Ørsted
Ørsted constructed the offshore wind market from scratch—like cyanobacteria oxygenating Earth—inverting from 85% fossil fuels to 86% renewables in five years.
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
Oil and gas (85% revenue) → Offshore wind
successKey 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