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You can find the current article at its original source at http://www.theguardian.com/business/2016/oct/26/dong-energy-considers-sale-oil-and-gas-assets-focus-windfarms
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| Dong Energy considers sale of oil and gas assets to focus on windfarms | Dong Energy considers sale of oil and gas assets to focus on windfarms |
| (35 minutes later) | |
| The biggest windfarm operator in the UK is considering selling its oil and gas business, four decades after it was set up to manage Denmark’s North Sea oilfields. | The biggest windfarm operator in the UK is considering selling its oil and gas business, four decades after it was set up to manage Denmark’s North Sea oilfields. |
| Dong Energy, which is majority owned by the Danish government, said it had appointed JP Morgan to perform a strategy review that could result in the sale of the oil and gas business. | Dong Energy, which is majority owned by the Danish government, said it had appointed JP Morgan to perform a strategy review that could result in the sale of the oil and gas business. |
| Offloading oil assets would result in the company, whose initials stand for Danish Oil and Natural Gas, focus on wind power instead, completing its transformation from fossil fuels to renewables. | Offloading oil assets would result in the company, whose initials stand for Danish Oil and Natural Gas, focus on wind power instead, completing its transformation from fossil fuels to renewables. |
| Dong did not say whether selling its oil and gas operations would result in a change of name and added that it had yet to decide on the division’s future. | Dong did not say whether selling its oil and gas operations would result in a change of name and added that it had yet to decide on the division’s future. |
| The company floated on the Copenhagen stock exchange this year, saying it would use the flow of cash from oil sales to fund ongoing investment in renewable energy projects. | The company floated on the Copenhagen stock exchange this year, saying it would use the flow of cash from oil sales to fund ongoing investment in renewable energy projects. |
| But on Wednesday, Dong said it might now look to raise funds more quickly by selling the division. | But on Wednesday, Dong said it might now look to raise funds more quickly by selling the division. |
| Any sale could help it cement its position as the UK’s leading exponent of wind power. | |
| Dong has stakes in windfarms that can produce more than 2.2GW in total, equivalent to about 4% of the UK’s predicted peak demand of 52.7GW during cold weather. | |
| It has plans to add a further 1.5GW of wind power capacity, including the Hornsea 1 project 55 miles off the coast of Grimsby, which would be the world’s largest offshore windfarm. | It has plans to add a further 1.5GW of wind power capacity, including the Hornsea 1 project 55 miles off the coast of Grimsby, which would be the world’s largest offshore windfarm. |