Media Releases

TAQA reports net profit of AED 431 million and AED 3.7 billion debt reduction in first nine months of 2018 8 Nov 2018
Abu Dhabi National Energy Company PJSC (TAQA), a leading global energy company with operations in 11 countries, has reported a net income of AED 431 million for the first nine months of 2018. Growth has been driven by higher global oil prices, greater efficiency at the company’s power assets.

8th November 2018
ABU DHABI, United Arab Emirates – Abu Dhabi National Energy Company PJSC (TAQA), a leading global energy company with operations in 11 countries, has reported a net income of AED 431 million for the first nine months of 2018. Growth has been driven by higher global oil prices, greater efficiency at the company’s power assets.

In the first nine months of 2018, TAQA recorded an 8 percent year-on-year rise in revenues to AED 13.5 billion, while EBITDA increased by 9 percent to AED 7.4 billion.

TAQA’s oil and gas business is benefiting from higher oil and liquids prices, while its power and water business has also seen improved performance in the last year, mainly due to increased efficiency in TAQA’s global assets.

Commenting on the results, H.E. Saeed Mubarak Al Hajeri, the Chairman, said: “TAQA has achieved a very strong financial turnaround in the last year, which is the result of three years of hard work to strengthen our business to withstand the most volatile of business cycles. The company is now well positioned to implement our strategy for growth, which will combine attaining optimal returns from our oil and gas business, while maximising efficiency at current power and water assets and pursuing new opportunities in the utilities sector."

Saeed Hamad Al Dhaheri, Acting COO at TAQA added: “TAQA is fully focused on creating value for all our stakeholders. We are strengthening our balance sheet, by continuing to reduce debt, and have reduced our financing costs. At the same time, we are investing in the business, with our target for capital expenditure this year at AED 2 billion, funded completely by the company’s cash flow from operations. Our aim is to ensure that our assets in both the oil and gas business, and the power and water business continue to experience improving operational and financial performance in the coming years.”

TAQA’s power and water business continued to deliver a strong performance, with revenues stable at AED8.7 billion and EBITDA (earnings before interest, tax, depreciation and amortization) at AED5.2 billion. The business generated 69.36 GWh of power globally in the nine-month period, with technical availability standing at 94.3 percent.

The oil and gas business produced AED4.8 billion of revenue, and EBITDA of AED 2 billion. Operating netbacks per barrel increased in Europe driven by higher oil prices, while operations in North America continued to be affected by the low gas price environment in Canada.

This year, TAQA has continued to strengthen its balance sheet. The company has reduced its debt by AED 3.7 billion since the beginning of the year, which led to a reduction of AED 231 million in cash interest paid.

In the first nine months of 2018, free cash flow increased 1 percent year on year to reach AED 5.6 billion, mainly due to an increase in cash flow from operations partially offset by higher capital expenditure.

Total liquidity remains strong at AED 13.2 billion, including AED 3.0 billion in cash and cash equivalents and AED 10.2 billion of undrawn credit facilities.

Financial highlights for the periods ending 30 September 2018:

Net income of AED 431 million in first nine months of 2018. The improved performance was driven largely by higher oil and liquids prices as well as mark-to-market gains at TAQA’s U.S. power assets.

  • Revenues for the first nine months of 2018 increased 8% year on year to AED 13.5 billion.
  • EBITDA for the first nine months of 2018 increased 9% year on year to AED 7.4 billion
  • Free cash flow in the nine-month period increased 1% year on year to reach AED 5.6 billion, mainly due to an increase in cash flow from operations partially offset by higher capital expenditures.
  • TAQA continued to achieve strong liquidity at AED 13.2 billion, including AED 3.0 billion in cash and cash equivalents, and AED 10.2 billion of undrawn credit facilities.
  • Across the nine-month period, the Group has reduced its total debt by AED 3.7 billion and has witnessed a reduction in interest paid of AED 231 million compared to the same period of last year.

Operational Highlights:

Power & Water

  • Technical Availability for the UAE domestic assets improved to 94.4% in the first nine months of 2018, compared to 92.9% a year earlier. Additionally, international operations’ availability improved substantially to 93.8% from 88.1% a year earlier, mostly driven by better performance in Africa.
  • UAE power generation was 48, 989 GWh during the period, compared to 49,899 GWh generated in the first nine months of 2017, while internationally, power generation reached 20,375 GWh, compared with 19,960 a year earlier.

Oil & Gas

  • The Group’s average daily production for the first nine months of 2018 declined slightly to 122,000 boed.
  • Revenues from oil and gas business during the nine-month period reached AED 4.8 billion, compared to AED 4.1 billion a year earlier. EBITDA for the business reached AED 2.0 billion compared to AED 1.7 billion last year.

- ENDS -

TAQA media relations:
Sara Al Blooshi
Tel: +971 2 691 4940
Media.HQ@taqaglobal.com

TAQA reports first half net profit of AED 278 million, an increase of 148%, and reduced debt by AED 1.6 billion 9 Aug 2018
Abu Dhabi National Energy Company PJSC (TAQA), a leading global energy company with operations in 11 countries, has reported a net profit of AED 278 million for the first half of 2018, a rise of 148 percent from a year earlier.

9 August 2018
ABU DHABI, United Arab Emirates – Abu Dhabi National Energy Company PJSC (TAQA), a leading global energy company with operations in 11 countries, has reported a net profit of AED 278 million for the first half of 2018, a rise of 148 percent from a year earlier.

TAQA’s oil and gas business is benefiting from higher commodity prices, while its power and water business has also seen improved performance in the last year. The company has also reduced finance costs by reducing debt and successfully issuing a $1.75 billion bond on favourable terms.

In the first half of 2018, TAQA recorded a 3 percent year-on-year rise in revenues to AED 8.6 billion, while EBITDA increased by 2 percent to AED 4.8 billion.  

The company reduced its total debt by AED 1.6 billion during the first half, and the cash interest paid on its debt decreased by AED 157 million in the first half, compared to a year earlier.

Commenting on the results, Saeed Mubarak Al Hajeri, the Chairman, said: “TAQA’s performance has continued to improve this year due to prudent financial management and major achievements by our teams in enhancing operational efficiencies across both the oil and gas business, and the power and water business. The company is well positioned for growth, and we intend to deploy our deep international expertise on new initiatives, with a focus on power, where we expect strong demand in the coming years, especially in the Middle East and North Africa region.

“The two-year transformation programme has concluded and we are making steady progress as a business, as witnessed with the increases we’re seeing on net income and the efforts made on debt reduction.”

Saeed Hamad Al Dhaheri, Acting COO at TAQA added: “The sustainable efficiencies that we have driven through the business have allowed our operations in Europe to benefit fully from the higher oil price environment, while we are also delivering healthy returns from our power and water business. The company’s strategy is to continue to optimize our assets. That means deploying our expertise to extend the life of our oil and gas assets in Europe, and harnessing unconventional technologies and allocating greater capital to the production of liquids in North America.”

TAQA’s power and water business, which includes assets in the UAE, Oman, India, Morocco, Ghana and the United States, continues to deliver steady income. The company has enhanced efficiency across its operations. In particular, the international operations have improved substantially from 85.2% in the first six months of 2017 compared to the current 93.4% in 2018, mostly driven by the performance of the plant in Ghana. This reliability of power supply has had a major positive impact on local communities and businesses.

The oil and gas business in Europe is benefiting from higher oil prices which has more than offset the natural decline in production, and TAQA continues work to extend the lifespan of its assets. The company has successfully carried out its “Eider Bypass Project” to keep key platforms in operation and optimise cash flows.

This year, TAQA has continued to strengthen its balance sheet. The company’s completion of a $1.75 billion dual-tranche bond issue in April, which was 4.7 times subscribed, was key to reducing long-term financing costs.

During the first half, the company generated free cash flow of AED 3.4 billion.  Total liquidity remains strong at AED 14.6 billion, including AED 4.0 billion in cash and cash equivalents and AED 10.6 billion of undrawn credit facilities.

Financial highlights for the periods ending 30 June:

 

Three Months Ended

 

Six Months Ended

 

30-Jun

30-Jun

%

 

30-Jun

30-Jun

%

(AED millions)

2018

2017

Change

 

2018

2017

Change

Total Revenues

4,264

4,211

1%

 

8,601

8,352

3%

EBITDA1

2,418

2,249

8%

 

4,758

4,681

2%

Net Profit (Equity holders)

168

35

380%

 

278

112

148%

Free cash flows2

1,795

2,067

-13%

 

3,373

4,098

-18%

               

1) Earnings before interest, taxes, depreciation and amortization defined as IFRS earnings before income tax, excluding all finance charges and depreciation, depletion and amortization.

 

2) Free cash flow is defined as operating cash flows less investing cash flows as per the IFRS cash flow statement.

 

  • Following TAQA’s return to full year profitability in 2017, the Group has continued to generate positive net income with AED 168 million being recorded in Q2 2018, compared to AED 35 million for the same period last year. The results are mainly due to improved stability in oil and liquids prices.
  • Net Income for H1 2018 was AED 278 million versus AED 112 million in the first half of 2017, a 148% increase, this has been a result of the items noted above for the Q2 discrete quarter results.
  • Quarterly Revenues of AED 4.3 billion demonstrate benefits of higher oil prices in the quarter more than offsetting declines in hydrocarbon production as well as the lower North American gas price environment relative to Q2 2017.
  • H1 2018 revenues topped AED 8.6 billion, a marginal improvement versus H1 2017 AED 8.4 billion. Again, this increase has been driven by the higher oil and liquids prices which has more than offset the lower volumes as well as increased fuel revenue in Morocco.
  • H1 2018 consolidated EBITDA was AED 4.8 billion, a marginal improvement versus H1 2017 (AED 4.7 billion).
  • Lower free cash flow in Q2 2018 of AED 1.8 billion relative to the same period in 2017 (AED 2.1 billion) is in line with increased capital investment spending which has brought on new production to offset natural decline.
  • Total liquidity remains strong at AED 14.6 billion including AED 4.0 billion in cash and cash equivalents, and AED 10.6 billion of undrawn credit facilities. 
  • Across the six month period the Group have been able to reduce its total debt by AED 1.6 billion and have witnessed a reduction in interest paid of AED 157 million compared to the same period last year.

