Ørsted

Corporate brand

Danish multinational energy company transformed from a state-owned oil and gas enterprise into a global developer and operator of renewable-energy assets, especially offshore wind.

Last updated August 31, 2026

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Overview

Ørsted A/S is a Danish multinational energy company headquartered in Fredericia. It is best known for developing, constructing, owning and operating offshore wind farms, while also maintaining activities in onshore wind, solar power, battery storage, bioenergy, renewable hydrogen, green fuels and energy trading. The company is one of Denmark’s largest energy businesses and has positioned offshore wind as the central pillar of its international growth strategy. The business originated in 1972 as Dansk Naturgas A/S, a Danish state-owned company created to manage oil and natural-gas resources in the Danish sector of the North Sea. It was later renamed Dansk Olie og Naturgas, commonly abbreviated as DONG. During the 2000s, DONG expanded beyond upstream hydrocarbons into electricity generation and distribution. In 2005 it acquired or combined with several Danish electricity businesses, including Elsam, Energi E2, NESA, Københavns Energi and Frederiksberg Forsyning. The resulting company, DONG Energy, was formally created in 2006. The company’s transition toward renewable energy was gradual but strategically decisive. Offshore wind became increasingly important after the development of Horns Rev and other Danish projects. In 2009, DONG adopted an “85/15” transformation vision: moving from a business whose activities were predominantly fossil-fuel-based to one in which approximately 85% of activity would be associated with green energy. It subsequently divested non-core assets, reduced exposure to oil and gas, and concentrated capital and management attention on offshore wind. A major turning point came in 2016 and 2017. DONG completed an initial public offering on Nasdaq Copenhagen in June 2016, while the Danish state retained majority control. In 2017 it agreed to sell its upstream oil and gas business to INEOS. Following completion of that transaction, the company changed its name to Ørsted, in tribute to Danish scientist Hans Christian Ørsted, whose discovery of electromagnetism in 1820 helped establish the scientific basis for modern electricity. The new name was implemented on 6 November 2017 and symbolised the company’s shift from a fossil-fuel legacy to a renewable-energy identity. Ørsted built an international portfolio across Europe, North America and Asia-Pacific. Its projects include major UK developments such as Hornsea 1 and Hornsea 2, Danish assets such as Horns Rev 2 and Anholt, and projects in Germany, the Netherlands, Taiwan and the United States. The company also participated in the development of the first commercial offshore wind farm in the United States, Block Island Wind Farm, and pursued larger US projects including Revolution Wind, South Fork Wind, Sunrise Wind, Ocean Wind and Skipjack. The company’s growth model combines development expertise, long-term ownership and operation of renewable assets, project partnerships, power sales and selective divestments. Its business is exposed to electricity prices, construction costs, interest rates, permitting, supply-chain availability, subsidy regimes and the ability to secure viable offtake contracts. These pressures became particularly visible in the US offshore-wind portfolio in 2023, when Ørsted stopped developing Ocean Wind 1 and Ocean Wind 2 and recorded substantial impairments and cancellation-related provisions. As of 2025, Ørsted described itself as a global leader in offshore wind, with 10.2 GW of installed offshore capacity, 8.1 GW under construction and more than 18 GW of installed renewable capacity across offshore and onshore wind, solar, storage and bioenergy. The company reported approximately 7,700 employees and operating profit excluding new partnerships and cancellation fees of DKK 25.1 billion for 2025. Its stated strategic direction remains focused on disciplined renewable-energy growth, project execution, financial resilience and the long-term decarbonisation of electricity and heat generation.

