Orsted pulled off one of the most dramatic corporate transformations in energy history. Originally known as DONG Energy (Danish Oil and Natural Gas), the company was a fossil fuel utility that decided in 2008 to pivot entirely toward renewable energy. It divested its oil and gas operations, sold its gas distribution network, and went all-in on offshore wind. The rebrand to Orsted came in 2017, named after the Danish physicist Hans Christian Orsted.
Today, Orsted is the world’s largest offshore wind developer by installed capacity. The company has built major wind farms across the North Sea, Baltic Sea, Irish Sea, and the Taiwan Strait. Projects like Hornsea One (1.2 GW) and Hornsea Two (1.3 GW) off the English coast are among the largest offshore wind farms on the planet. Orsted also develops onshore wind, solar, and green hydrogen projects, though offshore wind remains the core business.
The company hit rough waters in 2023-2024 when two major U.S. projects — Ocean Wind 1 and Sunrise Wind — faced cancellations or major restructuring due to rising costs and supply chain challenges. These write-downs cost billions and shook investor confidence. Still, Orsted operates roughly 10 GW of offshore wind globally and has a development pipeline stretching into the 2030s. Revenue runs around $15 billion, and the company employs approximately 8,500 people. Orsted trades on the Copenhagen Stock Exchange and the green transformation it pioneered continues to inspire other energy companies to follow suit.