Operational Highlights:

Power & Water

  • Technical Availability across the fleet was 92.5% for the First Half (H1) of 2018, compared to 90.0% for the same period of 2017. UAE asset improved from 91% in H1 2017, to 92.3% in 2018. Additionally, International operations’ availability improved substantially from 85.2% in the first six months of 2017, compared to the current 93.4% in 2018, mostly driven by better performances in Ghana.
  • Global power generation was 42,662 GWh in H1 2018, compared to 42,030 GWh generated globally in H1 2017. International operations showed a decisive improvement in both availability and generation versus the first half of 2017, while UAE power generation remains relatively stable with 29,265 GWh in H1 2018, compared to 30,091 GWh in H1 2017. UAE Water desalination was 117,642 million imperial gallons (MIG) in H1 2018, versus 120,643 MIG for the same period of 2017, continuing to supply the majority of Abu Dhabi’s requirements.

Oil & Gas

  • The Group’s average daily production for the second quarter of 2018 was 117,389 boe/d versus 129,993 boe/d in Q2 2017. Year-to-date the average production is 120,600 boe/d compared to 131,086 boe/d H1 2017. TAQA’s increased capital investment spending in Q4 2017 and Q1 2018 has brought on new production to offset natural decline. Production in North America remained broadly consistent compared to the same period last year, however, the impacts of natural decline and unplanned outages in the North Sea has resulted in lower production from our European operations. Partially offsetting this lower production was our volumes from the Atrush block in Kurdistan which only commenced operations in July 2017.

- ENDS -

TAQA media relations:
Sara Al Blooshi
Tel: +971 2 691 4940
Media.HQ@taqaglobal.com

TAQA reports 42% rise in net profits for its 2018 first quarter results 10 May 2018
ABU DHABI, United Arab Emirates – Abu Dhabi National Energy Company PJSC (TAQA), a leading global energy company headquartered in Abu Dhabi with operations in 11 countries, today announced its preliminary financial results and operational highlights for the full financial year, ending 31st of March 2018.

10 May 2018
ABU DHABI, United Arab Emirates – Abu Dhabi National Energy Company PJSC (TAQA), a leading global energy company headquartered in Abu Dhabi with operations in 11 countries, today announced its preliminary financial results and operational highlights for the full financial year, ending 31st of March 2018.

Commenting on the results, Saeed Mubarak Al Hajeri, the Chairman, said: “Having recorded a net profit of AED 160 million in 2017, TAQA’s performance continues to improve steadily, underpinned by our focus on driving sustainable efficiencies through the business. The company is continually strengthening its financial position, as it successfully raised US$1.75 billion last month through a bond issue that was greeted with strong demand from global investors. TAQA is concentrating on optimizing its assets in the oil and gas business, while studying growth opportunities in the power and water sector.”

Saeed Hamad Al Dhaheri, Acting COO at TAQA added: “I am pleased to report that 2018 has started well for TAQA, as our oil and gas business continues to feel the benefit of the sustained cost efficiencies, and higher hydrocarbon prices. Our international power and water business remains robust, and we look forward to leveraging our expertise in this sector, as we seek further growth opportunities.”

Financial highlights:

  • Total revenues of AED 4.3 billion, an increase of 5% on the first three months of 2018 (2017: AED 4.1 billion) primarily driven by higher commodity prices that benefitted the oil and gas business, and improvement in the power and water business.
  • EBITDA of AED 2.3 billion, down 4% on 2017 (2017: AED 2.4 billion) affected by adverse movements in FX, stock, increased tariff and trading expenses, partially offset by higher revenues.
  • Net income of AED 110 million, compared to a net income of AED 77 million in Q1 2017, which represents an increase of 42%.
  • Free cash flow of AED 1.6 billion, a decrease of 22% on 2017 (2017: AED 2.0 billion), principally due to lower EBITDA and unfavourable working capital movement.
  • Total liquidity remains strong at AED 12.6 billion, including AED 3.6 billion in cash and cash equivalents and AED 8.9 billion of undrawn credit facilities. Total debt was reduced by AED 790 million during the period, while total interest paid was reduced by AED 58 million compared to same period 2017.

Operational Highlights: Power & Water

  • Global power and water business produced 18,773 GWh compared to GWh 18,516 in Q1 2017. Global technical availability in Q1 2018 was at 87.4% compared to 84.3% in Q1 2017.
  • UAE operations produced 12,157 GWh of electricity and 56,273 MIG of desalinated water, meeting the majority of Abu Dhabi’s water and electricity requirements.

Operational Highlights: Oil & Gas

  • Production volumes of 123.8 barrels of equivalent oil per day (boe/d), down 6% from Q1 2017 (2017: 132,200 boe/d), impacted by natural decline and North Sea platform maintenance.
  • Operating margins per barrel increased, mainly driven by higher realised prices.

- ENDS -

TAQA media relations:
Sara Al Blooshi
Tel: +971 2 691 4940
Media.HQ@taqaglobal.com

TAQA reports full year net profit of AED 160 million for 2017 22 Mar 2018
ABU DHABI, United Arab Emirates – Abu Dhabi National Energy Company PJSC (TAQA), a leading global energy company headquartered in Abu Dhabi with operations in 11 countries, today reported its fully audited financial results and operational highlights for the financial year, ending 31st of December 2017.

22 March 2018

ABU DHABI, United Arab Emirates – Abu Dhabi National Energy Company PJSC (TAQA), a leading global energy company headquartered in Abu Dhabi with operations in 11 countries, today reported its fully audited financial results and operational highlights for the financial year, ending 31st of December 2017.  

TAQA reported a net profit attributable to shareholders of AED 160 million for the 2017 financial year, as the oil and gas business benefitted from higher hydrocarbon prices and sustained cost efficiencies, and the power and water business continued to deliver strong income.

TAQA’s total revenues stood at AED 16.7 billion in 2017, an increase of 4% on 2016. Earnings before interest, tax, depreciation, and amortisation (EBITDA) increased by 7% to AED 9.1 billion, with sustained cash cost savings contributing to the improved EBITDA margin.

The company continues to benefit from the two-year transformation programme, which finished in 2016, having delivered an AED 13.2 billion reduction in costs, including capital and operating expenditure. In 2017, operating expenditure in the oil and gas business was approximately 40% lower than 2014 levels.

In 2017, TAQA generated free cash flow of AED 7.4 billion, which was 1% higher than in 2016.  This increase was primarily a result of the aforementioned higher EBITDA which was utilized to support increased levels of investment.

 

H.E. Saeed Mubarak Al-Hajeri, Chairman of the Board of Directors, said:

“Having completed a two-year transformation programme in 2016, TAQA is now well positioned to contribute further to the economic diversification strategy being pursued by the Abu Dhabi government – our main shareholder. Our base in the UAE’s capital has given us a stable economic and financial environment, where we benefit from our long experience and robust capabilities in the power and water sector as we supply the majority of Abu Dhabi’s power and water needs, while our regional business networks are critical to sourcing attractive opportunities in the future.

Across the region, policymakers are encouraging greater investment in vital infrastructure. As TAQA charts a new strategic path in the coming years, it will be able to draw experience in building a global business, and the technical expertise that runs through all our operations.”

 

Full year 2017 financial highlights:

  • 2017 total revenues of AED 16.7 billion, an increase of 4% on 2016 (2016: AED 16.1 billion) primarily driven by higher commodity prices that benefitted the oil and gas business, while the power and water business remained steady.
  • 2017 EBITDA of AED 9.1 billion, up 7% on 2016 (2016: AED 8.5 billion) supported by higher revenues and sustained cash cost savings. 
  • TAQA turned to net profit in 2017. Profit attributable to equity holders of AED 160 million.  
  • 2017 free cash flow of AED 7.4 billion, which was 1% higher than in 2016 (2016: AED 7.3 billion) .  This increase was primarily a result of the aforementioned higher EBITDA which was utilized to support increased levels of investment.
  • Total liquidity remains strong at AED 15.4 billion, including AED 4.2 billion in cash and cash equivalents and AED 11.2 billion of undrawn credit facilities.

 

Operational Highlights: Power & Water

  • Global power and water business delivered a robust operating performance, with 89,846 GWh of gross power generation and 249,469 MIG of gross water desalination. This places TAQA in the global industry’s top quartile producers. Global power technical availability decreased slightly to 92.1% in 2017, from 93.6% in 2016, due partly to unplanned outages at a power plant in Ghana.
  • UAE operations produced 64,064 GWh of electricity and 249,469 MIG of desalinated water, meeting the majority of Abu Dhabi’s water and electricity requirements.

 

Operational Highlights: Oil & Gas

  • Production volumes of 126,200 barrels of oil equivalent per day (boe/d) in 2017, down by 8% from 2016 (137,300 boe/d), impacted by natural decline, prior capital expenditure reductions and planned North Sea platform maintenance.
  • Operating margins per barrel increased, driven by higher realised prices and sustained cost efficiencies.
  • Production at the Atrush Block in the Kurdistan Region of Iraq began in July 2017 and TAQA received its first payments from the Kurdistan Regional Government.

Saeed Hamad Al Dhaheri, acting Chief Operating Officer, said:

“TAQA has come through an extremely tough market environment, with the company’s financial results reflecting the company’s resilience. Turning to a net profit in 2017 is therefore an impressive and notable achievement. Higher hydrocarbon prices, together with sustained cost efficiencies, benefited our oil and gas business, while the power and water business continued to deliver a robust operational and financial performance. The company is focused on optimizing returns from all of its global assets, while playing a key role in Abu Dhabi’s economic development by being a major player in the regional power and water sector.”

 

 

Mohammed Al Ahbabi, acting Chief Financial Officer, said:

“Since oil prices fell sharply in 2014, TAQA has worked hard to transform the company. We have already seen positive operational and financial results of our work, with the transformation programme resulting in the reduction of costs by AED 13.2 billion. TAQA has been able to continue to record strong cash flow generation, and improved profitability, with total revenues increasing 4 percent in 2017 to AED 16.7 billion, and the company turning to a net profit.  We have been working hard to lower TAQA’s finance costs, and we are gradually reducing its debt levels, which will have a positive impact on our financial performance in the coming years.”

 

- ENDS -

 

TAQA media relations:  
Sara Al Blooshi
Tel: +971 2 691 4940
Media.HQ@taqaglobal.com

TAQA announces preliminary 2017 full-year financial results 8 Feb 2018
ABU DHABI, United Arab Emirates – Abu Dhabi National Energy Company PJSC (TAQA), a leading global energy company headquartered in Abu Dhabi with operations in 11 countries, today announced its preliminary financial results and operational highlights for the full financial year, ending 31st of December 2017.

8 February 2018
 

ABU DHABI, United Arab Emirates – Abu Dhabi National Energy Company PJSC (TAQA), a leading global energy company headquartered in Abu Dhabi with operations in 11 countries, today announced its preliminary financial results and operational highlights for the full financial year, ending 31st of December 2017.  

