Dong Energy
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| State | |
| Traded as | Nasdaq Copenhagen: DENERG |
| Industry |
Oil and gas Electricity generation |
| Predecessor | Dansk Naturgas A/S Elsam Energi E2 NESA Københavns Energi Frederiksberg Forsyning |
| Founded | 2006 |
| Headquarters | Fredericia, Denmark |
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Key people
|
Henrik Poulsen (CEO) Thomas Thune Andersen (Chairman) |
| Products |
Natural gas Oil Electricity |
| Services | Gas distribution, Oil and Gas exploration and drilling |
| Revenue | 54.598 billion DKK (2010) |
 18.5 billion DKK (2015) |
|
 (12.1) billion DKK (loss) (2015) |
|
|
Number of employees
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6,700 (2015) |
| Website | www |
 Map of DONG activities
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DONG Energy (formerly Dansk Olie og Naturgas, abbreviated DONG) is an integrated energy company based in Fredericia, Denmark. Since its inception, DONG has expanded and now DONG is the largest energy company in Denmark.
The Danish state-owned company Dansk Naturgas A/S was founded in 1972 to manage gas and oil resources in the Danish sector of the North Sea. After some years, the company was renamed to Dansk Olie og Naturgas A/S (DONG), meaning Danish Oil and Natural Gas. At the beginning of the decade of the 2000s, DONG started to expand itself into the electricity market by taking long positions in electricity companies. In 2005, DONG acquired and merged Danish electrical power producers Elsam and Energi E2 and public utility (electricity distribution) companies NESA, Københavns Energi and Frederiksberg Forsyning. The result of the merger was the creation of DONG Energy. The merger was approved by the European Commission on 14 March 2006.
DONG sold a power cable accessing the world’s largest wind farm to its partners, E.ON and Masdar for around $728 million in September 2013. As part of a restructuring plan—announced in 2013—to cut costs, reduce debt, and bolster investments in wind farms and oil and gas exploration, DONG sold an 18% stake to the US investment bank Goldman Sachs. The sale was unpopular in Denmark's governing coalition and caused protest resignations of six cabinet ministers and the withdrawal of one party (Socialist People’s Party) from the government.
In 2015, DONG had a deficit of 12 billion DKK, the largest of any Danish company ever. It was due to development problems of the Hejre (Heron) field. For all of 2016, DONG has fixed its oil income at $80/bbl, despite market prices of $35/bbl in January 2016. Oil and gas supplies about half of DONGs income, while offshore wind turbines supplies most of the other half.
Danish Government holds the majority of DONG Energy shares (50.1%). The rest of the shares are owned by New Energy Investment S.à r.l. (a subsidiary of Goldman Sachs), Capital Group Companies (5.01 %), SEAS-NVE, and smaller shareholders (each below 5 %). According to a political agreement, the Danish Government shall maintain a majority in the company until 2025. Reduction of the ownership below 50% requires political agreement of Danish parties. An IPO and listing at the was expected in the spring of 2008, but was suspended due to the situation of the international financial markets.
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Wikipedia