Danish Energy Company Is Turning the Page on Oil and Gas

31 Aug 2017   Denmark

A company whose name stands for Danish Oil and Natural Gas is getting out of both businesses. Dong Energy AS DENERG -0.91% , Denmark’s majority state-owned energy company, is selling off its last oil and natural-gas fields in a deal expected to close this month or next. The billion-dollar-plus sale is part of a broader plan to significantly reduce its exposure to fossil fuels and produce energy primarily from renewable sources. With the help of a sizable infusion of cash from Goldman Sachs Group Inc., GS 1.12% Dong Energy over the past few years has transformed itself from one of Europe’s most coal-intensive utilities and a small regional oil player into the world’s biggest producer of offshore wind power. Dong’s wind turbines off the coasts of Europe have almost triple the windpower-generating capacity of Sweden’s Vattenfal, the company’s nearest competitor. Now Dong has set its sights on helping to […]

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