 

Commenting on the results, Saeed Hamad Al Dhaheri, acting Chief Operating Officer, said:  “TAQA has come through an extremely tough market environment, with the company’s preliminary financial results reflecting the company’s resilience. Turning to a net profit in 2017 is therefore an impressive and notable achievement. Higher hydrocarbon prices, together with sustained cost efficiencies, benefited our oil and gas business, while the power and water business continued to deliver a robust operational and financial performance. The company is focused on optimizing returns from all of its global assets, while playing a key role in Abu Dhabi’s economic development by being a major player in the regional utilities sector.” 

 

Full year 2017 financial highlights:

  • 2017 total revenues of AED 16.7 billion, an increase of 3% on 2016 (2016: AED 16.1 billion) primarily driven by higher commodity prices that benefitted the oil and gas business, while the power and water business remained steady.
  • 2017 EBITDA of AED 9.5 billion, up 11% on 2016 (2016: AED 8.5 billion) supported by higher revenues and sustained cash cost savings. 
  • TAQA turned to net profit in 2017. Profit attributable to equity holders of AED 171 million compared to a 2016 loss of AED 19.0 billion, because of the exceptional impairment charge of AED 22.0 billion in the previous year.
  • 2017 free cash flow of AED 7.2 billion, a decrease of 1% on 2016 (2016: AED 7.3 billion), principally due to increased capital investment to sustain the performance of the Group’s existing portfolio of assets.
  • Total liquidity remains strong at AED 15.4 billion, including AED 4.2 billion in cash and cash equivalents and AED 11.2 billion of undrawn credit facilities.

 

Operational Highlights: Power & Water

  • Global power and water business delivered a robust operating performance, with 89,846 GWh of gross power generation and 249,469 MIG of gross water desalination. This places TAQA in the global industry’s top quartile producers. Global power technical availability decreased slightly to 92.1% in 2017, from 93.6% in 2016, due partly to unplanned outages at a power plant in Ghana and at the Sohar Aluminium Smelter.
  • UAE operations produced 64,064 GWh of electricity and 249,469 MIG of desalinated water, meeting the majority of Abu Dhabi’s water and electricity requirements.

 

Operational Highlights: Oil & Gas

  • Production volumes of 126,200 barrels of equivalent oil per day (boe/d) in 2017, down by 8% from 2016 (137,300 boe/d), impacted by natural decline, prior capital expenditure reductions and planned North Sea platform maintenance.
  • Operating margins per barrel increased, driven by higher realised prices and sustained cost efficiency.
  • Production at the Atrush Block in the Kurdistan Region of Iraq began in July 2017 and TAQA received its first payments from the Kurdistan Regional Government.

 

- ENDS -

 

 

 

 

TAQA media relations:  
Sara Al Blooshi
Tel: +971 2 691 4940
Media.HQ@taqaglobal.com

TAQA announces 9M 2017 Financial Results 9 Nov 2017
TAQA today announced its financial results and operational highlights for the period ended 30 September 2017

9 November 2017

ABU DHABI, United Arab Emirates – Abu Dhabi National Energy Company PJSC (TAQA), a leading global energy company headquartered in Abu Dhabi with operations in 11 countries, today announced its financial results and operational highlights for the period ended 30 September 2017.

Commenting on the results, Saeed Hamad Al Dhaheri, acting Chief Operating Officer, said:

“We’re pleased to see continued strong free cash flow generation, as well as improved margins across our portfolio, which has benefited from increased efficiencies across our operations. During the period, TAQA achieved first oil at our Atrush development in Iraq, which marks an important milestone for the Group. The company has also been able to reduce our financing costs and gradually lower our debt, which will have a positive impact on our financial performance over the coming years.”

Financial highlights:

  • Total revenues of AED 12.5 billion, an increase of 3% on the first nine months of 2016 (9M 2016: AED 12.1 billion) primarily driven by higher commodity prices.
  • EBITDA of AED 6.8 billion, up 7% on the same period in the previous year (9M 2016: AED 6.3 billion) supported by higher revenues and sustained cash cost savings.
  • Net loss of AED 82 million for the first nine months of 2017. Third quarter income is impacted by the unscheduled outage at the Sohar Aluminum smelter and negative mark-to-market movements at our US power plant tolling agreement during the period.
  • Free cash flow of AED 5.6 billion, an increase of 9% (9M 2016: AED 5.1 billion) with increased capital investment activity being more than covered by the higher EBITDA and favourable working capital movements compared to the same period in the prior year.
  • Total liquidity remains strong at AED 12.1 billion, including AED 2.9 billion in cash and cash equivalents and AED 9.2 billion of undrawn credit facilities. Total debt was reduced by AED 2.6 billion in the first nine months of 2017 while interest paid reduced by AED 286 million.

Operational Highlights: Power & Water

  • Global power generation stable at 63,237 GWh compared to 64,590 GWh in 9M 2016. Global technical availability was at 92.1% compared to 93.8% in 9M 2016, negatively impacted by unplanned outages in Ghana.
  • UAE operations produced 49,899 GWh of electricity and 188,360 million imperial gallons of desalinated water (MIGD), stable compared to 9M 2016 (50,806 GWh and 188,166 MIGD) and continuing to deliver the vast majority of water and electricity requirements of Abu Dhabi.

Operational Highlights: Oil & Gas

  • Production volumes of 128,300 barrels of oil equivalent per day (boed), down 10% on 9M 2016 (142,200 boed) impacted by natural decline, prior capital expenditure reductions and planned North Sea platform maintenance.
  • Operating margins per barrel increased in North America and Europe compared to 9M 2016, driven by higher realised prices and sustained cost efficiency.
  • Iraq oil production started in July. Production from the Atrush Block in the Kurdistan Region of Iraq is expected to ramp up towards the 30,000-barrel-per-day project capacity (gross) in 2017.

Post-period developments

  • Payments for Atrush deliveries commenced in October with the Kurdistan Region Government completing its first payment for July crude oil exports.
  • A $500 million bond was retired at maturity on 25 October 2017. The retirement was funded from a draw down under TAQA’s existing revolving credit facility which carries a lower interest rate.

 

- END -

 

TAQA media relations:  
Sara Al Blooshi
Tel: +971 2 691 4940
Media.HQ@taqaglobal.com

TAQA announces First Half 2017 Financial Results 9 Aug 2017
TAQA today announced its financial results and operational highlights for the period ended 30 June 2017

  • Second consecutive quarterly profit post-transformation 
  • First half free cash flow increases 33%
  • Oil production starts in Kurdistan Region of Iraq in July

10 August 2017

ABU DHABI, United Arab Emirates – Abu Dhabi National Energy Company PJSC (TAQA), a leading global energy company headquartered in Abu Dhabi with operations in 11 countries, today announced its financial results and operational highlights for the period ended 30 June 2017.

Commenting on the results, Saeed Hamad Al Dhaheri, acting Chief Operating Officer, said:

“TAQA’s results for the first half of 2017, which demonstrated a positive net income for the second consecutive quarter, were driven by strong operational performance, continued efficiency improvements and a focus on core operations.

A key operational milestone was the achievement of first oil from our Atrush project in the Kurdistan Region of Iraq post period in July. Atrush will be a significant contributor to the Group’s long-term cash flows and net income.

Against the backdrop of a prolonged lower oil and gas price environment, TAQA will continue to concentrate on safe and efficient operations while looking for opportunities to optimise our portfolio.”

Financial highlights:

  • Total revenues of AED 8.4 billion, an increase of 5% on the first half of 2016 (H1 2016: AED 7.9 billion), driven primarily by the impact of higher realised oil and gas prices.
  • EBITDA of AED 4.7 billion, up 15% on the same period in the previous year (H1 2016: AED 4.1 billion) boosted by the higher realised commodity prices and sustained cash cost savings. 
  • Net income of AED 112 million, compared to a net loss of AED 1.2 billion in H1 2016, as a result of higher commodity prices, and lower costs following the conclusion of a two-year transformation programme.       
  • Free cash flow of AED 4.1 billion, an increase of 33% (H1 2016: AED 3.1 billion) with the increased capital investment activity being more than covered by higher EBITDA and favourable working capital movements.
  • Total liquidity remains strong at AED 12.4 billion, including AED 3.5 billion in cash and cash equivalents and AED 8.9 billion of undrawn credit facilities. Total debt was reduced by AED 1.7 billion in the first half of 2017 while interest paid reduced by AED 272 million.

Operational Highlights: Power & Water

  • Global power generation stable at 38,346 GWh compared to 39,090 GWh in H1 2016. Global technical availability was at 90.0% compared to 92.0% in H1 2016.
  • UAE operations produced 30,091 GWh of electricity and 120,643 million imperial gallons of desalinated water, stable compared to H1 2016 and continuing to deliver the vast majority of water and electricity requirements of Abu Dhabi.

Operational Highlights: Oil & Gas

  • Production volumes of 131,086 barrels of oil equivalent per day (boed), down 11% on H1 2016 (147,415 boed) impacted by prior capital expenditure reductions.
  • Operating margins per barrel increased in North America and Europe compared to H1 2016, driven by higher realised prices and sustained cost efficiency.
  • Iraq oil production started in July. Production from the Atrush Block in the Kurdistan Region of Iraq is expected to ramp up towards the 30,000-barrel-per-day project capacity (gross) in 2017.

 

- END -

 

 

TAQA media relations:  
Allan Virtanen, Head of Communications
Tel: +971 2 691 4894 | Mob: +971 56 685 2717
allan.virtanen@taqaglobal.com

TAQA announces Q1 2017 Financial Results 11 May 2017
TAQA today announced its financial results and operational highlights for the period ended 31 March 2017

  • Company reports positive quarterly net income, free cash flow rises 35%
  • Earnings driven by successful transformation and improving commodity prices
  • Capital expenditure increased by 69% following several years of deep cuts

11 May 2017

ABU DHABI, United Arab Emirates – Abu Dhabi National Energy Company PJSC (TAQA), a leading global energy company headquartered in Abu Dhabi with operations in 11 countries, today announced its financial results and operational highlights for the period ended 31 March 2017.

Commenting on the results, Saeed Al Dhaheri, acting Chief Operating Officer, said: “After the completion of our two-year transformation programme, I am pleased to announce a return to profit for the first quarter. The transformative cost reduction initiatives are now sustainably embedded across the organisation and with the balance sheet stabilised, we are now well positioned to secure future growth as market conditions stabilise and improve. Moving forward, we plan to maintain discipline in cost and operational efficiency while focusing investment to our most profitable assets to maximise cash flow.”

