Tuesday 26 June 2018

Ørsted plans to divest Danish power business

Ørsted has announced plans to divest its power business in Denmark.

It is seeking to sell its power distribution, residential customer business and the City Light businesses, which operates and maintains street lights in 15 Danish municipalities.

In support of the company's growing investment in renewable energy and its shift from oil and gas power, Ørsted - formerly called DONG Energy - is planning to review potential buyers.

The energy company invests around DKK 17 billion (£2bn) in Denmark's offshore wind energy and believes technological innovation in green energy will result in continued cost reductions, a decrease in renewable subsidies and a strengthened access to green energy market.

A potential divestment decision will be made before the first half of 2019.