Company

Ørsted

TL;DR

Danish energy company (formerly DONG Energy) that constructed the offshore wind market from scratch.

Energy / Renewable

Danish energy company (formerly DONG Energy) that constructed the offshore wind market from scratch. In 2014, CEO Henrik Poulsen proposed selling all oil/gas assets and going all-in on offshore wind - inverting from 85% fossil fuel revenue to 86% renewable by 2019, hitting 2040 target 21 years early. Constructed the market through technology de-risking (500 Siemens turbine order), supply chain creation, regulatory shaping (Contracts for Difference), and cost curve acceleration (50% cost reduction 2014-2021). Built 25-30% of global offshore wind capacity outside China.

Strategic Pivots of Ørsted

2014

Oil and gas (85% revenue) Offshore wind

success

Key Leaders at Ørsted

Henrik Poulsen

CEO

Led radical pivot from fossil fuels to offshore wind

Cautionary Notes on Ørsted

  • Billions in U.S. project write-downs when inflation/interest rates spiked 2022-2023
  • Constructed niche depends on supportive government policies

Related Mechanisms for Ørsted

Related Organisms for Ørsted

Related Frameworks for Ørsted