After oil and gas, Denmark's Dong ditches coal

February 2, 2017
Green energy giant Dong's stock listing in June 2016 was one of Europe's biggest IPOs last year

Danish green energy giant Dong said Thursday it was pulling out of coal use, burning another bridge to its fossil fuel past after ditching oil and gas.

Dong is the biggest wind power producer in Europe.

"The future belongs to renewable , and therefore we're now converting the last of our coal-fired power stations to sustainable biomass," said CEO Henrik Poulsen in a statement.

Dong last October already announced its withdrawal from oil and gas as fuels for .

It said Thursday it would stop using coal completely within six years.

Coal still accounts for 40 percent of the world's , even though it produces the highest CO2 emissions, Dong noted.

Also Thursday, Dong posted a of 12.8 billion kroner (1.7 billion euros, $1.8 billion) for 2016, after a loss of 170 million kroner the year earlier.

Overall sales fell six percent last year, but revenue growth from wind energy alone rose 36 percent.

Dong's shares were listed on the stock exchange last June, but the Danish state still retains a 50.1-percent stake in the company.

Its shares were up 1.4 percent on the Copenhagen exchange in late morning, in an overall softer market.

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Feb 02, 2017
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3.7 / 5 (3) Feb 02, 2017
"we're now converting the last of our coal-fired power stations to sustainable biomass"
Poco a poco...
poco a poco one source of dirty energy is being replaced by another source of dirty energy.
"Biomass Electricity More Polluting Than Coal"
"Biomass electricity generation, a heavily subsidized form of "green" energy that relies primarily on the burning of wood, is more polluting and worse for the climate than coal,"
"emit almost 50 percent more CO2 than coal per unit of energy produced"
"Biomass fuels and lung cancer."
not rated yet Feb 04, 2017
Dong, a world leader in names with unfortunate connotations.

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