DONG Energy is changing its name to reflect its shift from a black to a green energy company.

From November 6 it will be called Ørsted, after Danish scientist Hans Christian Ørsted. He discovered electromagnetism in 1820, a critical early step in advancing the renewable power systems available today. This brand will replace DONG, which stand for Danish Oil and Natural Gas.

“Our vision is a world that runs entirely on green energy. Climate change is one of the most serious challenges facing the world today, and to avoid causing serious harm to the global ecosystems, we need to fundamentally change the way we power the world by switching from black to green energy,” explained Thomas Thune Andersen, Chairman of the Board of Directors.

The company says green has become the ‘economic choice’.

Henrik Poulsen, CEO of DONG Energy, said: “Green energy is now cheaper than black energy. This is a real turning point, because green energy has become the economic choice. This gives the world a unique opportunity to take real action against climate change and create a world that runs entirely on green energy. The time is now right for us to change our name to demonstrate that we want to help create such a world.”

Welcoming the news, Hannah Martin, Head of Energy at Greenpeace UK, added: “A major industry player is changing it’s name because the lion’s share of its work is now in offshore wind and no longer fossil fuels. Clean energy is clearly good for business. Offshore wind power is now cheaper than nuclear and competitive with gas. It is also creating jobs, regional growth and export opportunities.

“We are witnessing an energy revolution. It is brilliant to see a company like DONG, Danish Oil & Natural Gas, soon to be named after a scientist who laid the foundation for how today’s societies are powered. This company is leading the way towards a world run on affordable clean power.”