Ørsted
Danish renewable-energy company best known for developing, constructing, and operating large-scale offshore wind farms.
Last updated October 14, 2026
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Overview
Ørsted is a Danish renewable-energy company and one of the world's largest developers and operators of offshore wind farms. Headquartered in Skærbæk near Fredericia, Denmark, the company develops, finances, constructs, owns, operates, and divests renewable-energy assets across Europe, Asia-Pacific, and North America. Its principal activities include offshore wind, onshore wind, solar power, energy storage, bioenergy, energy trading, and related operations and maintenance services. The company was formed in 2006 as DONG Energy through the merger of Denmark's state-owned oil and gas company, Dansk Olie og Naturgas, with Elsam, Energi E2, NESA, Københavns Energi, and Frederiksberg Forsyning. The inherited portfolio included oil and gas production, coal-fired power generation, electricity distribution, retail activities, and early renewable-energy investments. During the following decade, DONG Energy progressively shifted capital and management attention away from fossil fuels and toward renewable power, particularly offshore wind. The transformation was anchored in Denmark's early offshore-wind industry. The predecessor companies had participated in the development of Vindeby, commissioned in 1991 as the world's first offshore wind farm, and in later Danish projects such as Horns Rev. DONG Energy subsequently used its experience in the North Sea to build an international development platform. Its portfolio expanded into the United Kingdom, Germany, the Netherlands, Taiwan, Poland, the United States, and other markets. A decisive step came in 2017, when DONG Energy sold its upstream oil and gas business to INEOS. The divestment removed the company's remaining upstream fossil-fuel operations and helped complete its transition into a predominantly renewable-energy business. In October 2017, the company legally changed its name to Ørsted, honoring Danish physicist Hans Christian Ørsted and signaling that the former Danish Oil and Natural Gas identity no longer represented the business. The company adopted the vision of creating a world that runs entirely on green energy. Ørsted's strongest competitive position is in offshore wind. Its portfolio includes major projects such as Hornsea in the United Kingdom, Greater Changhua in Taiwan, South Fork and Revolution Wind in the United States, Baltica in Poland, and German North Sea projects including Gode Wind and Borkum Riffgrund. The company has also developed an operating and construction platform covering seabed leasing, permitting, turbine procurement, foundations, subsea cables, installation, grid connection, asset management, and long-term operations. The company remains exposed to the capital intensity and policy sensitivity of renewable infrastructure. Inflation, higher interest rates, supply-chain disruption, vessel shortages, permitting delays, and changes in government support mechanisms have affected the economics of several projects. In 2023, Ørsted cancelled development of Ocean Wind 1 and Ocean Wind 2 in the United States and recognized substantial impairments. In 2024, it reported further impairments associated mainly with United States projects and ceased construction of the FlagshipONE e-methanol project. These events prompted a more selective capital-allocation strategy and a sharper focus on offshore wind markets with stronger long-term fundamentals. As of 2025, Ørsted describes itself primarily as an offshore-wind leader rather than as a diversified green-energy major. Its strategy emphasizes delivery of an approximately 8.1 GW offshore-wind construction program, disciplined investment, balance-sheet resilience, and continued development of selected European and Asia-Pacific opportunities. The company also maintains activities in onshore wind, solar, storage, bioenergy, power trading, and green fuels, although offshore wind remains the central identity of the brand and the main source of its international recognition.
