DONG energy company to phase out coal by 2023

DONG energy company to phase out coal by 2023

DONG Energy (CPH: DENERG) has announced it intends to stop ‘all use of coal’ by 2023.

The Danish energy firm is an oil and gas producer but claims to be a global leader in offshore wind power, and has been focused on reducing its carbon footprint for a decade.

The ‘coal-free by 2023’ target was set out in the company’s annual financial report, which revealed strong growth across all its operations.

Operating profit rose by roughly US$1.5 billion year-on-year to $2.7 billion, while wind power almost doubled from 2015 numbers, reaching around $820 million.

In 2016, the company converted two of its coal power stations to run on wood pellets and straw, part of a commitment to renewable energy which has seen DONG cut coal consumption by 73% since 2006.

DONG’s chief executive officer and president Henrik Poulsen, said: “In 2016, we took important steps in the green transformation with the decisions to invest in a further three offshore wind farms, including Hornsea 1, which will be the largest in the world.

“We will continue the green transformation in 2017, and today, we have announced that we will completely phase out coal from our power and heat generation by 2023.”