History

Ørsted’s history begins with Denmark’s effort to manage offshore hydrocarbons. In 1972, the Danish state established Dansk Naturgas A/S to administer oil and natural-gas resources in the Danish sector of the North Sea. The enterprise later became Dansk Olie og Naturgas, generally known as DONG. Its original role was tied to national energy security and fossil-fuel production rather than renewable generation. During the late 1990s and early 2000s, DONG broadened its role in the Danish energy system. It moved into electricity generation and began acquiring interests in power companies. The 2005 consolidation of DONG with Elsam, Energi E2, NESA, Københavns Energi and Frederiksberg Forsyning created the foundation for DONG Energy, formally established in 2006. This integration combined upstream oil and gas, power generation, electricity distribution, heat production and energy trading. Offshore wind became the company’s most important strategic growth area. Elsam’s 160 MW Horns Rev project, installed in 2002, demonstrated the feasibility of large-scale offshore wind and helped establish Denmark as an early leader in the sector. DONG Energy subsequently participated in projects across the North Sea and other European waters. The company also expanded its oil and gas position during this period, including participation in Norway’s Ormen Lange gas field and ownership interests in North Sea pipelines and other infrastructure. The financial crisis and changing climate policy environment encouraged a sharper strategic focus. Around the 2009 Copenhagen climate summit, DONG Energy adopted an “85/15” vision intended to reverse the balance between fossil and green activities. The company divested telecommunications and selected power assets, withdrew from some consumer markets, sold Norwegian power interests and reorganised its portfolio to release capital for offshore wind. By 2012 and 2013, wind capacity was expanding rapidly, while projects such as Anholt Offshore Wind Farm established DONG as a major developer in the Danish market. In 2014, DONG sold its remaining onshore wind turbines and increasingly presented itself as an offshore-wind specialist. The company’s need for capital to finance large projects contributed to a controversial 2014 transaction in which Goldman Sachs affiliate New Energy Investment acquired an 18% stake, while Danish pension funds ATP and PFA also purchased shares. The transaction provoked political opposition and contributed to the withdrawal of ministers from Denmark’s governing coalition, although it proceeded. DONG Energy went public on Nasdaq Copenhagen in June 2016. The listing was a major step in its transformation from a state-controlled energy utility into a publicly traded international company, while the Danish Government retained majority ownership. In the same period, DONG sold selected Norwegian oil and gas interests and moved closer to a pure-play renewable-energy model. The decisive transformation occurred in 2017. DONG announced that it would phase out coal use by 2023 and completed the sale of its upstream oil and gas business to INEOS. The divestment removed the central fossil-fuel business reflected in the DONG name. Shareholders approved a new name, Ørsted A/S, in October 2017, and the brand was introduced on 6 November. The name honours Hans Christian Ørsted, the Danish scientist associated with the discovery of electromagnetism. The rebrand expressed a new corporate purpose: helping create a world that runs entirely on green energy. After the rebrand, Ørsted accelerated international offshore-wind expansion. It acquired Deepwater Wind in 2018, strengthening its position in the United States and other markets. It developed or co-developed projects including Block Island Wind Farm, South Fork Wind, Revolution Wind, Sunrise Wind, Ocean Wind and Skipjack in North America, while continuing to build major European projects such as Hornsea 1 and Hornsea 2. It also expanded in Taiwan through the Greater Changhua projects and developed assets in Germany and the Netherlands. The company’s green transformation did not eliminate commercial risk. Large offshore projects require long development periods and are sensitive to turbine and vessel availability, cable and construction costs, interest rates, inflation, permitting and offtake prices. These pressures intensified in the United States in 2023. Ørsted ceased Ocean Wind 1 and Ocean Wind 2, took a final investment decision on Revolution Wind and recognised major impairments, most of which were associated with Ocean Wind 1. The following annual report recorded a net loss for 2023 and a large provision for cancellation fees. Ørsted subsequently reviewed its operating model, renegotiated contracts and adjusted its capital plans. In 2024, the company continued project execution in Europe and secured UK capacity awards for Hornsea 3 and Hornsea 4, while also reporting improved outcomes from settlements connected with Ocean Wind. In February 2025, Rasmus Errboe succeeded Mads Nipper as CEO. By its 2025 reporting, Ørsted described a portfolio exceeding 18 GW of installed renewable capacity, including 10.2 GW of installed offshore wind, with a core focus on Europe and additional activity across Asia-Pacific and North America. The company’s current identity is therefore the result of a multi-decade transition: from state-owned North Sea oil and gas administrator, to integrated Danish utility, to listed multinational renewable-energy developer centred on offshore wind.