Financial highlights:

  • Total revenues of AED 4.1 billion, an increase of 6% on previous year (Q1 2016: AED 3.9 billion), driven primarily by the impact of higher realised oil and gas prices.
  • EBITDA of AED 2.4 billion, up 23% on previous year period (Q1 2016: AED 2.0 billion) boosted by the higher realised commodity prices and sustained cash cost savings. 
  • Net income of AED 77 million, compared to a net loss of AED 608 million in Q1 2016, as a result of higher commodity prices and lower costs.              
  • Free cash flow of AED 2.0 billion, an increase of 35% (Q1 2016: AED 1.5 billion) with the increased capital expenditure being more than covered by the higher EBITDA and favourable working capital movements.
  • Total liquidity remains strong at AED 12.8 billion, including AED 3.7 billion in cash and cash equivalents and AED 9.1 billion of undrawn credit facilities. Total debt was reduced by AED 675 million during the period while interest paid reduced by AED 174 million.

Operational Highlights: Power & Water

  • Global power generation at 16,413 GWh compared to 17,022 GWh in Q1 2016. Global technical availability was at 84.3% compared to 87.1% in Q1 2016.
  • UAE operations produced 12,336 GWh of electricity and 57,216 million imperial gallons of desalinated water, stable compared to Q1 2016 and continuing to deliver the vast majority of water and electricity requirements of Abu Dhabi.

Operational Highlights: Oil & Gas

  • Production volumes of 132,200 barrels of oil equivalent per day (boed), down 14% on Q1 2016 (153,700 boed) impacted by the 70% reduction in oil & gas capital expenditure compared to 2014 levels, prior to the transformation programme.
  • Iraq project progressing with export pipeline nearing completion.  The TAQA-operated 30,000 boed (gross) Atrush production facility in Kurdistan, completed in 2016 and first oil is expected in 2017.

 

- END -

 

TAQA media relations:  
Allan Virtanen, Head of Communications
Tel: +971 2 691 4894 | Mob: +971 56 685 2717
allan.virtanen@taqaglobal.com

TAQA announces Board of Directors election 19 Apr 2017
ABU DHABI, United Arab Emirates – Abu Dhabi National Energy Company PJSC (TAQA), a leading global energy company headquartered in Abu Dhabi with operations in 11 countries worldwide, today announced the election of its Board of Directors following the completion of the previous Board’s three-year term.

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ABU DHABI, United Arab Emirates – Abu Dhabi National Energy Company PJSC (TAQA), a leading global energy company headquartered in Abu Dhabi with operations in 11 countries worldwide, today announced the election of its Board of Directors following the completion of the previous Board’s three-year term.

The previous Board of Directors has overseen the completion of a two-year Transformation Programme, delivering cumulative savings of AED 13.2 billion and a capital expenditure reduction of AED 8.6 billion from 2014 to 2016.

A majority of TAQA’s shareholders exercised their voting rights during the Annual General Meeting held in Abu Dhabi today. The following seven persons were elected as Directors of the Company for a term of three years:

 

  • Saeed Mubarak Al Hajeri

     TAQA Board Member since 2011

  • Khaleefa Al Qamzi

     New Board Member

  • Abdulaziz Abdulrahman Al Hemaidi

     TAQA Board Member since 2011

  • Dr. Saif Saleh Al Sayari

     New Board Member

  •  Salem Sultan Al-Dhaheri

      TAQA Board Member since 2011

  • Mohammed Abdulla Al Suwaidi

     New Board Member

  • Khaled Abdulla Al Mass

     TAQA Board Member since 2014

 

 

Following the election, the new Board elected Saeed Mubarak Al Hajeri to serve as Chairman of the Board and Khalifa Ali Al Qemzi as Vice-Chairman.

Commenting on the appointments, Saeed Mubarak Al Hajeri, Chairman said: “I am honoured to serve as Chairman of the Board of Directors of TAQA for another term. With the support of a highly experienced board, with technical expertise in Utilities, Oil & Gas and Financial and Investment Management, we will continue to drive shareholder value in partnership with executive management by supporting future growth.

I would like to thank the outgoing board members who have served TAQA and its shareholders during a significant period of transition and welcome the three new board members who will continue their efforts to deliver an ongoing contribution to Abu Dhabi.”  

 

- ENDS -

TAQA announces full year 2016 financial results, completion of Transformation Programme 30 Mar 2017
TAQA today announced its financial results and operational highlights for the financial year ended 31 December 2016

  • Completes successful Transformation Programme with AED 13.2 billion in savings
  • TAQA to pursue growth and value creating opportunities, with focus on Power & Water
  • Additional equity offsets oil and gas impairments and strengthens balance sheet

ABU DHABI, United Arab Emirates – Abu Dhabi National Energy Company PJSC (TAQA), a leading global energy company headquartered in Abu Dhabi with operations in 11 countries worldwide, today announced its financial results and operational highlights for the financial year ended 31 December 2016.

TAQA has completed its two-year Transformation Programme which delivered cumulative savings of AED 13.2 billion, including a capital expenditure reduction of AED 8.6 billion from 2014 to 2016. Additionally, TAQA has delivered a 25% reduction in global headcount with over 1,000 positions reduced across its global operations.

TAQA's 2016 full-year results have highlighted the operational efficiency gains and financial savings achieved through the Transformation Programme, most notably through:

  • Record power generation of 93,246 gigawatt hours (GWh)
  • Limited Oil & Gas production decline despite 70% reduction in Oil & Gas capex
  • Significant reduction in Oil & Gas unit operating costs, down 33% compared to 2014
  • Successful refinancing of AED 6.4 billion in maturing bonds at lower rates

The company has booked a post-tax impairment of AED 16.9 billion, primarily related to its Oil & Gas assets, in response to the lower commodity price environment. This contributed to a Net Loss of AED 19.0 billion for the financial year 2016, with a pre-impairment Net Loss of AED 2.1 billion. The impairment is a one-time non-cash charge, and has no impact on TAQA's ability to meet its obligations, including its ongoing debt service obligations.

TAQA has also completed the transformation of its balance sheet. This was achieved through several measures, including the utilisation of certain land areas on which TAQA's UAE power and water plants are located. The privatisation of Abu Dhabi's power and water assets has unlocked significant long-term value which has been utilised by TAQA through signing a land lease agreement valued at AED 18.7 billion as of 31 December 2016. The valuation of the land lease rights was undertaken by two international, independent valuation experts. A previous agreement with a related party regarding TAQA's Oil & Gas assets is no longer in effect.

Commenting on the announcement, His Excellency Saeed Mubarak Al-Hajeri, Chairman of the Board of Directors, said: "The successful delivery of the Transformation Programme has significantly reshaped the business, making TAQA a more efficient and focused organisation. In addition, the recent additional equity now provides TAQA with the solid foundation to capitalise on future opportunities and achieve greater success. The land lease also avoids any share recapitalisation or dilution of the existing shareholders, and provides a greater opportunity for TAQA shareholders to realise long-term value from their investment."

TAQA's Power & Water portfolio includes assets in the UAE, United States, Ghana, India, Morocco, Oman and Saudi Arabia. In 2016 the division achieved record operational and financial performance, generating 93,246 gigawatt hours (GWh), up 2% on 2015 and EBITDA of AED 6.7 billion driven by strong operational performance.

Following the completion of the two year Transformation Programme, TAQA's Oil & Gas assets in Europe and North America are operating more efficiently and are positioned to create additional value when pricing improves. TAQA is also the operator of 30,000 boed facility in the Kurdistan region of Iraq, is expected to deliver first oil in 2017.

Financial highlights:

  • Total revenues of AED 16.1 billion, a decrease of 17% on previous year (2015: AED 19.3 billion), driven primarily by the impact of lower commodity prices and volumes.
  • Cash cost savings of over AED 1 billion during 2016 driven by Transformation Programme.
  • EBITDA of AED 8.5 billion (2015: AED 9.6 billion) primarily as a result of lower oil and gas revenues. EBITDA for TAQA's power and water division remained stable at AED 6.7 billion (2015: AED 6.7 billion) driven by strong performance of UAE and Africa businesses.
  • Net loss of AED 19.0 billion driven by AED 16.9 billion impairment primarily related to Oil & Gas assets in response to lower commodity prices. Recognised as a one-time non-cash charge with no impact on ability to meet obligations including ongoing debt service obligations.
  • Free cash flow of AED 7.3 billion, an increase of 25% (2015: AED 5.8 billion) due to effective cost management as well as capex reductions.
  • Total liquidity of AED 14.9 billion, including AED 3.8 billion in cash and cash equivalents and AED 11.1 billion of undrawn credit facilities.
  • Ratings agencies reaffirm A3 (Moody's) and A (Standard and Poor's) ratings in line with continued Abu Dhabi Government support.
  • Transformation Programme Update:

  • Cumulative savings of AED 13.2 billion in two year period (2014 to 2016).
  • Cumulative capital expenditure reduction of AED 8.6 billion in two year period.
  • Operational Highlights: Power & Water

    • Record operational performance, generating 93,246 gigawatt hours (GWh) in the year.
    • Industry top quartile performance by global technical availability factor metrics.
    • UAE operations produced 66,652 GWh of electricity and 257,169 million imperial gallons of desalinated water, continuing to deliver the vast majority of water and electricity requirements of Abu Dhabi.
    • Expansion of the Fujairah F1 water desalination was completed in December 2015 and delivered positive net income in 2016, benefiting from the increase in capacity by 30% to 130 million imperial gallons per day.
    • The Jorf Lasfar power plant in Morocco, which accounts for half of the country's power supply, produced 15,317 GWh in 2016 and achieved an availability factor of 92.5%.

    Operational Highlights: Oil & Gas

  • Production volumes of 137,300 barrels of oil equivalent per day (boed) in 2016, a decrease of only 5% on 2015 (145,300 boed) despite substantial 70% reduction in capital expenditure.
  • North American assets produced 80,800 boed with an ongoing focus on ensuring safe operations, cost control and the efficient deployment of capital. Investments targeted core operations in Central Alberta due to its scalability and high capital efficiency.
  • European assets produced 56,500 boed, negatively impacted by North Sea platform maintenance. There was a 16% reduction in European per-barrel operating costs compared to 2015, and a reduction of almost 32% when compared to 2014.
  • Iraq project on track - 30,000 boed Kurdistan Atrush facility, operated by TAQA, completed in 2016 with first oil expected in 2017.
  • Commenting on the results, Saeed Al Dhaheri, acting Chief Operating Officer, said: "While challenging macroeconomic conditions in the oil and gas industry continue to impact performance, the completion of a two-year business Transformation Programme initiated to combat lower commodity prices, generating AED 13.2 billion in cost savings while maintaining safe and reliable operations, is a clear demonstration of our commitment to delivering sustainable efficiencies. This more competitive and resilient TAQA, built around our commitment to strong operational performance and safety in our core industries and boosted by the equity contribution related to our UAE power and water assets, is well placed to pursue further growth and value creating opportunities with a long-term focus in our core sector of Power & Water."

