in News Departments > New & Noteworthy
print the content item

In an interim financial report Tuesday, Denmark-based energy group DONG Energy revealed plans to lay off between 350 and 400 employees in the next few weeks. The company says the job cuts are part of an ongoing strategy to streamline operations and remain competitive.

According to the report, DONG Energy's first-half 2013 revenue increased by 2% compared with the first half of 2012, and EBITDA rose by DKK 1.2 billion. Profit for the period fell by DKK 0.3 billion.

“The first-half financial performance is a positive step in the right direction for DONG Energy. The group’s earnings (EBITDA) are 18 percent ahead of the first half of 2012,” comments Henrik Poulsen, CEO of DONG Energy.

He says that the increase was mainly driven by cost reductions and earnings from the company’s new offshore wind farms: the 630 MW London Array in the U.K. and the 400 MW Anholt project in Denmark. The company’s Wind Power earnings rose by DKK 0.9 billion in the first half.

Regarding the job cuts, Poulsen explains they are part of DONG Energy’s 2020 strategy announced in February. 

“In the first half, we put in place a variety of measures to streamline and improve the efficiency of the group’s structure and processes,” he says. The initiatives are expected to reduce costs by DKK 0.3 billion in 2014.

Poulsen refers to the layoffs as “a difficult, but unfortunately also necessary, process to improve DONG Energy’s competitiveness in an energy sector that is undergoing an extensive and challenging transformation of both energy systems and business concepts.”

The report did not specify which of the group's businesses would be affected by the layoffs.




Trachte Inc._id1770
Latest Top Stories

Canadian Wind Industry Urges For More Federal Support

The Canadian Wind Energy Association says the country's federal government, once a big industry supporter, should again back wind power.


Wind And Solar Helped California Grid During Challenging Summer

According to the California Independent System Operator, the state suffered from heat waves and drought this year, and wind power played a "significant role" in keeping the lights on.


Recapping The Wind Industry's Third-Quarter Deals

Mercom Capital Group recaps investment and merger and acquisition activity during July, August and September.


Yearly Installed Capacity Figures Already Beat 2013 Numbers, More Wind On The Way: AWEA

While the American Wind Energy Association (AWEA) lobbies Congress to extend the production tax credit, the association notes wind projects now under construction signal a vibrant 2015.


Yahoo Inks Contract To Buy Kansas Wind Power

The Internet company plans to log in to the Alexander wind project, which is being built by community developer OwnEnergy.

Hybrid Energy Innovations 2015
BG 2015DblBox_id2032
Renewable NRG_id1934