History
Ørsted's origins lie in Denmark's state-led energy policy of the twentieth century. In 1973, the Danish government established Dansk Olie og Naturgas, commonly abbreviated as DONG, to manage national oil and gas resources and reduce the country's dependence on imported energy. The business developed oil and gas production and related infrastructure in the Danish sector of the North Sea. Over time, the DONG group expanded beyond upstream hydrocarbons into electricity generation, distribution, retail, and energy trading. The future Ørsted also inherited an important renewable-energy lineage. Denmark's policy support for wind power produced a domestic industrial ecosystem, and predecessor company Elsam developed Horns Rev, one of the first large offshore wind farms. The predecessor companies also participated in Vindeby, commissioned in 1991 as the world's first offshore wind farm. These early projects gave the group experience in marine construction, turbine operation, grid connection, and the regulatory and commercial structures that later became central to its international business. In the early 2000s, DONG expanded into electricity through acquisitions and ownership positions in Danish utilities and power producers. A broad consolidation process brought together Elsam, Energi E2, NESA, Københavns Energi, and Frederiksberg Forsyning with the former DONG oil-and-gas business. The European Commission approved the merger in March 2006, creating DONG Energy. The new group combined fossil-fuel production and conventional power generation with electricity networks, customer businesses, and emerging renewable-energy activities. DONG Energy initially remained a carbon-intensive company. Its portfolio included coal-fired combined heat and power plants, natural gas, oil and gas production, and extensive energy infrastructure. However, management increasingly identified offshore wind as a scalable growth platform. The company expanded in the North Sea, particularly in the United Kingdom, Germany, Denmark, and the Netherlands, and developed capabilities across the full project life cycle. It also began selling minority stakes in completed projects to institutional investors, recycling capital into new developments while retaining operating and commercial roles. The strategic transformation accelerated during the 2010s. DONG Energy reduced exposure to coal and conventional generation, invested heavily in offshore wind, and prepared the group for public-market ownership. The company floated on Nasdaq Copenhagen in 2016. The same period also saw the decision to sell the upstream oil and gas business, which had become increasingly inconsistent with the group's renewable-energy strategy. In May 2017, DONG Energy agreed to sell DONG E&P to INEOS for an unconditional payment of USD 1.05 billion, plus contingent consideration. The transaction included oil and gas licenses in Denmark, Norway, and the United Kingdom and transferred approximately 440 employees. Completion occurred on 29 September 2017, with approximately 430 employees transferring to INEOS. The sale was described by DONG Energy as completing its transformation into a leading renewable-energy company. The company changed its legal name to Ørsted in October 2017. The name honors Hans Christian Ørsted, the Danish physicist associated with the discovery of electromagnetism. It also removed the reference to Danish Oil and Natural Gas from the corporate identity. The rebrand established a clear link between the company's Danish heritage, scientific culture, and renewable-energy ambition. After the rebrand, Ørsted pursued international growth in offshore wind. In Europe, the company built and operated projects such as Westermost Rough, Hornsea 1 and 2, Borkum Riffgrund, Gode Wind, and Borssele. Hornsea 1 became one of the world's largest offshore wind farms when it entered operation, while Hornsea 2 strengthened Ørsted's position as a large-scale project developer in the United Kingdom. The company also entered Taiwan, where Greater Changhua 1 and 2a became a major 900 MW development, followed by Greater Changhua 2b and 4. Ørsted entered the United States more aggressively through the acquisition of Deepwater Wind in 2018. The transaction provided a portfolio of offshore and onshore projects and helped establish a development platform on the United States eastern seaboard. South Fork Wind became the first utility-scale offshore wind farm in the United States, while Revolution Wind and Sunrise Wind developed into major projects serving New York, Rhode Island, and Connecticut. Ørsted also pursued the Ocean Wind projects in New Jersey. The economics of new offshore wind projects became more difficult after 2021. Inflation, higher interest rates, turbine and vessel constraints, supply-chain disruption, permitting delays, and changing subsidy mechanisms placed pressure on projects globally. In October 2023, Ørsted cancelled Ocean Wind 1 and Ocean Wind 2 and recognized DKK 28.4 billion of impairments for the first nine months of the year, with the largest portion related to Ocean Wind 1. The company continued with South Fork, Revolution Wind, and other selected United States projects, but began a broader review of its portfolio. In 2024, Ørsted inaugurated Greater Changhua 1 and 2a and continued commissioning renewable assets. It also recognized DKK 15.6 billion of net impairments, mainly relating to United States projects, and ceased construction of the FlagshipONE e-methanol project. These developments reinforced the need for stricter project selection and stronger balance-sheet management. In 2025, Rasmus Errboe became Group President and CEO, replacing Mads Nipper. The company narrowed its strategic emphasis toward maintaining and strengthening global leadership in offshore wind, particularly in Europe and selected Asia-Pacific markets. Ørsted announced a reduced investment program toward 2030, completed a rights issue to strengthen its capital structure, and reorganized its executive team around development, generation, finance, and project delivery. The modern Ørsted brand therefore combines a pioneering Danish offshore-wind heritage with a more disciplined and financially selective approach to renewable infrastructure.