    Mohammed Al Ahbabi, acting Chief Financial Officer, said: "We have aggressively reduced our capital expenditure and cash costs, in our efforts to achieve cash flow neutrality despite low commodity prices. We are pleased that external markets recognised these efforts as we successfully raised AED 6.4 billion to refinance maturing bonds at competitive rates despite challenging industry conditions. We continue to maintain our strong rating and liquidity position with the long-term objective being to deleverage the company. The net impact of the equity contribution and the impairment taken in relation to our Oil & Gas assets, is major step in that process."

    - ENDS -

    TAQA media relations:
    Allan Virtanen
    Direct: +971 2 691 4894
    Mobile: + 971 56 685 2717
    allan.virtanen@taqaglobal.com

    Further Full Year Financial Results 2016 information can be found here: https://www.taqaglobal.com/investors/fy-2016-financial-results

Changes in TAQA Iraq Leadership 26 Jan 2017
ABU DHABI, United Arab Emirates – Abu Dhabi National Energy Company PJSC (TAQA) today announced the appointment of AbdulKhaliq Al Ameri as acting project director TAQA Iraq with immediate effect.
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ABU DHABI, United Arab Emirates – Abu Dhabi National Energy Company PJSC (TAQA) today announced the appointment of AbdulKhaliq Al Ameri as acting project director TAQA Iraq with immediate effect.

Mr Al Ameri, previously deputy project director TAQA Iraq, will be responsible for the development of the Atrush block in the Kurdistan region of Iraq. He will report to Saeed Al Dhaheri, acting chief operating officer and will continue to be based in Abu Dhabi.

“As per our succession planning, AbdulKhaliq has successfully developed a strong track record while deputising for this role and become an integral member of the Iraq leadership team,” said Saeed Al Dhaheri. “He is excellently positioned to take on responsibility for the safe, efficient and environmentally responsible delivery of first oil and establishing the team for operating this asset thereafter.”

AbdulKhaliq succeeds Craig Webster who will remain in Abu Dhabi for a few months to provide for an effective transition prior to assuming his new role with TAQA in Canada.

Mr Al Ameri, a UAE national, joined TAQA in 2012 and held the role of deputy project director TAQA Iraq since July 2015. Prior to joining TAQA, AbdulKhaliq held a number of reservoir engineering-related positions with Abu Dhabi Marine Operating Company (ADMA-OPCO), Abu Dhabi National Oil Company (ADNOC) and Mubadala Petroleum. He is a 1998 graduate of the University of Tulsa's petroleum engineering programme.

 

- ENDS -

TAQA Chairman in Al Ittihad: TAQA has successfully delivered against its short-term strategy 8 Jan 2017
Translation of a letter by TAQA's Chairman published in Al Ittihad on 8 January 2017
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By His Excellency Saeed Mubarak Al-Hajeri, Chairman of the Board.

For two years, international and local newspapers have provided us with news about the fluctuating price of oil. These prices remain under pressure from political and economic fluctuations facing the world today. Oil is one of the most strategically important resources; its prices profoundly affect economic growth and development, and extend to influence all sectors of the global economy making it the most closely followed commodity in the world.

The significant decline in oil prices has forced many oil and gas companies around the world to reconsider their business strategies and cut operational budgets. The Board of Directors of TAQA, which invests in many areas such as power generation, water desalination and oil and gas, initiated a transformation programme two years ago with the aim of becoming more efficient and allowing the company to seize new opportunities once markets recover. 

The drop in oil prices to less than half the $115 per barrel rate in 2014 lead major companies to cut costs, and restructure their business plans and investment strategies. Thus, cost reduction has become a global trend to cope with low oil prices, which was done by TAQA in the past two years.

In late December 2016, Wood Mackenzie reported that major international oil and gas companies were expected to increase exploration spend in 2017 for the first time in five years. For 2017, the report predicts an increase in cash flows for the first time in three years due to recovering crude prices following expectations for OPEC to succeed in keeping the oil price above $55 per barrel. The report was optimistic, predicting that most oil and gas companies will start 2017 on a firmer note and will be able to inject capital once again with a profit margin above the breakeven point.

Since the beginning of the crisis in 2014, TAQA’s Board of Directors initiated a transformation programme mainly intended to align the company’s operations with the prevailing oil price environment. The programme consisted of several successful administrative and financial steps that had the greatest impact on reducing operating costs, conforming with the UAE Government’s directions and efforts to manage and operate the company in a safe and sustainable way. 

TAQA strived to make a big difference by restructuring the base cost to align with the prevailing and fluctuating oil price environment, founded on the level of costs of our projects and assets located around the world. TAQA carried out several actions that had a great impact on achieving its objectives, namely cash cost savings of AED 2.8 billion, or 30%; the reduction of capital expenditures by AED 5 billion, or 88%; refinancing revolving credit facilities at attractive rates; and the reduction of operational costs by 35% per barrel. In terms of labour force, TAQA cut 950 jobs from global projects, resulting in 25% savings, in addition to reducing our workforce by 50% at headquarters.

TAQA succeeded through the transformation programme in retaining all assets. Meanwhile, TAQA continued its efforts to complete major projects, and postponed other large-scale projects, particularly in the oil and gas sector, or reshaped and resized them. TAQA reduced exploration and non-operational activities, while maintaining the same level of oil and gas production

Redesigning and restructuring the company’s portfolio represents our most important achievement in the past two years. 

In accordance with Abu Dhabi government directives, TAQA aligned its strategy with the Abu Dhabi Economic Vision 2030, which represents a roadmap for establishing a sustainable economy focused on knowledge-based industries. TAQA also doubled the Emiratisation ratio to reach 71% in senior management positions, and increased the Emiratisation ratio in its headquarters to more than 54% from 28% at the start of the programme. TAQA enhanced cooperation with other companies in the UAE such as ADNOC and Abu Dhabi Water and Electricity Authority through the establishment of joint committees for oil and gas, electricity and water.

It was the successful application of the strategic transformation programme that has significantly strengthened the company and given it the capacity needed to go against fluctuations in prices and allowed us to increase our competitiveness and profitability. 

TAQA Q3 2016 results 9 Nov 2016
ABU DHABI, United Arab Emirates – Abu Dhabi National Energy Company PJSC (TAQA) today announced its financial and operating results for the first nine months of 2016.

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ABU DHABI, United Arab Emirates – Abu Dhabi National Energy Company PJSC (TAQA) today announced its financial and operating results for the first nine months of 2016.

“During the period, we delivered strong operational performance and further reduced our capex and costs base consistent with our plan, while maintaining our focus on safety,” said Saeed Al Dhaheri, TAQA’s Acting Chief Operating Officer. “Despite the challenging environment, we maintained a strong liquidity position and increased our free cash flow by 25% compared to the same period last year.”

Financial results

TAQA posted revenues of AED 12.1 billion, 17% lower compared to AED 14.7 billion for the same period in 2015. EBITDA decreased to AED 6.3 billion, 15% down compared to AED 7.4 billion a year ago. As a result, the company recorded a net loss of AED 1.7 billion, compared to a net loss of AED 581 million during the same period in 2015. The decrease in earnings mainly relates to the 31% reduction in realised oil and gas prices and the absence of the one-off AED 555 million UK tax credit booked in the first half of 2015.

TAQA launched a cost transformation programme in 2014 in response to lower commodity prices. The programme has so far generated cash cost savings in excess of AED 2.2 billion. Cash cost savings during the nine month period reached AED 613 million compared to the same period a year ago. Furthermore, TAQA reduced its capital expenditures by 70% to AED 742 million compared to the first nine months of 2015. Free cash flow increased 25% to 5.1 billion dirhams during the period largely as a result of these savings.

TAQA issued USD 1 billion in bonds during the first nine months of 2016. Post-period in October, the company completed an issuance totalling USD 750 million. These bonds help TAQA maintain its strong liquidity position and will reduce corporate financing costs in the long term. As at 30 September 2016, it had cash, cash equivalents and undrawn credit facilities amounting to AED 15.8 billion. Moody’s and Standard & Poor's rate TAQA at A3 and A respectively.

Operations

TAQA’s power assets generated 64,590 gigawatt-hours (GWh) compared to 61,418 GWh in the first nine months of 2015. This 5% increase was driven by strong performance in the United Arab Emirates and Morocco. Water desalination facilities produced 188,166 million imperial gallons (MIG) in line with 2015 production. Technical availability across the global fleet during the period increased to 93.8% from 93.0% a year ago.

TAQA’s oil and gas production decreased by 1.9% to 142.2 thousand barrels of oil equivalent per day (mboe/d), from 144.9 mboe/d, in the same period last year. The decrease is a result of capital expenditure reductions as well as the shut-in of the non-operated Brae Alpha platform during the first quarter. Increased access to third-party pipeline capacity and strong new well performance in North America helped offset the decline. The company reduced per-barrel operating costs by 22% in Europe and 13% in North America compared to first nine months of 2015.

 

- ENDS -

TAQA issues USD250M and USD500M bonds 13 Oct 2016
TAQA has successfully issued two USD-denominated bonds for an aggregate amount of USD750 million and maturities of 5 and 10 years.

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ABU DHABI, United Arab Emirates – Abu Dhabi National Energy Company PJSC (TAQA) has successfully issued two USD-denominated bonds on 12 October 2016 for an aggregate amount of USD750 million and maturities of 5 and 10 years.

TAQA raised USD250 million in notes maturing on 22 June 2021 with a coupon of 3.625% and USD500 million in notes maturing 22 June 2026 with a coupon of 4.375%.

The funds raised will be used for general corporate purposes and refinancing existing bonds.

- ENDS -

About TAQA

TAQA is an international energy and water company listed in Abu Dhabi operating in 11 countries across four continents. The word TAQA means energy in Arabic.

TAQA strives to run its company safely and sustainably, operating to the highest ethical standards. The company is proud to align its strategy to Abu Dhabi’s Economic Vision 2030, a road map for a sustainable economy with a focus on knowledge-based industry.

TAQA has investments in power generation, water desalination, oil and gas exploration and production, pipelines and gas storage. The company's assets are located in Canada, Ghana, India, Iraq, Morocco, Oman, Saudi Arabia, the United Arab Emirates, Kurdistan Region of Iraq, Netherlands, United Kingdom and United States.

Mohammed Al Ahbabi appointed acting CFO 31 Aug 2016
ABU DHABI, United Arab Emirates – Abu Dhabi National Energy Company PJSC (TAQA) has appointed Mohammed Al Ahbabi as acting CFO effective 1 September 2016. Al Ahbabi, currently deputy CFO, will replace Grant Gillon.
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ABU DHABI, United Arab Emirates – Abu Dhabi National Energy Company PJSC (TAQA) has appointed Mohammed Al Ahbabi as acting CFO effective 1 September 2016. Al Ahbabi, currently deputy CFO, will replace Grant Gillon. 

