Leading domestic position in electricity and gas markets. Significant share of stable, regulated, and monopoly-like operations. Vertically integrated gas operations, including own production and long-term purchase contracts. High industry-related risks in oil and gas exploration and production activities. Exposure to competitive markets and volatile electricity and gas prices. Weakened financial profile, reflecting a significant capital expenditure program and 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 and the stability offered by its regulated gas and power distribution operations, which, together with other partly regulated activities, contribute about 25%-30% of the company's EBITDA. The ratings also reflect DONG Energy's vertically integrated gas operations, including own production
