Ørsted’s vision is a world that runs entirely on green energy. We develop, construct and operate offshore and onshore wind farms, solar farms and energy storage facilities, bioenergy plants and provide energy products to our customers.
A decade ago, we initiated our transformation from a black to a green energy company as DONG Energy. Since then, we’ve reduced our coal consumption by 91% and decided to fully phase out coal in 2023. We’ve become a global leader in offshore wind and have installed enough capacity to power more than 14 million people. Our ambition is to raise this number to 30 million by 2025. By 2030, our ambition is to have installed more than 30GW of renewable energy capacity, enough to power more than 55 million people across the world.
In 2017, we divested our upstream oil and gas business, thereby completing our transformation to become fully dedicated to green energy.
Our transformation means that we’ve become too green for our name. DONG, originally short for Danish Oil and Natural Gas, is no longer an accurate description of who we are, or who we want to be. So now we’re Ørsted.
Danish company Orsted was named Dong Energy until the sale of all its oil and gas fields to Ineos in 2017, soon after the May 2016 initial public offering. Orsted is now focused on offshore wind farms. It operated 6.8 GW of offshore wind farms at the end of 2019. The U.K. is the biggest country of operation, ahead of Germany and Denmark. The group intends to develop its footprint outside Europe with projects in Taiwan and the acquisition of onshore and offshore wind companies in the U.S. Orsted is also involved in more traditional utilities business like conventional power plants and gas supply, but these activities are noncore. Orsted intends to phase out coal by 2023.