“Mohammed’s previous success as CFO of an Abu Dhabi government entity, experience from leading TAQA’s recent $1 billion bond offering and being actively involved in the functioning of the finance department during the past year places him well for this role,” said Saeed Hamad Al Dhaheri, TAQA acting COO. “I wish to thank Grant for his successful contributions and for his commitment to our succession planning. The management team and I wish him all the best for the future.”

Al Ahbabi started his career at Abu Dhabi Company for Onshore Oil Operations (ADCO). He joined Abu Dhabi Ambulatory Healthcare Services Company (SEHA) in 2009 where he held the positon of CFO before joining TAQA as deputy CFO in January 2016. 

Al Ahbabi holds an MBA from New York Institute of Technology. 

- ENDS -

About TAQA

TAQA is an international energy and water company listed in Abu Dhabi operating in 11 countries across four continents. The word TAQA means energy in Arabic.

TAQA strives to run its company safely and sustainably, operating to the highest ethical standards. The company is proud to align its strategy to Abu Dhabi’s Economic Vision 2030, a road map for a sustainable economy with a focus on knowledge-based industry.

TAQA has investments in power generation, water desalination, oil and gas exploration and production, pipelines and gas storage. The company's assets are located in Canada, Ghana, India, Iraq, Morocco, Oman, Saudi Arabia, the United Arab Emirates, Kurdistan Region of Iraq, Netherlands, United Kingdom and United States.

2016 first-half results 10 Aug 2016
Abu Dhabi National Energy Company PJSC (TAQA) today announced its results for the first half of 2016.

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ABU DHABI, United Arab Emirates – Abu Dhabi National Energy Company PJSC (TAQA) today announced its results for the first half of 2016.

Highlights:

  • Free cash flow up 35% to AED 3.1 billion
  • Power production up 6% to 39,090 GWh
  • Oil and gas production steady at 147,400 boe/d
  • 39% decline in realised oil and gas prices
  • Revenues at AED 7.9 billion and EBITDA at AED 4.1 billion
  • H1 capex and cash costs reduced by 73% and 14% respectively
  • Total transformation savings to date exceed AED 6.5 billion
  • $1 billion bond refinancing reduces annual financing costs by AED 70 million

Saeed Al Dhaheri, Acting Chief Operating Officer said: “Our businesses have continued to demonstrate improving operational performance. Despite achieving significant costs reductions, including a 73% cut in capex, we safely maintained oil and gas volumes and increased power production above our previous record highs. The cost transformation programme has continued its momentum achieving more than AED 6.5 billion in savings since it started in 2015. The highly successful $1 billion bond refinancing reduced our annual corporate interest payments by AED 70 million, and our free cash flow has continued to grow during the period. While our realised oil and gas prices dropped by 39%, the upstream business has adapted to the changes and continued to transform into a more resilient business able to compete in this tough environment.”

Financials

Revenues and EBITDA were down 19% and 21% respectively to AED 7.9 billion and AED 4.1 billion in the first half of 2016. This was due primarily to the 39% drop in realised oil and gas prices and resulted in a net loss of AED 1.2 billion compared to a net loss of AED 165 million in H1 2015. Net profit was also negatively impacted by the absence of the one-off AED 555 million UK tax credit booked in H1 2015.

During the second quarter, the Company completed a $1 billion bond issuance, comprising two $500 million tranches with tenors of five and ten years. The proceeds will be used to repay the $1 billion bond due to mature in October of this year, but more importantly will reduce financing costs by approximately AED 70 million per year. As at 30 June 2016, the Company’s available cash, cash equivalent and undrawn credit facilities totalled AED 15.6 billion, up 14% compared to the same period last year.

Despite continuing low oil and gas prices, free cash flow increased 35% to AED 3.1 billion in the first half of 2016. The increase compared to the first half of 2015 was led by reductions in capital expenditure, cash costs and tax payments.

Cost transformation

TAQA has achieved more than AED 6.5 billion in cash cost and capex savings under its cost transformation programme which was launched in 2015.

In the first half of 2016, the cost transformation programme reported a further 14% of cash cost savings, equivalent to AED 458 million, driven primarily by efforts made across the oil and gas businesses. The programme has now generated opex and G&A savings totalling over AED 2 billion over the last 18 months.

Capital expenditure for H1 2016 was reduced by AED 1.3 billion or 73% compared to H1 2015. This was due to the completion of major projects in 2015 as well as cutting discretionary investment.

Power & Water operations

The Company increased its power production by 6% to a record high of 39,090 gigawatt hours while technical availability increased to 92%. Water volumes decreased slightly to 121,650 million imperial gallons  due to planned maintenance. The higher availability is partly attributable to the optimisation of maintenance programmes throughout the fleet. 

Oil & Gas operations

Despite significant cuts in capital expenditure, TAQA minimised the decline in production and produced 147.4 thousand barrels of oil equivalent per day (mboep/d), only 2% less than in H1 2015.

Strong well performance and easing of third-party pipeline capacity restrictions helped TAQA increase production in North America by nearly 5% to 84.2 mboep/d. TAQA also sold all storage capacity at its 46 terawatt-hour Bergermeer gas storage facility in the Netherlands for the 2016-2017 storage year.

TAQA reduced per barrel equivalent operating costs by 22% to $21.56 in Europe and 16% to $7.33 in North America as at 30 June 2016. 

Leadership succession

The Company appointed Saeed Al Dhaheri as Acting Chief Operating Officer as of 22 June 2016. Having joined the Company in 2014, Mr Al Dhaheri has been part of the executive team leading the global reorganisation and cost transformation programme.

S&P credit rating

In April S&P Global Ratings affirmed TAQA’s credit rating at ‘A’ (outlook stable), noting ongoing support from the Abu Dhabi government to TAQA. Moody's Investor Service rates TAQA at ‘A3’.

 

- ENDS -

TAQA issues 5 Year and 10 Year Bonds 15 Jun 2016
TAQA has finalised the issuance of USD $500 million 3.625% senior notes due in June 2021 and USD $500 million 4.375% senior notes due in June 2026.

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ABU DHABI, United Arab Emirates – Abu Dhabi National Energy Company PJSC (TAQA) has finalised the issuance of USD $500 million 3.625% senior notes due in June 2021 and USD $500 million 4.375% senior notes due in June 2026.

The proceeds of this issuance will be used for general corporate purposes and to pay back the USD $ 1 billion bond maturing in October 2016. The lower interest rates will reduce TAQA’s corporate financing costs.

- ENDS -

About TAQA

TAQA is an international energy and water company listed in Abu Dhabi operating in 11 countries across four continents. The word TAQA means energy in Arabic.

TAQA strives to run its company safely and sustainably, operating to the highest ethical standards. The company is proud to align its strategy to Abu Dhabi’s Economic Vision 2030, a road map for a sustainable economy with a focus on knowledge-based industry.

TAQA has investments in power generation, water desalination, oil and gas exploration and production, pipelines and gas storage. The company's assets are located in Canada, Ghana, India, Iraq, Morocco, Oman, Saudi Arabia, the United Arab Emirates, Kurdistan Region of Iraq, Netherlands, United Kingdom and United States.

TAQA announces leadership succession 2 Jun 2016

ABU DHABI, United Arab Emirates – Abu Dhabi National Energy Company PJSC (TAQA) today announced the appointment of Saeed Hamad Al Dhaheri as acting chief operating officer (COO) of TAQA, effective 22 June 2016.

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ABU DHABI, United Arab Emirates – Abu Dhabi National Energy Company PJSC (TAQA) today announced the appointment of Saeed Hamad Al Dhaheri as acting chief operating officer (COO) of TAQA, effective 22 June 2016.

Al Dhaheri, joined TAQA in 2014 as Executive Vice-President Business Support. During the past two years, he led a global restructuring project that contributed significantly into savings in excess of AED 5 billion during 2015 and increased the number of UAE nationals in Abu Dhabi from 28% to 47% today.

Al Dhaheri is assuming the responsibilities of Edward LaFehr, formerly COO who is leaving the company to be closer to his family in the Unites States. Al Dhaheri has been deputising for Edward LaFehr for the last two years and is working closely with LaFehr to ensure business continuity and a smooth transition.

“I wish to thank Edward for his commitment and contributions to TAQA’s transformation, and I wish him all the best in his future endeavours,” said His Excellency Saeed Al-Hajeri, Chairman of the TAQA Board of Directors. "Saeed Al Dhaheri has a proven track record and he has been instrumental in delivering the company’s transformation and strategic realignment. The Board is confident that Saeed will continue to enhance and deliver shareholder value.”

Saeed Al Dhaheri said: "I am honoured to be given this opportunity and wish to thank the Board for their continued support. I am excited to move ahead with our aim to develop a world class MENA-focused power and water business positioned for growth. Meanwhile we will continue to further increase efficiencies at our oil and gas businesses with the aim to bring back substantial technology and capabilities, especially from our unconventional operations, to the United Arab Emirates in alignment with our Abu Dhabi stakeholders.”

Al Dhaheri previously held leadership positions at Abu Dhabi Media Company, Etihad Rail and Abu Dhabi Health Services Company (SEHA) and he previously served on the United Printing & Publishing Board of Directors. Al Dhaheri holds a master’s degree in management from Abu Dhabi University and bachelor’s degree in international business from Eckerd College in the United States. 

- ENDS -

About TAQA

TAQA is an international energy and water company listed in Abu Dhabi operating in 11 countries across four continents. The word TAQA means energy in Arabic.

TAQA strives to run its company safely and sustainably, operating to the highest ethical standards. The company is proud to align its strategy to Abu Dhabi’s Economic Vision 2030, a road map for a sustainable economy with a focus on knowledge-based industry.

TAQA has investments in power generation, water desalination, oil and gas exploration and production, pipelines and gas storage. The company's assets are located in Canada, Ghana, India, Iraq, Morocco, Oman, Saudi Arabia, the United Arab Emirates, Kurdistan Region of Iraq, Netherlands, United Kingdom and United States.

TAQA Q1 2016 Results 11 May 2016

Abu Dhabi National Energy Company PJSC (TAQA) today announced its results for the first quarter of 2016.

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ABU DHABI, United Arab Emirates – Abu Dhabi National Energy Company PJSC (TAQA) today announced its results for the first quarter of 2016.

