Orsted has discontinued the sale of its Danish Power distribution business following the decision by the country’s government to withdraw its support for the move.
The Danish energy company announced in 2018 that it wanted to sell its power distribution and residential customer businesses for power and gas as well as the city light business. The sale followed a strategic review of the company’s downstream business and was part of its plans to focus on renewable energy.
Orsted said: “It is still the Board of Directors’ assessment that Ørsted is not the best long-term owner of the businesses in question, and that it is in the best interest of the company, the shareholders and the customers that they are transferred to another owner, enabling Ørsted to strengthen its strategic focus and ambition to create a global leader in green energy.”
It added that it will continue to classify the businesses as assets held for sale and will continue to investigate the different options for exiting the business.