- 2025
Rasmus Errboe becomes CEO
[15]Rasmus Errboe succeeds Mads Nipper as Group President and CEO.
- 2025
Capital-allocation strategy is tightened
[11]Ørsted reduces its investment program toward 2030 by approximately 25 percent compared with its prior ambition and emphasizes committed offshore-wind construction projects.
- 2025
Rights issue completed
[12]Ørsted completes a rights issue to strengthen its capital structure and support its offshore-wind construction program.
- 2024
Greater Changhua 1 and 2a inaugurated
[14]Ørsted inaugurates the 900 MW Greater Changhua 1 and 2a offshore wind farms in Taiwan.
- 2023
Ocean Wind projects cancelled
[8]Ørsted ceases development of Ocean Wind 1 and Ocean Wind 2 and recognizes DKK 28.4 billion of impairments for the first nine months of the year.
- 2018
Deepwater Wind acquisition expands United States platform
[1]Ørsted acquires Deepwater Wind, adding offshore and onshore renewable projects and expanding its United States development platform.
- 2017
Upstream oil and gas business sold to INEOS
[7]The sale of DONG E&P to INEOS removes the group's upstream oil and gas business and marks a central step in its transition to renewable energy.
- 2017
DONG Energy becomes Ørsted
[6]The company legally changes its name to Ørsted on 30 October 2017, reflecting its renewable-energy identity.
- 2016
DONG Energy is listed on Nasdaq Copenhagen
[1]DONG Energy completes its public listing, supporting its subsequent portfolio transformation and expansion in renewable energy.
- 2006
DONG Energy is formed
[1]DONG merges with Elsam, Energi E2, NESA, Københavns Energi, and Frederiksberg Forsyning, creating DONG Energy.
Products and positioning
A global renewable-energy company positioned around offshore wind leadership, industrial-scale clean-energy infrastructure, and the transition from fossil-fuel-based power generation to green electricity.
Renewable electricity generation · 1991
Offshore wind farms
Offshore wind is Ørsted's central business and defining capability. The company develops seabed leases, secures permits and offtake agreements, arranges financing, procures turbines and foundations, manages marine construction, connects projects to electricity grids, and operates wind farms over their useful lives. Its offshore portfolio spans the North Sea, Baltic Sea, Taiwan Strait, and the United States Atlantic coast. Major projects include Hornsea, Greater Changhua, South Fork, Revolution Wind, Sunrise Wind, Baltica, Gode Wind, and Borkum Riffgrund.
Renewable electricity generation
Onshore wind
Ørsted develops and operates land-based wind projects in selected markets, particularly the United States and Europe. Onshore wind complements the company's offshore portfolio by providing renewable generation with different construction schedules, grid profiles, land requirements, and cost structures. The business includes project development, construction, ownership, operations, power sales, and partnerships with infrastructure investors and local stakeholders.
Renewable electricity generation
Solar power
Solar farms form part of Ørsted's broader renewable-energy portfolio, particularly in combination with onshore wind, storage, and power-market services. The company develops utility-scale solar assets and integrates them into regional generation portfolios. Solar is strategically complementary to offshore wind because production profiles differ by season and time of day, improving portfolio diversification and supporting power-market flexibility.
Energy storage
Battery energy storage
Ørsted develops battery-storage facilities to support renewable integration, grid balancing, capacity management, and electricity-market optimization. Storage can help smooth variable generation, respond rapidly to system needs, and improve the commercial performance of wind and solar portfolios. The activity is positioned as an enabling technology within Ørsted's wider renewable-power platform rather than as the company's primary product category.
Thermal and renewable energy
Bioenergy and biomass plants
Ørsted operates and manages selected bioenergy and biomass-based power and combined heat-and-power assets, mainly in Denmark and other European markets. These facilities provide dispatchable electricity and heat and have historically played a role in the company's transition away from coal. Bioenergy remains part of the portfolio, although offshore wind now dominates Ørsted's strategic identity and investment priorities.