  • Power & Water volumes up 7% to 17,022 GWh
  • Oil & Gas production holds steady at 153,700 boe/d
  • Cash costs savings of AED 293 million (18%)
  • Capex reduced by AED 701 million (72%)
  • Free cash flow up 83% to AED 1.5 billion
  • Revenues of AED 3.9 billion; EBITDA of AED 2.0 billion;
  • TAQA’s credit rating affirmed by S&P at ‘A’

“We continue to execute our strategy to meet the challenges of the low commodity price environment. Our cost transformation program continued to deliver outstanding results in the first quarter with savings of AED 1 billion while delivering one of our best operational performances in our history,” said Edward LaFehr, TAQA chief operating officer. “Record power generation volumes and robust oil and gas production coupled with sustainable cost savings have boosted free cash flow by 83%. This is helping us maintain our healthy liquidity position of AED 12.2 billion.”

Financials

A 43% drop in the price of oil and gas sold by TAQA reduced the group’s revenues by 24% to AED 3.9 billion and EBITDA by 21% to AED 2.0 billion compared to Q1 2015.  Significant reductions of the capital and cash cost base boosted free cash flow to AED 1.5 billion, up 83% compared to Q1 2015. At the end of the quarter, available liquidity stood at AED 12.2 billion including AED 8.7 billion of unused credit facilities and AED 3.5 billion of cash and cash equivalents. As a result of  lower oil and gas prices and absence of a one-off tax benefit in the UK, net income showed a loss of AED 608 million, compared to a profit of AED 256 million in Q1 2015. 

Cost transformation

TAQA’s cost transformation program generated savings exceeding AED 5.0 billion in cash costs and capex in 2015. During Q1 2016, cash cost and capex-savings reached AED 994 million. These savings consist of an 18%, or AED 293 million, reduction in cash costs and a 72%, or AED 701 million, reduction in capital expenditure. Full-year 2016 capital expenditure is expected to be below AED 1.8 billion, a 42% reduction compared to 2015.

Power & Water operations

TAQA produced record power reaching 17,022 gigawatt hours, an increase of 7% on the previous year’s quarter. Technical availability remained level at 87%. TAQA desalinated a total of 56,584 million imperial gallons of water during Q1 2016, a 5% decrease compared to Q1 2015 due to lower demand and planned maintenance at its water desalination facilities. 

Oil & Gas operations

Despite significant cuts in capital expenditure, TAQA maintained robust production levels of 153.7 thousand barrels of oil equivalent per day (mboepd), 3% lower compared to Q1 2015. Volumes were supported by the lifting of third-party pipeline constraints and strong performance at its unconventional liquids-rich gas assets in Canada.  TAQA’s Atrush oil project in Iraq’s Kurdistan region is expected to commence oil production this year with a maximum gross capacity of 30,000 barrels per day.

Emiratization

TAQA increased the proportion of UAE nationals holding senior corporate leadership roles to 60% from 43%. As at 31 March 2016, UAE nationals accounted for 47% of TAQA’s total corporate workforce compared to 28% a year ago.

S&P credit rating

In April S&P Global Ratings affirmed TAQA’s credit rating at ‘A’ (outlook stable), noting ongoing support from the Abu Dhabi government to TAQA. Moody's Investor Service rates TAQA at ‘A3’.

- ENDS -

About TAQA

TAQA is an international energy and water company listed in Abu Dhabi operating in 11 countries across four continents. The word TAQA means energy in Arabic.

TAQA strives to run its company safely and sustainably, operating to the highest ethical standards. The company is proud to align its strategy to Abu Dhabi’s Economic Vision 2030, a road map for a sustainable economy with a focus on knowledge-based industry.

TAQA has investments in power generation, water desalination, oil and gas exploration and production, pipelines and gas storage. The company's assets are located in Canada, Ghana, India, Iraq, Morocco, Oman, Saudi Arabia, the United Arab Emirates, Kurdistan Region of Iraq, Netherlands, United Kingdom and United States.

S&P affirms TAQA ‘A’ credit rating 28 Apr 2016

TAQA today announced that Standard & Poor's Ratings Services has affirmed TAQA’s credit rating at ‘A’ (outlook stable).

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ABU DHABI, United Arab Emirates – Abu Dhabi National Energy Company PJSC (“TAQA”), today announced that Standard & Poor's Ratings Services (“S&P”) has affirmed TAQA’s credit rating at ‘A’ (outlook stable).

“We are pleased that S&P affirmed TAQA’s investment-grade credit rating,” said Grant Gillon, TAQA CFO. “The rating demonstrates that we have a strong credit story and speaks of the progress TAQA has made in building a financial framework appropriate for the prevailing market conditions. The ongoing transformation of our cost base continues to yield further benefits and enables us to maintain a strong cash and liquidity position.”

In a report issued by S&P today, the rating agency noted ongoing support from the Abu Dhabi government to TAQA. The Abu Dhabi government holds a 75% stake in TAQA. 

In response to the rapidly declining commodity price environment, TAQA embarked on a two-year cost transformation program in mid-2014. TAQA has saved more than AED 5.0 billion in cash costs and capex in 2015. It expects to realize further significant reductions to its cost base in 2016.

Moody's Investor Service affirmed a A3 rating for TAQA in July 2015.

- ENDS -

Attachment: ​S&P Report

About TAQA

TAQA is an international energy and water company listed in Abu Dhabi operating in 11 countries across four continents. The word TAQA means energy in Arabic.

TAQA strives to run its company safely and sustainably, operating to the highest ethical standards. The company is proud to align its strategy to Abu Dhabi’s Economic Vision 2030, a road map for a sustainable economy with a focus on knowledge-based industry.

TAQA has investments in power generation, water desalination, oil and gas exploration and production, pipelines and gas storage. The company's assets are located in Canada, Ghana, India, Iraq, Morocco, Oman, Saudi Arabia, the United Arab Emirates, Kurdistan Region of Iraq, Netherlands, United Kingdom and United States.

TAQA reports full year 2015 results 31 Mar 2016

TAQA today announced its financial results for the full year ended 31 December 2015.

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ABU DHABI, United Arab Emirates – Abu Dhabi National Energy Company PJSC (“TAQA” or the “Company”) today announced its financial results for the full year ended 31 December 2015. 

Highlights: 

  • AED 5.0 billion reduction in cash costs and capex by transformation program 
  • Low commodity prices reduce revenues to AED 19.3 billion and EBITDA to AED 9.6 billion 
  • Record power & water production and robust oil & gas production 
  • Completion of major projects in the Netherlands, UK, Ghana and UAE  
  • 61% of senior corporate leadership roles held by UAE nationals
  • 2016 capital expenditure reduction of 42% to AED 1.8 billion 

Edward LaFehr, Chief Operating Officer:

“During 2015 we focused on maintaining and extending our strong financial liquidity position.    In August we announced the refinancing of our revolving credit facilities at extremely attractive pricing.  We also reduced our capital investment and cash costs by 52% and 21%, respectively, compared to 2014.  This  yielded an AED 5.0 billion cost structure improvement to significantly offset the lower oil and gas price impact.   We also achieved record high production for our power and water business. Our oil and gas production of 145,300 barrels of oil equivalent per day represents a modest 8.6% decline.  We exceeded all of our internal targets while shifting to a leaner and more efficient organization worldwide, with significant revisions to our operating model.  We believe that our business transformation continues to build momentum and has positioned us well to deliver benefits and take advantage of markets as prices recover.” 

Financials 

Despite strong production volumes, the halving of market commodity prices in 2015 reduced revenues to AED 19.3 billion and EBITDA to AED 9.6 billion, compared to AED 27.3 billion and AED 14.5 billion respectively for the full year 2014. 
In the third quarter of 2015, TAQA refinanced a $3.1 billion revolving credit facility on more favorable terms. 

Cash flow and liquidity remained strong. As of 31 December 2015, TAQA had available liquidity of AED 12.6 billion, including AED 9.2 billion of unused credit facilities and AED 3.4 billion of cash and cash equivalents. 

Supported by the Company’s transformation program, TAQA maintained the level of free cash flow at AED 5.8 billion, representing a reduction of 11% from 2014. 

The Company took a post-tax impairment charge of AED 681 million for the year, which led to an annual net loss of AED 1.8 billion. In 2014, the Company recorded a net loss of AED 3.0 billion.

Transformation

During 2015, TAQA’s transformation program reduced global operational expenditure and G&A costs by 21%, or AED 1.6 billion, already exceeding the 2016 run-rate savings target of AED 1.5 billion. 

TAQA also reduced its 2015 capital expenditure by 52%, or AED 3.3 billion, compared to 2014. Planned 2016 capital expenditure of AED 1.8 billion, represents a 42% reduction compared to 2015. These reductions have resulted from canceling or deferring most discretionary oil and gas investment.

During the year, TAQA successfully completed the integration of its European and African subsidiaries allowing it to enhance operational efficiency and drive synergies between the businesses. 

TAQA has reduced over 900 positions, or around 25% of its global workforce, since 2014. The reduction resulted in the elimination of 32% of its oil and gas jobs and 55% of its headquarters workforce. 

In line with the Company’s strategy of selling non-core assets, TAQA plans to divest its stakes in Abu Dhabi-based Massar Solutions and the Lakefield wind power project in the United States. 

Power & Water

Cash flow from the Company’s power and water operations remains strong and underpins the Company’s performance. The Company’s power and water units achieved record production in 2015 with power generation reaching 91,117 gigawatt hours, an increase of 10.1% on the previous year. Technical availability increased 1.1% to 92.3%, compared to 2014. UAE water desalination volumes totaled 264,127 million imperial gallons (MIG), a 1.5% increase compared to 2014.  

During the year, TAQA completed the expansion of its 330-megawatt Takoradi T2 power plant in Ghana and 130 MIGD reverse osmosis desalination plant at Fujairah. 

In Morocco, the 700-megawatt Jorf Lasfar power plant expansion marked the first full year of operations with technical availability reaching 95.2%. Jorf Lasfar is the largest coal-fired power plant in the MENA region.

Oil & Gas 

Despite a 58% reduction in oil and gas capital expenditure relative to 2013, 2015 production remained robust at 145.3 thousand barrels of oil equivalent per day (mboepd), down 8.6% from 158.9 mboepd in 2014. 

TAQA produced an average of 79.5 mboepd in North America, 56.6 mboepd in the UK North Sea and 9.1 mboed in the Netherlands. 

A disciplined and focused approach to costs helped reduce net G&A and operational expenditures per barrel by 21% in North America and 18% in the UK North Sea.   

During the year, TAQA started full commercial operations at the Bergermeer gas storage facility in the Netherlands and achieved first oil at the Cladhan field in the UK North Sea.

Significant advancements were made at the Atrush project in the Kurdistan region of Iraq. The 30 mboed Phase 1 development is expected to come on-stream in the second half of 2016.

