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Alongside a solid earnings performance for 2016, Dong Energy, a leading developer of offshore wind power, announced its intention to completely phase out coal from its power generation by 2023.

Dong, which listed on Copenhagen’s main board last year, reported an Dkk11.2bn ($1.63bn) increase in net profit from continuing operations to Dkk12.2bn.

Operating profit of Dkk25.6bn came in above the company’s recently provided guidance of Dkk24-25bn, which had been boosted following an agreement to sell half of Race Bank, an offshore wind farm off the Norfolk and Lincolnshire coasts, to Macquarie Bank.

Henrik Poulsen, chief executive, said:

We will continue the green transformation in 2017. We expect to complete the offshore wind farm Burbo Bank Extension, the bioconversion of Skærbæk Power Station and the REnescience plant in Northwich. And today, we have announced that we will completely phase out coal from our power and heat generation by 2023.

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