5 European Utility Stocks to Buy Now

4. Ørsted A/S (OTC:DNNGY)

Market Capitalization: $45.96 billion

Ørsted A/S (OTC:DNNGY) is a Fredericia, Denmark-based energy company. The company is the biggest producer of electricity through offshore wind power in the world.

Ørsted A/S (OTC:DNNGY), previously known as Danish Oil and Natural Gas (DONG) Energy, transitioned from being a coal, natural gas, and crude oil company to a firm that now relies on wind and solar power. Other European integrated energy companies like Shell plc (NYSE:SHEL) and TotalEnergies SE (NYSE:TTE) are following the same path.

According to a report issued by McKinsey, Ørsted A/S (OTC:DNNGY) has an offshore wind capacity of 4.4 gigawatts (GW) as of 2020 and plans to increase it to 13GW by 2030. The company has over 15 offshore wind auctions and tenders scheduled for 2022-2023. Among the international prospects, there are five projects in the US, two in the Netherlands, and one in Ireland in the pipeline. Investors must note that one ADR of Ørsted A/S (OTC:DNNGY) is equivalent to one-third of a common share listed on the Copenhagen stock exchange.