Browsing by Author "Huchler, Lukas Andreas"
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- Wind of change : from dirty fuel to the world´s most sustainable energy company : a case study on the business transformation of ØrstedPublication . Huchler, Lukas Andreas; Cruz, Nuno Moreira daWe live in a rapidly changing world that holds more and more crises. The energy industry is also particularly affected by these, which poses the question of how companies can respond to these changing conditions to stay competitive and profitable in the long run. The Danish energy giant Ørsted faced a difficult decision a few years ago. Should the traditional fossil fuel company give in to the rising political and societal pressure to become more sustainable, or should it rely on its core competencies in coal, oil and gas? This case study examines Ørsted’s sustainable business transformation and its path to becoming the world’s most sustainable company. It analyzes what resources were needed to change Ørsted’s strategy radically and what the success factors of this change were. The theoretical framework to analyze the transformation is threefold. Firstly, the concept of Strategic Change and Fit is introduced to analyze Ørsted’s change process. Secondly, the reasons for Ørsted’s rapid and successful adaptation are examined using the Dynamic Capabilities theory. Lastly, Corporate Sustainability as the strategic core concept is applied as it has guided Ørsted’s process towards a holistically sustainable energy company that secured economic sustainability in the long run. This case study can teach students and managers a reallife example of a successful (and sustainable) strategy change and the advantages of adapting and reinventing towards sustainability in fastchanging environments.