Green fuels
Renewable hydrogen and green fuels
Ørsted has developed projects involving renewable hydrogen, e-methanol, and other green fuels intended for industrial, maritime, and hard-to-abate sectors. These projects seek to combine renewable electricity with electrolyzers and downstream fuel production. The company ceased construction of the FlagshipONE e-methanol project in 2024 after reassessing project economics, but continues to evaluate green-fuels opportunities where renewable power, offtake, and infrastructure conditions are attractive.
Energy services
Energy trading and power sales
Ørsted trades electricity and manages commercial arrangements associated with its renewable-energy assets. These activities include power sales, route-to-market services, hedging, offtake structuring, and management of market exposure. Trading capabilities help the company monetize output from wind, solar, bioenergy, and storage assets while supporting long-term contracts such as corporate power-purchase agreements and government-backed price mechanisms.
Renewable infrastructure services
Operations and maintenance services
Ørsted provides long-term operations, maintenance, asset management, and performance-monitoring services for renewable-energy projects. Its offshore capabilities include turbine and balance-of-plant maintenance, marine logistics, inspections, remote monitoring, safety management, and coordination of major repairs. The operating platform gives Ørsted recurring technical knowledge and helps protect the availability and commercial performance of projects in which it retains ownership or service responsibilities.
Brand decisions
2025
Reduced investment program and sharper offshore-wind focusStrategyBackground
Higher financing costs, project impairments, industry-wide cost inflation, and pressure on credit metrics led Ørsted to reassess the pace and breadth of planned investment.
Action taken
The company reduced its investment program toward 2030 by approximately 25 percent compared with its prior ambition and prioritized delivery of its committed offshore-wind construction portfolio.
Aftermath
Ørsted positioned itself as a more financially disciplined offshore-wind specialist, emphasizing projects and markets with stronger long-term fundamentals.
Investment-program reduction. Approximately 25 percent reduction on a like-for-like basis (Toward 2030)
2025
Rights issue to strengthen capital structureOtherBackground
Ørsted needed to maintain financial flexibility while funding a large offshore-wind construction program in a challenging interest-rate and supply-chain environment.
Action taken
The company completed a rights issue in October 2025.
Aftermath
The proceeds were intended to support capitalization through 2027 and the construction of the company's 8.1 GW offshore-wind portfolio.
2025
Appointment of Rasmus Errboe as CEOleadership_changeBackground
Following a period of project impairments, cancelled developments, and strategic reassessment, Ørsted changed its top leadership.
Action taken
Rasmus Errboe became Group President and CEO, replacing Mads Nipper.
Aftermath
The leadership transition coincided with a stronger emphasis on project execution, financial discipline, offshore-wind leadership, and capital preservation.
2024
Cessation of FlagshipONE constructionStrategyBackground
FlagshipONE was an e-methanol project intended to produce green fuel using renewable electricity and other inputs. Ørsted reassessed the project's execution and commercial conditions.
Action taken
Ørsted ceased construction and recognized an impairment associated with the decision.
Aftermath
The decision contributed to a more selective approach to green-fuels development and capital allocation outside the company's core offshore-wind program.
Impairment. DKK 1.5 billion related to ceasing FlagshipONE (2024)
2023
Cancellation of Ocean Wind 1 and Ocean Wind 2OtherBackground
The United States offshore-wind projects faced inflation, higher long-term interest rates, supply-chain constraints, supplier delays, permitting uncertainty, and weaker project economics.
Action taken
Ørsted stopped development of Ocean Wind 1 and Ocean Wind 2 while taking final investment decision on Revolution Wind.
Aftermath
The company recognized DKK 28.4 billion of impairments in the first nine months of 2023, including DKK 19.9 billion relating to Ocean Wind 1, and continued a wider review of its United States portfolio.
Impairments. DKK 28.4 billion recognized in the first nine months of 2023 (2023)
2017
Divestment of upstream oil and gas and rebranding as ØrstedStrategyBackground
DONG Energy concluded that its oil-and-gas identity no longer matched a business increasingly centered on renewable energy. The company agreed to sell its upstream oil and gas business to INEOS and proposed changing its name.
Action taken
The upstream business was sold to INEOS, and the corporate name was changed from DONG Energy to Ørsted, legally effective on 30 October 2017.