2025
Rasmus Errboe becomes CEO
[10]Rasmus Errboe is appointed CEO of Ørstedorsted.com
Errboe replaced Mads Nipper as Group President and CEO on 1 February 2025.
2024
Hornsea 3 and Hornsea 4 receive UK capacity awards
[12]Hornsea 3 and Hornsea 4 receive UK capacity awardscdn.orsted.com
The UK awarded Ørsted 3.5 GW of capacity for the two offshore-wind projects.
2023
Ocean Wind 1 and Ocean Wind 2 are cancelled
[8]Ørsted ceases development of Ocean Wind 1 and Ocean Wind 2orsted.com
Ørsted stopped development of the two projects and recognised substantial impairments amid worsening US offshore-wind economics.
2020
Greater Changhua partnership is expanded
[1]Ørsted (company)en.wikipedia.org
Ørsted sold a 50% stake in the Greater Changhua 1 project to CDPQ and Cathay PE, supporting the financing of its Taiwan portfolio.
2018
Deepwater Wind is acquired
[1]Ørsted (company)en.wikipedia.org
The acquisition expanded Ørsted’s offshore-wind position in the United States and strengthened its North American development platform.
2017
Oil and gas business is sold to INEOS
[6]DONG Energy enters agreement to divest upstream oil and gas business to INEOSorsted.com
The divestment marked the completion of the company’s strategic shift away from upstream fossil fuels.
2017
DONG Energy becomes Ørsted
[5]We are changing our company name to Ørstedorsted.com
Shareholders approved the new name in October and the Ørsted brand was rolled out on 6 November 2017.
2017
Vindeby is decommissioned
[1]Ørsted (company)en.wikipedia.org
Ørsted completed the decommissioning of Vindeby, widely regarded as the world’s first offshore wind farm.
2016
DONG Energy lists on Nasdaq Copenhagen
[2]History and transformationorsted.com
The company completed its initial public offering while the Danish Government retained majority control.
2014
Goldman Sachs affiliate acquires a major stake
[1]Ørsted (company)en.wikipedia.org
New Energy Investment acquired an 18% stake, a transaction that generated substantial political controversy in Denmark.
2013
Anholt Offshore Wind Farm is completed
[1]Ørsted (company)en.wikipedia.org
The 400 MW Anholt project became a major addition to Denmark’s offshore-wind capacity.
2009
The company adopts the 85/15 green-transformation vision
[2]History and transformationorsted.com
DONG Energy set a strategic direction to shift its business from predominantly fossil-based activity toward predominantly green energy.
2006
DONG Energy is formed
[2]History and transformationorsted.com
The merger of DONG and five Danish energy businesses created DONG Energy as an integrated energy company.
2005
DONG consolidates Danish electricity businesses
[2]History and transformationorsted.com
DONG acquired or merged with Elsam, Energi E2, NESA, Københavns Energi and Frederiksberg Forsyning.
2002
Horns Rev demonstrates large-scale offshore wind
[1]Ørsted (company)en.wikipedia.org
Elsam installed the 160 MW Horns Rev offshore wind farm, an early landmark in commercial-scale offshore wind development.
1972
Danish state establishes Dansk Naturgas A/S
[2]History and transformationorsted.com
The company’s institutional predecessor was created to manage oil and natural-gas resources in Denmark’s North Sea sector.

Products and positioning

A vertically integrated renewable-energy developer and operator positioned around offshore wind leadership, large-scale project execution and the transition from fossil-fuel-based power generation to green energy.

