Ørsted — M&A Activity 2015

Feb 4, 2015

DONG Energy has acquired the remaining 66.66% ownership interest in the UK
offshore wind development Hornsea Project One from its joint venture partner
SMart Wind. SMart Wind is a 50/50 joint venture between Mainstream Renewable
Power and Siemens Financial Services. Hornsea Project One has a total capacity
of up to 1.2GW, which will make it the world’s largest offshore wind farm once
completed.

DONG Energy entered into the joint venture with SMart Wind in December 2011,
with an option to acquire the remaining 66.66% ownership interest upon the
development project receiving consent from the Secretary of State for Energy
and Climate Change. Consent was granted in December 2014 and DONG Energy,
having exercised its option, has become the sole owner of the project.

Hornsea Project One is located 120km off the Yorkshire coast and covers
approximately 407 square kilometres. When completed, Hornsea Project One will
be able to meet the electricity needs of around 800,000 UK homes.

Samuel Leupold, Executive Vice President of DONG Energy Wind Power, said:
“The size and location of Hornsea Project One makes it the world’s first
offshore wind farm with a capacity of more than 1GW located far from shore, and
it brings some great opportunities for us and the supply chain to take
advantage of economies of scale and further drive down the cost of
electricity."

Samuel Leupold said: “We will now continue on our own to develop the project
towards a final investment decision. The size of the project and the excellent
wind conditions at site together with our strong focus on cost will make
Hornsea one an important milestone towards the 100 Euro/MWh target. While the
project is huge in size, it can be realized with technology which DONG Energy
masters, though no one else has ever built offshore wind in that scale so far
from the coast.”

Hornsea Project One is one of the three projects for which DONG Energy was
awarded a Final Investment Decision Enabling contract (Contract for Difference)
by the UK Government in April last year. With the Contract for Difference, DONG
Energy will receive a fixed price per MWh of electricity produced for the first
15 years of operation. Hornsea Project One is expected to enter into commercial
operation around 2020, provided that a final investment decision will be taken.

The information provided in this announcement does not change DONG Energy’s
previous financial guidance for the 2014 financial year or the announced
expected investment level for 2014-2015.

For additional information, please contact:

Media Relations
Rune Birk Nielsen
+45 9955 6543

Investor Relations
Allan Bødskov Andersen
+45 9955 9769

DONG Energy is one of the leading energy groups in Northern Europe. Our
business is based on procuring, producing, distributing and trading in energy
and related products in Northern Europe. DONG Energy has around 6,500 employees
and is headquartered in Denmark. The Group generated DKK 73 billion (EUR 9.8
billion) in revenue in 2013. For further information, see www.dongenergy.com.