Strong position in the Danish energy market, with integrated gas, electricity, and heating operations Stable and low-risk monopoly gas and electric utility operations Financial profile stronger than expected following large debt-financed acquisitions in 2006 Increasing access to equity gas over the medium term and access to competitive gas purchase contracts 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 2009 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 company's strong position in the Danish energy market, access to
