Danish company Orsted was named Dong Energy until the sale of all its oil and gas fields to Ineos in 2017, soon after the May 2016 initial public offering. Orsted is now focused on offshore wind farms. It operated 5.6 GW of offshore wind farms at the end of 2018 and will operate 17.3 GW by 2025, on our estimates. The U.K. is the biggest country of operation, ahead of Denmark and Germany. The group intends to develop its footprint outside Europe with projects in Taiwan and the acquisition of onshore and offshore wind companies in the U.S. Orsted is also involved in more traditional utilities business like conventional power plants, electricity supply, and electricity distribution networks in Denmark, but these activities are noncore. Orsted intends to phase out coal by 2023.