', 12 November 2010. Retrieved: 16 November 2010.</ref>

Ørsted has been developing Borssele 1 and 2 wind farms in the Netherlands since 2021.<ref>{{Cite web |last=Buljan |first=Adrijana |date=2021-11-12 |title=Ørsted Completes Borssele 1 & 2 Investment Financing |url=https://www.offshorewind.biz/2021/11/12/orsted-completes-borssele-1-2-investment-financing/ |access-date=2023-11-21 |website=Offshore Wind |language=en-US}}</ref>

On 26 November 2024, a joint venture between Ørsted and the Irish ESB Group was awarded the rights to develop a 900 MW offshore windfarm at the Tonn Nua site off the coast of County Waterford in Ireland.<ref>{{Cite news |date=26 November 2026 |title=ESB, Orsted win 900 MW Irish offshore wind tender |url=https://www.rte.ie/news/business/2025/1126/1545978-esb-orsted-win-900-mw-irish-offshore-wind-tender/ |url-status=live |archive-url=https://web.archive.org/web/20260512164608/https://www.rte.ie/news/business/2025/1126/1545978-esb-orsted-win-900-mw-irish-offshore-wind-tender/ |archive-date=12 May 2026 |access-date=12 May 2026 |work=RTÉ}}</ref><ref>{{Cite news |last=Jacobsen |first=Stine |last2=Buli |first2=Nora |last3=Claffey |first3=Martin |date=26 November 2025 |title=ESB and Orsted win contract for major wind farm off Waterford coast |url=https://www.irishexaminer.com/business/companies/arid-41749581.html |url-status=live |archive-url=https://web.archive.org/web/20260512164630/https://www.irishexaminer.com/business/companies/arid-41749581.html |archive-date=12 May 2026 |access-date=12 May 2026 |work=Irish Examiner}}</ref><ref>{{Cite news |last=O'Halloran |first=Barry |date=26 November 2025 |title=ESB-Ørsted venture wins wind farm contract |url=https://www.irishtimes.com/business/2025/11/26/esb-orsted-venture-wins-wind-farm-contract/ |url-status=live |archive-url=https://web.archive.org/web/20260512164613/https://www.irishtimes.com/business/2025/11/26/esb-orsted-venture-wins-wind-farm-contract/ |archive-date=12 May 2026 |access-date=12 May 2026 |work=Irish Times}}</ref>

== Shareholders == Ørsted is listed at the Nasdaq Copenhagen stock exchange.<ref>{{Cite web|title=ORSTED, Ørsted, (DK0060094928) - Nasdaq Nordic|url=http://www.nasdaqomxnordic.com/aktier/microsite?Instrument=CSE122544}}</ref> The Danish Government holds the majority of Ørsted shares (50.1%).<ref>{{Cite web|title=Poulsen to stand down as Ørsted CEO|url=https://www.windpowermonthly.com/article/1686420|access-date=2021-08-31|website=www.windpowermonthly.com|language=en}}</ref> Capital Group Companies, EuroPacific Growth Fund's, and SEAS-NVE holds over 5% of shares.<ref>{{cite web|url=http://www.dongenergy.com/en/investors/shares/major-shareholders|title=Ørsted.com - Love your home|website=www.dongenergy.com|accessdate=25 April 2018|url-status=live|archive-url=https://web.archive.org/web/20171007000037/http://www.dongenergy.com/en/investors/shares/major-shareholders|archive-date=7 October 2017}}</ref> According to a political agreement, the Danish Government shall maintain a majority in the company until 2025.<ref>{{Cite web|title=Dong Energy: Risk Assessment for Shareholders of the Proposed 1500 MW Coal-fired Power Plant near Greifswald, Germany|url=https://www.wwf.de/fileadmin/fm-wwf/Publikationen-PDF/Dong_Energy_Final.pdf}}</ref>

==See also== {{Portal|Denmark|Energy}} * Energy in Denmark * List of companies of Denmark

==References== {{Reflist}}

==External links== * [https://www.orsted.com Ørsted website]

{{DEFAULTSORT:Orsted (company)}} Category:Ørsted (company) Category:Oil and gas companies of Denmark Category:Electric power companies of Denmark Category:Wind power companies Category:Public corporations of the Danish Government Category:Non-renewable resource companies established in 2006 Category:Danish companies established in 2006 Category:2016 initial public offerings Category:Companies based in Fredericia Municipality Category:Multinational companies headquartered in Denmark Category:Companies listed on Nasdaq Copenhagen Category:Companies in the OMX Copenhagen 25 Category:Companies in the OMX Nordic 40 Denmark