Aftermath
The transaction and rebrand established Ørsted as a renewable-energy company and made offshore wind the core of its international positioning.
Sale consideration. USD 1.05 billion unconditional consideration, plus contingent payments (2017)
Recent events
- 2025
Rasmus Errboe appointed CEO, replacing Mads Nipper[15]
Leadership change
Ørsted appointed Rasmus Errboe as Group President and CEO after Mads Nipper stepped down. Errboe had held senior roles across finance, offshore wind, regional management, mergers and acquisitions, and the company's 2016 IPO and 2017 oil-and-gas divestment.
- 2025
Ørsted adjusts its business plan and reduces its investment program[11]
strategy
The company announced a more disciplined, value-focused capital-allocation strategy, reducing its investment program toward 2030 by approximately 25 percent compared with its previous ambition and prioritizing delivery of committed offshore-wind construction projects.
- 2025
Ørsted completes a rights issue to strengthen its capital structure[12]
Other
Ørsted completed a rights issue intended to strengthen its capital structure and support construction of its offshore-wind portfolio during a period of elevated financing costs and industry-wide project pressure.
- 2025
Ørsted reports substantial 2024 impairments, mainly related to United States projects[3]
Other · Pricing
The 2024 annual report recorded net impairments of DKK 15.6 billion, with DKK 14.1 billion mainly associated with United States projects and DKK 1.5 billion related to ceasing construction of FlagshipONE. The company cited higher interest rates, lower seabed valuations, delays, and higher expected project costs.
- 2025
Ørsted expands its Group Executive Team[17]
Leadership change
Amanda Dasch became Chief Development Officer and Godson Njoku became Chief Generation Officer, broadening the executive structure around development, construction, generation, commercial activities, and the operating portfolio.
- 2024
South Fork Wind reaches commercial operation[10]
Product launch · Product generation
South Fork Wind entered operation as a 132 MW project and was presented by Ørsted as the first utility-scale offshore wind farm in the United States.
- 2024
Greater Changhua offshore wind farms inaugurated in Taiwan[14]
Product launch · Product generation
Ørsted inaugurated the Greater Changhua 1 and 2a offshore wind farms in Taiwan, representing 900 MW of combined capacity and a major milestone for the company's Asia-Pacific portfolio.
- 2023
Ørsted cancels Ocean Wind 1 and Ocean Wind 2[8]
strategy · Product launch · Other
Ørsted stopped development of the two New Jersey offshore-wind projects after higher interest rates, inflation, supply-chain constraints, supplier delays, permitting uncertainty, and weaker project economics. It simultaneously took final investment decision on Revolution Wind.
- 2023
Ørsted recognizes DKK 28.4 billion of impairments in the first nine months of 2023[8]
Other
The company reported DKK 28.4 billion of impairments connected mainly with its United States offshore-wind portfolio, including DKK 19.9 billion relating to Ocean Wind 1.
- 2017
DONG Energy completes sale of upstream oil and gas business to INEOS[7]
M&A · strategy
DONG Energy completed the divestment of its upstream oil and gas business to INEOS, transferring the business and approximately 430 employees and completing a central stage of the company's shift toward renewable energy.
Showing the 10 most recent.
Sources17 sources
- 1History and transformationorsted.com
- 2Ørsted annual report 2025cdn.orsted.com
- 3Ørsted annual report 2024cdn.orsted.com
- 4Group Executive Teamorsted.com
- 5Board of Directorsorsted.com
- 6DONG Energy to change company name to Ørstedorsted.com
- 7Completion of upstream oil and gas divestment to INEOSorsted.com
- 8Ocean Wind cancellation and Revolution Wind final investment decisionorsted.com
- 9Our offshore wind farmsorsted.com
- 10United States offshore wind portfolious.orsted.com
- 11Capital-allocation adjustment announced in 2025orsted.com
- 12Rights issueorsted.com
- 13Ørsted Wikipedia article used for title disambiguationen.wikipedia.org
- 14Greater Changhua 1 and 2a inauguratedorsted.com
- 15Rasmus Errboe becomes CEOorsted.com
- 16Sale considerationorsted.com
- 17Ørsted扩大集团执行团队orsted.com
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