Renewable electricity · 2002
Offshore wind power
Ørsted’s core business is the development, construction, ownership and operation of offshore wind farms. Its portfolio spans fixed-bottom projects in the North Sea, the Baltic region, the Asia-Pacific region and North America. The business covers site development, seabed leasing, permitting, procurement, construction management, power offtake, asset ownership and operations and maintenance. Flagship projects include Hornsea, Horns Rev, Greater Changhua, Revolution Wind and South Fork Wind.
Renewable electricity
Onshore wind and solar
In addition to offshore wind, Ørsted develops and operates onshore wind farms and solar photovoltaic facilities, especially in North America and selected European markets. These assets broaden the company’s renewable generation portfolio and can be combined with storage and commercial power arrangements. The company’s onshore renewable activities are smaller and less central to its identity than offshore wind but remain part of its multi-technology platform.
Energy infrastructure
Energy storage
Ørsted develops energy-storage projects, including battery systems associated with renewable-generation portfolios. Storage can help balance variable wind and solar output, provide grid services and improve the commercial flexibility of renewable assets. It is treated as an adjacent activity supporting the wider transition to a more flexible electricity system.
Renewable heat and power
Bioenergy and sustainable heat
The company operates and converts selected power and heat facilities toward lower-carbon fuels, including sustainable biomass. Its conversion of the Skærbæk Power Station from gas to sustainable biomass illustrated the effort to reduce fossil-fuel use while retaining dispatchable generation and district-heating capability.
Clean fuels
Renewable hydrogen and green fuels
Ørsted has developed projects and partnerships involving renewable hydrogen, e-fuels and related green-fuel technologies. These activities extend the company beyond electricity generation into the decarbonisation of industrial processes, shipping and other sectors that are difficult to electrify directly.
Electric utilities · 1972
Electricity generation and trading
Ørsted remains an electricity and heat producer as well as a renewable-energy developer. Its commercial activities include power sales, energy trading, offtake arrangements and the management of generation portfolios. Historically, the company also owned electricity distribution networks and conventional power plants, although many of those activities were later divested or transformed.

Controversies

2023
Ocean Wind cancellations and major impairments
Ørsted’s decision to stop developing Ocean Wind 1 and Ocean Wind 2 exposed severe economic and execution pressures in the US offshore-wind market. The company cited supplier delays, inflation, higher interest rates, permitting uncertainty and deteriorating project economics, and recorded substantial impairment losses and cancellation-related provisions.
Source
2014
Political controversy over Goldman Sachs stake sale
The sale of an 18% stake in DONG Energy to New Energy Investment, a Goldman Sachs affiliate, was heavily criticised in Denmark. The controversy contributed to a split within the governing coalition and the withdrawal of ministers from the Socialist People’s Party.
Source

2017DONG Energy becomes Ørsted
Global
The rebranding campaign introduced Ørsted as the public identity of a company that had sold its upstream oil and gas business and wanted its name to represent green energy rather than Danish oil and natural gas.
Outcome. The name was approved by shareholders on 30 October 2017 and rolled out across the group on 6 November 2017.
Source
2017Let’s create a world that runs entirely on green energy
Global
Ørsted launched a corporate purpose and communications platform centred on the idea of a world powered entirely by green energy. The message linked the new brand to offshore-wind development, climate action and the company’s fossil-to-renewables transformation.
Outcome. The platform became the company’s principal long-term positioning statement.
Source
200985/15 green transformation vision
Denmark · Europe
DONG Energy introduced a strategic vision to reverse the balance of its business, moving from approximately 85% fossil-fuel-based activity and 15% green activity toward the opposite mix. The initiative framed the company’s long-term repositioning around renewable generation and offshore wind.
Outcome. The vision became the basis for the later divestment of oil and gas assets and the company’s rebranding as Ørsted.
Source

