- Published: 27 June 2018 27 June 2018
In the light of Ørsted’s strategic development, Ørsted’s Board of Directors and Executive Management have concluded a strategic review of the company's downstream business. The Danish power distribution and residential customer businesses are well-run and have a high level of customer satisfaction. However, they are not a sales channel supporting the company’s long-term international growth in renewables.
With continued significant investments in green energy in the coming years, the strategic and financial importance of the Danish power distribution and residential customer businesses will be further reduced in the coming years, compared to Ørsted's rapidly growing international business in green energy. Ørsted's Board of Directors has therefore decided to initiate a structured process to assess the market interest in acquiring Ørsted's Danish power distribution and residential customer businesses and the City Light business. At the same time, Ørsted is setting up a new business unit, Customer Solutions, headed by Executive Vice President Morten Buchgreitz, to merge the company's activities across the corporate customer and trading businesses. The activities considered for divestment will be organised in a separate business unit, which will also be headed by Morten Buchgreitz. The company invests DKK 15-20bn annually, of which more than 85% is dedicated to offshore wind. In addition to these investments, Ørsted is working to develop a portfolio of green growth initiatives.