Strong position in the Danish energy market, with integrated gas, electricity, and heating operations Access to competitive gas purchase contracts, ensuring deliveries of gas from close to the Danish border beyond 2010 Increasing access to equity gas over the medium term Stable and low-risk monopoly gas and electric utility operations Increased competition in the gas supply business, and exposure in the competitive electricity generation business Exposure to gas-purchase concentration, with most deliveries under current long-term contracts in possible decline from 2010, and likely to be concluded by 2020 Exposure to the volatile and operationally risky oil and gas exploration and production businesses, with revenues exposed to foreign-exchange risk The ratings on Denmark-based DONG Energy A/S reflect the group's strong position
