17th November 2016 | Posted by: Daniel Birkett | Industry News

Dong Energy are to cease using gas and oil and will focus on offshore wind to generate the bulk of its power.

Danish energy company, Dong Energy are to end their use of oil and gas-fired power generation and will focus on offshore wind generation as well as other sustainable methods such as biomass. The firm plans to offload its gas and oil assets in the North Sea and have put them up for sale.

Henrik Poulsen, CEO and President of DONG Energy said: "We have decided to initiate a process with the aim of ultimately exiting from our oil and gas business.

He added: This should be seen in the context of DONG Energy's strategic transformation towards becoming a global leader in renewables and a wish to ensure the best possible long term development opportunities for our oil and gas business."

Dong Energy made significant profits from its wind energy sector in the first half of 2016, overtaking both oil and gas to help confirm the long-term viability of offshore renewable energy.

The firm have followed a similar path to other European utility companies, E.ON and RWE to help limit the use of harmful fossil fuels. German supplier, RWE announced the €5bn sale of its oil and gas arm to Russian billionaire, Mikhail Fridman back in March 2015, ending its exploration in the sector.

Dong currently have seven large-scale offshore wind farms under construction, with a total generation capacity of 4.4GW.