Ørsted A/S (formerly DONG Energy) is a Danish multinational power company based in Fredericia, Denmark. It is the largest energy company in Denmark. The company adopted its current name on 6 November 2017, previously being known as DONG. As of January 2022, the company is the world's largest developer of offshore wind power by number of built offshore wind farms. Ørsted developed approximately 30% of the global offshore wind power installed capacity, excluding mainland China. Globally, Ørsted produces 90% of their energy from renewable sources, and has an objective of exceeding 95% by 2023 and 99% by 2025. The company has a goal of net zero generation by 2025 and no carbon emissions by 2040. Since 2019, the company has been ranked the world's most sustainable energy company in the Corporate Knights Global 100 Index. History Ørsted has its origin in the Danish state-owned company Dansk Naturgas A/S. The company was founded in 1972 to manage gas and oil resources in the Danish sector of the North Sea. After some years, the company was renamed to Dansk Olie og Naturgas A/S (DONG), meaning Danish Oil and Natural Gas. At the beginning of the decade of the 2000s, DONG started to expand itself into the electricity market by taking long positions in electricity companies. In 2005, DONG acquired and merged Danish electrical power producers Elsam and Energi E2 and public utility (electricity distribution) companies NESA, Københavns Energi and Frederiksberg Forsyning. The result of the merger was the creation of DONG Energy. The merger was approved by the European Commission on 14 March 2006. In 2002, one of predecessors of DONG Energy named Elsam installed the 160 MW Horns Rev offshore wind farm, which was the first large-scale offshore wind farm in the world. In 2005, DONG Energy acquired 10.34% in the Ormen Lange gas field (operated by Shell). The share of gas reserves allocated to DONG Energy are approximately . In 2006, DONG entered a 20-year contract for one billion cubic meters of natural gas per year from 2011, from Gazprom in Russia through Nord Stream 1 and Germany. The deal included that DONG delivers 600 million cubic meters per year (for 15 years) from the Ormen Lange gas field to Gazprom in United Kingdom. In 2007, DONG and Wingas (partly owned by Gazprom) agreed to a gas swap, where DONG delivers gas to Wingas UK, while Wingas delivers the same