DONG Energy Plans to Change Company Name to Ørsted

New company name reflects a profound strategic transformation from
fossil fuels to renewable energy

BOSTON–(BUSINESS WIRE)–DONG Energy today announced that the company will change its name from
DONG Energy to Ørsted. The decision follows the global energy company’s
profound strategic transformation from black to green energy and the
recent divestment of its upstream oil and gas production. The company
will also phase out all use of coal by 2023.

Noting that the DONG Energy name no longer accurately reflects the
activities and ambitions of the company, company leaders called for an
Extraordinary General Meeting to ask the shareholders of the company to
approve a change of the company name to Ørsted.

The announcement was made at an early morning town hall in Denmark. The
new name and branding is available at Orsted.com.

Thomas Thune Andersen, Chairman of the Board of Directors, says:

“DONG was originally short for Danish Oil and Natural Gas. With the
divestment of our oil and gas production and the fact that we have
decided to stop using coal, this is no longer who we are. With our
profound transformation to green energy, it is the right time to change
our name to reflect who we are becoming.”

“Our vision is a world that runs entirely on green energy. Climate
change is one of the most serious threats to the global ecosystem, and
we believe that we need to change the way we power the world. With our
own transformation, we fully support the change to green energy,” Thomas
Thune Andersen concluded.

From green transformation to green growth

Over the past decade, DONG Energy has transformed from an energy company
based on coal and oil to a global leader in renewable energy. The
company increased earnings considerably, while building new offshore
wind farms and reducing the use of coal on its power stations.

Henrik Poulsen, CEO of DONG Energy, says:

“Today, we are entirely dedicated to green energy. Our focus going
forward will be on green growth based on our existing business platforms
in offshore wind, biomass, green customer solutions and advanced waste
to energy solutions. We will also explore new green growth opportunities
strengthening our existing platform and decide if they support our
vision, provide a strong competitive position and create value for our
shareholders.”

“The global green energy transition is not only possible. It is makes
financial sense for society. This year a German offshore wind tender as
well as the award of the giant UK offshore wind farm Hornsea 2 marked
the fact that offshore wind has become cheaper than fossil fuels.”

DONG Energy in North America

DONG Energy entered the North American market in 2015, acquiring rights
to Bay State Wind, a proposed offshore wind farm in Massachusetts, 15
miles off the coast of Martha’s Vineyard. The company has continued to
deepen its connection to Massachusetts, partnering with Eversource for
Bay State Wind, and opening its North America headquarters in Boston, MA.

Thomas Brostrøm, President of DONG Energy, North America says:

“The new Ørsted name and branding reflects a commitment that we brought
with us to North America – to provide green and cost effective, utility
scale energy that provides economic opportunities to the communities
where we operate. We are proud to reflect the spirit of innovation and
ambition that drives our company, as well as this region of the globe.”

Since entering the North American market, DONG Energy has initiated
additional projects:

• Developing our Ocean Wind project, a proposed offshore wind farm in
  New Jersey, off the coast of Atlantic City.
• Partnering with Dominion Energy to build two offshore wind turbines
  approximately 27 miles off the coast of Virginia Beach, VA – the
  critical first phase of the 2000MW Coastal Virginia Offshore Wind
  project.
• Signed a letter of intent with NaiKun Wind Energy Group to negotiate a
  joint development agreement for the Haida Energy Field Offshore Wind
  Farm in British Columbia, CAN.
• Established a U.S. based team to explore new business opportunities in
  storage.
• Established a new Corporate Ventures unit in Silicon Valley, CA to
  explore emerging energy technologies and long-term business
  opportunities.

The new name and brand

The new name – Ørsted – references the innovative Danish scientist Hans
Christian Ørsted (1777-1851). Ørsted spearheaded several scientific
discoveries, including the discovery of electromagnetism in 1820, which
helped lay the scientific foundation for how today’s societies are
powered.

As part of becoming Ørsted, a new logo and brand identity will be
introduced. The new brand identity is inspired by the Danish design
tradition in being simple, functional, human and supporting a
sustainable way of life. The brand identity will consist of a full
spectrum of colors, inspired by Scandinavian nature and the Danish
artist Vilhelm Lundstrøm.

Henrik Poulsen says:

“We have undertaken significant efforts to find the right name and brand
identity for our company. Our new name recognizes H. C. Ørsted’s
curiosity, dedication and interest in nature and our brand identity
speaks to the innovation and profound understanding of nature, which is
vital to create a world that runs entirely on green energy.”

Extraordinary General Meeting

The planned name change will necessitate an amendment of the company’s
Articles of Association. An Extraordinary General Meeting will be held
on October 30, 2017 to formally decide the name change.

The resolution to amend the Articles of Association requires that at
least 50% of the share capital is represented at the general meeting,
and that the resolution is passed by at least two-thirds of the votes
cast as well as of the share capital represented at the general meeting.

As a consequence of the name change, DONG Energy will change its stock
exchange ticker to Orsted. The change in ticker will become effective
from start of trading on October 31, 2017, assuming a positive outcome
at the general meeting.

The roll out of the new name and design across the markets in which DONG
Energy is present, will take place on November 6th.

The information in this announcement does not change DONG Energy’s
previous financial guidance for the financial year 2017 or the announced
expected investment level for 2017.

More on H.C. Ørsted

Hans Christian Ørsted was born in Rudkøbing in the Southern part of
Denmark in 1777. He graduated in pharmacology from the University of
Copenhagen in 1797 and became a professor in 1806.

Throughout his prestigious career as a physicist, Ørsted was deeply
involved in studying how the forces of nature interrelated.

His interest in nature, curiosity and persistent pursuit of answers led
him to discover electromagnetism in 1820. H. C. Ørsted’s discovery was
immediately widely recognized in science and helped pave the way for
numerous technological advances, amongst others power production.

His drive for fresh thinking led the University of Copenhagen to develop
a comprehensive physics and chemistry programme and establish new
laboratories under his guidance. In 1829 H.C. Ørsted established the
Royal Danish Polytechnic Institute, now DTU, of which he was the first
director.

H.C. Ørsted became an important figurehead not only within physics, but
also within philosophy, poetry and aesthetics. He was a published writer
and poet, his main work being the book "The Soul in Nature" (1850). The
collection of articles presents his life philosophy and views on a wide
variety of issues. H.C. Ørsted was a close friend to the fairytale
writer Hans Christian Andersen.

He was married to Inger Birgitte Ballum. They had seven children. H. C.
Ørsted died in 1851 at the age of 73. He is buried in Copenhagen at
Assistens Cemetery.

Contacts

DONG Energy
Media Relations
Lauren Burm, 617-309-8730
[email protected]
or
Investor
Relations
Henrik Brünniche Lund, +45 99 55 97 22