Ørsted soon to be first carbon-neutral utility

Changing its name is just one of the measures taken by Danish energy company Ørsted to ensure its image is in tune with the times, reflecting a cool, responsible business committed to being a good citizen and to going green. It was previously called Danish Oil and Natural Gas in the 1970s when its operations were based on oil and gas development. Then in 2008, the company announced that it was undertaking a radical change in direction, shifting from black to green energy – representing both a societal and economic gamble. Ørsted, which is responsible for 49% of electricity generation and 35% of heat production in Denmark, is selling off its gas and coal facilities and investing heavily in offshore wind turbines. It currently owns one-third of the world’s fleet of offshore turbines. An investment which appeared risky in 2013 is now paying off, since costs have dropped by 70%. Ørsted must stop using coal altogether by 2023 if it is to achieve carbon neutrality by 2025. This pioneer in the “world after fossil fuels” is one to watch for the utilities of various countries worldwide.

11/02/2021