Dong Energy and Fossil Fuels

offshore wind power: Henrik Poulsen, Dong chief executive, said the move from fossil fuels to renewable energy was gathering speed with no more spending planned for new oil projects not already begun, according to The Guardian. Related:Dong Energy upbeat about offshore wind power thanks to higher subsidy The world will continue to need fossil fuels for a quite a time yet but the bigger trend is towards renewables and this is probably accelerating, he said. Dong, the biggest single investor in UK offshore wind projects, including the huge London Array windfarm off Kent, reported first-quarter profits of Kr 8bn , a sum that was up 35% on the same period last year. We see ourselves as a leader in offshore wind and bioenergy. Earnings from renewables, mainly offshore wind, had risen by more than 50% but the group profits were also bolstered by almost Kr2bn of disposals. Dong profits from renewables were Kr3bn, with Kr2bn from oil and gas, plus Kr1bn from the electricity grid system it operates in Denmark, the company reported. (news.financializer.com). As reported in the news.