DONG Energy Reduces Investment Plans
DONG Energy – one of Northern Europe’s leading energy groups based on procuring, producing, distributing, trading and selling energy – has announced plans to decrease its net investment programme in 2010 and 2011 to reduce its debt load whilst strengthening its capital structure.
The Danish business advises that it is likely to decrease net investments to US $1.98 billion in 2010 and US $1.98-$2.97 billion in 2011 compared with earlier proposed levels of US$2.97-3.96 billion for both years.
Through investing, DONG is expecting to attain a net interest-bearing debt which is the equivalent to nearly treble its EBITDA in 2010, and the company is to focus more on renewable energy while achieving its 2020 target of lowering carbon dioxide emissions per produced MW/h by 50%.
The financial results for 2009 will not be affected by the proposed investment cuts, said DONG.
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