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