The owner of the Walney Wind Farm off the coast of Barrow is set to change its name

Dong Energy's shareholders have been called to an extraordinary general meeting to change the company's title to Ørsted.

This change, expected to be approved, has come after the firm, which has its headquarters in Copenhagen, sold off its oil and gas interests to London-based Ineos to allow it to focus solely on renewable energy.

Thomas Thune Andersen, the firm's chairman, explained: “Dong was originally short for Danish Oil and Natural Gas.

"With our profound strategic transformation and the divestment of our upstream oil and gas business, this is no longer who we are. Therefore, now is the right time to change our name.”

Henrik Poulsen, chief executive and president, added: “2017 will be remembered as the year when offshore wind became cheaper than black energy, as demonstrated by the recent tenders for offshore wind in Germany and the UK. It has never been more clear that it is possible to create a world that runs entirely on green energy.

"The time is now right for us to change our name to demonstrate that we want to help create such a world.”

The new name – Ørsted – is a reference to the 19th century Danish scientist Hans Christian Ørsted, who discovered electromagnetism in 1820.

A new logo and brand identity will be introduced by the company, which it has said will be "inspired by the Danish design tradition in being simple, functional and human and supporting a sustainable way of life".

Mr Poulson said:“We’ve undertaken significant efforts to find the right name and brand identity for our company.

"Our new name recognises HC Ørsted’s curiosity, dedication and interest in nature and our brand identity speaks to the innovation and profound understanding of nature, which is vital to creating a world that runs entirely on green energy.”

Dong reported overall profits of £607.7m in the second quarter of 2017, up 333 per cent compared to the same period last year. It invested £521.3m in this period, primarily in the construction of the Walney Extension and two other UK windfarm projects.

Once the extension is complete, Walney will be the world's largest windfarm.

The EGM will take place on October 30. If the change is approved, the new name will take effect from October 31, with branding introduced on November 6.