Brand decisions

2025
Appoint a new chief executive during offshore-wind market pressureStrategy
Background
The board cited changes in offshore-wind economics, supply-chain bottlenecks, higher interest rates and a changing regulatory environment.
Action taken
Rasmus Errboe replaced Mads Nipper as Group President and CEO on 1 February 2025.
Aftermath
The leadership change placed greater emphasis on commercial discipline, execution, risk management and value creation across the renewable portfolio.
Source
2024
Pause dividends and revise capital disciplineStrategy
Background
The 2023 results were heavily affected by US offshore-wind impairments and Ocean Wind cancellation provisions, despite strong underlying operating performance in several offshore assets.
Action taken
The board paused dividend payments for the 2023–2025 financial years and adjusted the company’s business plan and investment priorities.
Aftermath
The decision prioritised balance-sheet resilience, project execution and risk management while preserving a stated intention to restore dividends after the pause.
Source
2023
Stop development of Ocean Wind 1 and Ocean Wind 2Strategy
Background
The two New Jersey projects faced supplier delays, higher financing costs, inflation, permitting uncertainty, tax-credit assumptions and worsening long-term economics.
Action taken
Ørsted cancelled development of both projects while taking final investment decision on Revolution Wind and continuing its review of the US portfolio.
Aftermath
The decision led to major impairment losses, cancellation-fee provisions, contract renegotiations and a reassessment of project-development risk and capital allocation.
Impairments recognised in the first nine months of 2023. DKK 28.4 billion (Nine months ended 30 September 2023)
Source
2018
Acquire Deepwater WindM&A
Background
Ørsted sought to expand its offshore-wind development platform in the United States and strengthen its position in a new market.
Action taken
The company acquired Deepwater Wind, gaining projects and development capabilities in the US offshore-wind sector.
Aftermath
The acquisition made Deepwater Wind projects such as South Fork, Revolution Wind, Sunrise Wind and Skipjack part of Ørsted’s North American portfolio.
Source
2017
Exit upstream oil and gas and become a renewable-energy companyStrategy
Background
DONG Energy had spent several years shifting capital and operating attention from fossil fuels toward offshore wind and other renewable activities.
Action taken
The company sold its upstream oil and gas business to INEOS and presented the transaction as the completion of its transformation into a pure-play renewable-energy company.
Aftermath
The divestment enabled the company to adopt the Ørsted name and made offshore wind the centre of its corporate identity and investment strategy.
Transaction value. USD 1.05 billion (2017 transaction announcement)
Source
2017
Adopt the Ørsted corporate nameStrategy
Background
After selling its upstream oil and gas business, the DONG name no longer described the company’s operations or its intended international renewable-energy positioning.
Action taken
Shareholders approved a name change to Ørsted A/S, honouring scientist Hans Christian Ørsted, and the new identity was implemented on 6 November 2017.
Aftermath
The rebrand established the company as a renewable-energy specialist and became a visible symbol of its fossil-to-green transformation.
Source

Recent events

2026-01-02
Orsted sues Trump administration over suspended offshore wind project[14]Ørsted就海上风电项目被暂停起诉特朗普政府finance.yahoo.com
Reported: 2026-01-03
Orsted A/S initiated legal proceedings against the Trump administration after the administration suspended leases for five major offshore wind projects, including Revolution Wind, on December 22, citing national security concerns raised by the Pentagon.
Unconfirmed
Edinburgh Airport and Orsted sign emissions-reduction partnership[15]爱丁堡机场与Orsted签署减排合作协议businesstraveller.com
Reported: 2021-10-22
Edinburgh Airport and renewable energy company Orsted signed a memorandum of understanding to collaborate on reducing emissions at the airport and work toward the airport's net-zero target.
2021-04-16
Ørsted agrees to acquire Brookfield Renewable Ireland’s onshore wind business[16]Ørsted同意收购Brookfield Renewable Ireland陆上风电业务siliconrepublic.com
Reported: 2021-04-16
Ørsted entered into an agreement to acquire 100% equity interest in Brookfield Renewable Ireland’s onshore wind business for €571 million, subject to customary price adjustments. The transaction was expected to close by Q2 2021.
2020-09-09
Ørsted appoints Mads Nipper as CEO[17]Ørsted任命Mads Nipper为首席执行官energy.economictimes.indiatimes.com
Reported: 2020-09-10
Ørsted said it had appointed Grundfos Chief Executive Mads Nipper to replace outgoing CEO Henrik Poulsen.
2020-06-16
Ørsted announces CEO Henrik Poulsen’s resignation[18]Ørsted announces CEO Henrik Poulsen’s resignationsplash247.com
Reported: 2020-06-16
Ørsted announced that CEO Henrik Poulsen had resigned, effective no later than January 31. The article does not specify the year for that effective date.

Sources18 sources

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