Connect with us

Hi, what are you looking for?

CleanTechnica

Fossil Fuels

DONG Energy Divests Its Danish Gas Business

Danish energy company DONG Energy announced earlier this month that it had divested its Danish gas distribution business to Energinet.dk.

In a move tied in with the company’s intentions to launch an initial public offering (IPO), DONG Energy announced that it had divested its Danish gas distribution company, DONG Gas Distribution A/S, which will be acquired by the state-owned Energinet.dk for 2.3 billion Danish kroner ($352 million).

DONG Energy described the transaction as “part of the political agreement regarding DONG Energy’s Initial Public Offering,” which the company confirmed last week. After the results of its IPO roadmap were published last September, DONG Energy has been making tentative steps towards announcing its IPO intentions — which came to fruition on May 12, when the company confirmed that it intends to proceed with its IPO.

The Kingdom of Denmark currently owns 58.8% of DONG Energy, which explains the political agreement that necessitated the sale of the company’s gas distribution business. The sale of the business is still subject to approval by the country’s Ministry of Finance, the Ministry of Energy, Utilities and Climate, and competition authorities, and the two companies are set to enter into a transitional services agreement under which services are provided for an agreed period post-closing. DONG Energy will also transfer 97 employees to Energinet.dk when the transaction is closed.

 
Check out our brand new E-Bike Guide. If you're curious about electric bikes, this is the best place to start your e-mobility journey!
 
 
Appreciate CleanTechnica’s originality and cleantech news coverage? Consider becoming a CleanTechnica Member, Supporter, Technician, or Ambassador — or a patron on Patreon.
 
Have a tip for CleanTechnica, want to advertise, or want to suggest a guest for our CleanTech Talk podcast? Contact us here.

Advertisement
 
Written By

I'm a Christian, a nerd, a geek, and I believe that we're pretty quickly directing planet-Earth into hell in a handbasket! I also write for Fantasy Book Review (.co.uk), and can be found writing articles for a variety of other sites. Check me out at about.me for more.

Comments

You May Also Like

Clean Power

Siemens Gamesa is ready to begin testing the world's largest wind turbine blade, which is 115 meters long and fully recyclable.

Clean Power

Probably the most ambitious agreement on renewable energy ever was signed today on the harbor of the city Esbjerg in Denmark. It’s called The...

Cars

Welcome to the 8th Annual Top 10 EV Countries List! By Assaf Oron Sigh. Nowadays there’s always chance for breaking bad news to overshadow...

Cars

There are now 15 European countries that have 15% or more of new-car buyers buying plugin electric cars (full electric cars or plugin hybrids)....

Copyright © 2021 CleanTechnica. The content produced by this site is for entertainment purposes only. Opinions and comments published on this site may not be sanctioned by and do not necessarily represent the views of CleanTechnica, its owners, sponsors, affiliates, or subsidiaries.