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Eldrup quits as boss of offshore wind pioneer Dong Energy

Recharge News|Karl-Erik Stromsta|March 12, 2012
DenmarkGeneral

Anders Eldrup has unexpectedly resigned as chief executive of Denmark's Dong Energy, the world's leading offshore wind developer ...Earnings before interest, tax, depreciation and amortisation (Ebitda) were DKr300m lower in 2011 at DKr13.8bn.


Anders Eldrup has unexpectedly resigned as chief executive of Denmark's Dong Energy, the world's leading offshore wind developer, with chief financial officer Carsten Thomsen to take the helm for the time being.

Dong says a "process has been set in motion" to find a new chief executive, and emphasises that Eldrup's departure - effective immediately - will have "no effect" on its strategy or operations.

During his 11 years as chief executive, Eldrup, a former civil servant, oversaw Dong's transformation from managing Denmark's North Sea oil and gas resources into a major European utility, and a pioneer in the offshore wind sector.

On Friday Dong announced that revenues rose to DKr56.8bn ($10bn) last year from DKr54.6bn in 2010, as the …

... more [truncated due to possible copyright]

Anders Eldrup has unexpectedly resigned as chief executive of Denmark's Dong Energy, the world's leading offshore wind developer, with chief financial officer Carsten Thomsen to take the helm for the time being.

Dong says a "process has been set in motion" to find a new chief executive, and emphasises that Eldrup's departure - effective immediately - will have "no effect" on its strategy or operations.

During his 11 years as chief executive, Eldrup, a former civil servant, oversaw Dong's transformation from managing Denmark's North Sea oil and gas resources into a major European utility, and a pioneer in the offshore wind sector.

On Friday Dong announced that revenues rose to DKr56.8bn ($10bn) last year from DKr54.6bn in 2010, as the company brought new offshore wind farms into service. Earnings before interest, tax, depreciation and amortisation (Ebitda) were DKr300m lower in 2011 at DKr13.8bn.

Eldrup, 63, had been secretary of state at Denmark's Ministry of Finance for a decade when, in 2001, he took over as chief executive of Danish Oil and Natural Gas.

In 2006 the state-run business acquired five other Danish energy companies, and was renamed Dong Energy, with Eldrup retaining the top job. Dong is still 76% owned by the Danish government.

In 2008 the company unveiled a strategic shift towards renewables, referred to by Eldrup as his "85/15 Vision".

The name refers to the fact that today roughly 85% of Dong's power production comes from fossil fuels and the remainder from renewables. By 2040, however, it intends to flip those figures around - with an interim target of deriving half of its energy from renewables by 2020.

"Eldrup has made a huge contribution to Dong for 11 years and is handing over a strong, well-run company," says Fritz Schur, chairman of the board of directors.

Dong is the world's leading developer and owner of offshore wind farms, having amassed 1.04GW of wind capacity over the past two decades - the vast majority of it offshore.

Last year the company commissioned more than 360MW of capacity at its Walney sites off the northwestern coast of England, and it has had unrivalled success in bringing non-traditional investors into the sector in recent years.

Last month it sold a 50% stake in the Borkum Riffgrund 1 project in the German North Sea for DKr4.7bn ($841m) to a duo of buyers, including the parent company of the Lego Group.

Late last year it purchased a minority stake in the first two offshore wind parks to be carved out of SMart Wind's Hornsea zone in the UK - the first significant sale of a Round 3 stake.


Source:http://www.rechargenews.com/b…

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