Energy · Profile from Energy Research Companion
Ørsted
The Danish state-controlled company that turned itself from a North Sea oil, gas and coal utility (DONG Energy) into the world's largest offshore wind developer outside China in about a decade, and then found that the United States — the market it bet on for its next stage of growth — could break its balance sheet. Ørsted entered US offshore wind by buying Deepwater Wind in 2018 for ~$510m (reported); cancelled Ocean Wind 1 and 2 off New Jersey (~2.2 GW) on 31 Oct 2023 with ~DKK 28.4bn of 2023 impairments; saw Revolution Wind (~704 MW, Rhode Island/Connecticut, 50% with Skyborn) halted by a federal stop-work order on 22 Aug 2025 when ~80% built, and Revolution and Sunrise Wind (~924 MW, New York) hit again by lease-suspension orders on 22 Dec 2025, each lifted by court injunctions in Jan–Feb 2026; and raised ~DKK 59.56bn (~€8.0bn) in an October 2025 rights issue, DKK 40bn of it earmarked for Sunrise Wind (company). In late October 2026 Revolution Wind was delivering power and due for completion in H2 2026, Sunrise Wind was targeted for H2 2027 (company, reported), and a ~$1bn sale of the US onshore business was reported to be under study (Bloomberg, May 2026). Its story is that a strategy can be right on technology and wrong on capital structure.
At a glance
- Founded
- Dansk Naturgas A/S, 1972, by the Danish state, soon renamed Dansk Olie og Naturgas (DONG); DONG Energy formed 2006 by merging DONG with Elsam, Energi E2 and three Copenhagen-area utilities (reported, verify list); renamed Ørsted on 6 Nov 2017 after selling its oil and gas business (company)
- Headquarters
- Fredericia / Gentofte (Copenhagen area), Denmark; US offshore headquarters in Boston (Ørsted Americas, from Deepwater Wind and the 2018 combination, reported); UK base in London
- Ownership / structure
- Public, Nasdaq Copenhagen: ORSTED; Danish state ~50.1% (Ministry of Finance); Equinor ~10% (since late 2024, kept through the 2025 rights issue); free float the rest (company, Equinor)
- Leadership (2026)
- Rasmus Errboe (Group President and CEO since 1 Feb 2025, formerly Deputy CEO and CCO; succeeded Mads Nipper, CEO Jan 2021–Jan 2025) (company); Lene Skole (chair, 2025, verify current)
- Segments
- Offshore (development, construction, operation and partnership farm-downs in the UK, Germany, Denmark, the Netherlands, Taiwan, the US); Onshore (US wind, solar and storage run as a standalone unit from Oct 2025, reported; European onshore sold to CIP for ~€1.44bn, agreed Feb 2026); Bioenergy and other (Danish combined heat and power plants converted from coal to biomass)
- Scale
- Offshore installed ~10 GW+ (company, verify current figure); 2026 guidance EBITDA >DKK 28bn excluding new partnerships and cancellation fees, gross investment DKK 50–55bn; H1 2026 EBITDA ~DKK 15.0bn (+8%), net profit ~DKK 3.3bn, ROCE ~3.1% (company, 13 Aug 2026); Q3 2026 results due 5 Nov 2026, after this file's coverage
- US footprint
- Block Island (30 MW, 2016, from Deepwater Wind); South Fork (~132 MW, New York, in service Mar 2024, verify); Revolution Wind (~704 MW, 50% with Skyborn/GIP); Sunrise Wind (~924 MW, 100% after Eversource's 2024 exit); Ocean Wind 1 and 2 (cancelled 2023); US onshore wind, solar and storage (from Lincoln Clean Energy, 2018, reported)
- Signature moves (incl. failures)
- DONG's founding (1972); Vindeby and the offshore bet (1991–2009); the 2016 IPO; the oil and gas sale and rename (2017); Deepwater Wind and the US entry (2018); Hornsea One and UK scale (2019–20); US impairments and the Ocean Wind exit (2023); CEO change and Hornsea 4 discontinued (2025); US stop-work orders and the rights issue (2025)
9 strategic moves analysed
Each one gets a full strategy file in the companion: context, the decision, the financing, what happened, and the lesson.
1972
DONG Founding
Founding
1991
Vindeby and the Offshore Bet
Technology bet / construction
2016
IPO
Spin-off or IPO / financing
2017
Oil and Gas Sale and Rename
Divestment / strategy pivot
2018
Deepwater Wind Acquisition
Acquisition (US market entry)
2019
Hornsea One and UK Scale
Construction or commissioning / partnership farm-down
2023
US Impairments and Ocean Wind Exit
Restructuring / failure (project cancellation and impairment)
2025
CEO Change and Hornsea 4 Discontinued
Strategy pivot / failure (project discontinued)
2025
US Stop Work Orders and Rights Issue
Regulatory or legal action (federal stop-work and lease-suspension orders) / financing (rights issue)