Strong position in the Danish energy market, with integrated gas, electricity, and heating operations Regulated low-risk gas and electricity distribution business, which generates stable and predictable earnings Access to equity gas and to long-term gas purchase contracts, which support the company's gas supply operations Exposure to volatile and higher risk oil and gas exploration and production activities Increased competition in gas supply and exposure to the competitive power generation business Moderate financial risk profile, reflecting a sizeable capital expenditure program over the next three years, as well as exposure to volatile commodity prices and exchange rates The ratings on Denmark-based DONG Energy A/S reflect the company's strong position in the Danish energy market, where it has integrated gas, electricity, and