Emiratization

UAE nationals holding senior corporate leadership roles increased to 61% from 43%. During the year, the number of UAE nationals in TAQA’s headquarters grew to 44% from 28% a year ago. 

- ENDS -

Analyst conference call

TAQA will host a conference call for analysts in English on 31 March 2016 at 15:00 (Abu Dhabi time), to discuss the Company’s full year 2015 results. To participate, please visit the Company's website at www.taqaglobal.com. A copy of the presentation will be available for download prior to the call and an audio archive will be available on the Company's website following the call. 

About TAQA

TAQA is an international energy and water company listed in Abu Dhabi operating in 11 countries across four continents. The word TAQA means energy in Arabic.

TAQA strives to run its company safely and sustainably, operating to the highest ethical standards. The company is proud to align its strategy to Abu Dhabi’s Economic Vision 2030, a road map for a sustainable economy with a focus on knowledge-based industry.

TAQA has investments in power generation, water desalination, oil and gas exploration and production, pipelines and gas storage. The company's assets are located in Canada, Ghana, India, Iraq, Morocco, Oman, Saudi Arabia, the United Arab Emirates, Kurdistan Region of Iraq, Netherlands, United Kingdom and United States.

TAQA Q3 2015 Financial Results 11 Nov 2015

TAQA today announced its financial results and operating update for the first nine months of 2015.

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ABU DHABI, United Arab Emirates – Abu Dhabi National Energy Company PJSC (“TAQA” or the “Company”) today announced its financial results and operating update for the first nine months of 2015.

First nine months 2015 in brief:

  • Revenues and income continue to be significantly impacted by drop in commodity prices
  • Transformation Program delivered AED 1.1 billion savings; oil and gas headcount reduced by 25%
  • Liquidity position remains strong at AED 12.2 billion
  • Power and water operations deliver record output
  • Refinancing of $3.1 billion of revolving credit facilities completed at improved terms
  • Moody’s and S&P reaffirmed TAQA’s credit rating at A3 and A respectively
  • Major projects in Netherlands, Ghana and India completed

Edward LaFehr, Chief Operating Officer:

"During the first three quarters, we have continued to position TAQA to withstand the current low commodity price environment. Consistent with our commitments, we continue to drive cost transformation which has saved AED 1.1 billion and we have reduced capex by 43% in the first nine months.  This, combined with our focus on the safety and reliability of our asset base, positions us well to maintain cash-flow and strong financial liquidity in the current oil price environment. We have an exceptional power generation business and we are working hard to transform the oil and gas portfolio such that we can take advantage as prices recover."

Financial results

The Company posted total revenues of AED 14.7 billion compared to AED 20.7 billion in 2014. EBITDA decreased to AED 7.5 billion compared to AED 11.4 billion in 2014. As a result, the company recorded a net loss of AED 581 million, compared to a profit of AED 620 million during the same period in 2014. The decrease in income mainly relates to the material reduction in realized oil prices. Cash generation from the Company’s power and water operations remained solid.

TAQA has responded to the drop in oil prices by reducing capital spend by 43%, continuing significant cost reductions and increasing efficiencies across its global operations. The Company’s Transformation Program has generated total saving of AED 1.1 billion during the first nine months of 2015. It is ahead of its targeted annual savings of 550 million in 2015, and AED 1.5 billion by the end of 2016. TAQA has reduced its global oil and gas headcount by 25% since July 2014. It has also reduced its Abu Dhabi headquarters headcount by 39%.

TAQA successfully refinanced $3.1 billion revolving credit facility at improved terms in August, thereby reducing funding costs. The result leaves TAQA with cash, cash equivalents and undrawn credit facilities amounting to AED 12.2 billion. Moody’s and Standard & Poor's reaffirmed TAQA’s credit ratings at A3 and A respectively.

Operational

TAQA’s oil and gas production decreased by 9% to 144,900 barrels of oil equivalent per day (boepd), from 158,500 boepd, in the same period last year. The decrease is a result of natural decline, reduced capital investment and third-party pipeline restrictions in Canada, offset by higher production efficiency globally and a successful well intervention program in the UK. The Company has reduced unit operating costs by 40% in the Netherlands and 18% in the UK and North America.

The Company’s power assets generated 61,418 megawatt-hours (MWh) compared to 55,036 MWh in the first 9 Months of 2014. This 11.6% increase was driven by strong performance in the United Arab Emirates and Morocco. Water desalination facilities produced 191,674 million imperial gallons (MIG) in line with 2014 production. Technical availability increased from 91.6% to 93.0% across the global fleet.

Major projects

TAQA has completed three of its six major projects. The 4.1 billion cubic meter Bergermeer gas storage in the Netherlands, the expanded 330 MW Takoradi T2 power plant in Ghana and 100 MW Sorang hydro plant in northern India started production. In the fourth quarter, TAQA will bring on-stream its UK North Sea Cladhan project which will produce an initial 10,000 boepd. In the UAE, the 30 MIGD expansion of its Fujairah water plant is expected to start up before year end.  The first phase of TAQA’s Atrush project in the Kurdistan Region of Iraq is scheduled to produce first oil in 2016 with production expected to reach 30,000 boepd gross.

 

- ENDS -

Analyst conference call

TAQA will host a conference call for analysts in English on Wednesday 11 November 2015 at 16:00 (Abu Dhabi time), to discuss the Company’s first nine months 2015 results. To participate, please visit the Company's website at www.taqaglobal.com. A copy of the presentation will be available for download prior to the call and an audio archive will be available on the Company's website following the call.

About TAQA

TAQA is an international energy and water company listed in Abu Dhabi operating in 11 countries across four continents. The word TAQA means energy in Arabic.

TAQA strives to run its company safely and sustainably, operating to the highest ethical standards. The company is proud to align its strategy to Abu Dhabi’s Economic Vision 2030, a road map for a sustainable economy with a focus on knowledge-based industry.

TAQA has investments in power generation, water desalination, oil and gas exploration and production, pipelines and gas storage. The company's assets are located in Canada, Ghana, India, Iraq, Morocco, Oman, Saudi Arabia, the United Arab Emirates, Netherlands, United Kingdom and United States.

TAQA H1 2015 Results 13 Aug 2015

TAQA today announced its financial and operating results for the six months ended 30 June 2015.

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ABU DHABI, United Arab Emirates – TAQA, the international energy company from Abu Dhabi, (“the Company”) today announced its financial and operating results for the six months ended 30 June 2015. Significant cost reductions and strong operational performance partially mitigated the impact of a circa 50% fall in oil and gas prices.

“While the current commodity price environment has impacted the whole industry, our results show that we are delivering on our accelerated cost transformation program,” said Edward LaFehr, TAQA Chief Operating Officer. “This combined with our drive to improve safety, reliability and operating performance is helping us offset some of the effects of lower prices on our bottom line.”

Primarily driven by lower price realizations, TAQA’s revenues declined 29% to AED 9.8 billion, while EBITDA decreased 35% to AED 5.2 billion during the six-month period. TAQA recorded a loss of AED 165 million compared to a profit of AED 513 million in the same period last year when oil prices were significantly higher.

During the first six months of 2015, the Company reduced cash costs by AED 758 million, compared to the same period in 2014, already exceeding its 2015 full-year target of AED 550 million.

The Company has reduced its oil and gas headcount by 22% since 1 July last year, and by 32% in its Abu Dhabi headquarters, while maintaining its commitment to increasing Emiratization rates. More than 52% of its senior management positions in Abu Dhabi are now held by UAE nationals, a 100% increase compared to a year ago.

“We are well positioned to achieve our targeted AED 1.5 billion of annual savings by the end of 2016, and now have the organizational structure and momentum to deliver,” said LaFehr.

TAQA reduced its capital expenditure by AED 1.05 billion during the first six months and is on track to deliver on its previously announced AED 2.5 billion, or 40%, reduction from last year.

TAQA started full commercial operations at its Gas Storage Bergermeer project in April, providing 4.1 billion cubic meters of gas storage capacity, enough to supply 2.5 million Dutch households for a year. It has completed construction and is now commissioning three additional projects; the Takoradi 2 power plant in Ghana where it is expanding capacity from 220 to 330 megawatts without increasing fuel consumption or emissions; the 100 megawatt Sorang hydro plant in northern India; and the 30 million imperial gallon per day reverse osmosis water desalination facility at its Fujairah 2 plant in the United Arab Emirates.

TAQA continued to strengthen its safety and operational performance, which translated into higher operating efficiencies. The Company reduced its recordable injury rate, a measure of safety performance, to 0.33 recordable injuries per 200,000 hours, the best in TAQA’s history.

At its power and water plants, it improved technical availability and increased power generation by 15% to 36,935 gigawatt hours, a record for the company’s global fleet.

Despite significantly lower capital expenditure and reducing its oil and gas unit operating costs by 19%, oil and gas production only decreased 5% to 150,000 barrels of oil equivalent per day, compared to the same period last year.

On 12 August, the Company refinanced $3.1 billion of existing revolving credit facilities at improved terms, thereby reducing funding costs.

During the period, Moody’s and Standard & Poor's reaffirmed TAQA’s credit ratings at A3 and A respectively.

Available liquidity stood at AED 13.9 billion at the end of the period, including AED 3.6 billion of cash and cash equivalents.

- ENDS -

TAQA Q1 2015 Results 13 May 2015

TAQA today announced first quarter earnings for the period ending 31 March 2015.

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ABU DHABI, United Arab Emirates – TAQA, the international energy company from Abu Dhabi, today announced first quarter earnings for the period ending 31 March 2015.

“Today’s results demonstrate the value of our diversified portfolio in a lower oil and gas price environment,” said Edward LaFehr, TAQA Chief Operating Officer. “Continued strong safety and operating performance combined with the significant savings delivered by our cost transformation initiatives are helping to mitigate the effects of the challenging market conditions.”

Total revenues declined 29% to AED 5.1 billion, while EBITDA was down 39% to AED 2.5 billion and net profit decreased 7% to AED 256 million compared to the same period a year ago. The effect of declining revenues and EBITDA on net profit was almost fully offset by the one-off benefit of the UK North Sea tax rate changes which resulted in a credit of AED 553 million.

Available liquidity stood at AED 14.2 billion at the end of the quarter, including AED 3.6 billion of cash. TAQA reduced its debt by AED 195 million during the period.

TAQA produced 157,900 oil-equivalent barrels per day, almost flat compared to 158,300 barrels per day during the first quarter of 2014. This was achieved despite a significant reduction in oil and gas capital expenditure.

Higher technical availability at TAQA’s power plants helped increase production by 18% to 15,898 gigawatt hours from 13,482 gigawatt hours during the first quarter of 2014. Of this, 11,440 gigawatt hours were produced in the United Arab Emirates and 4,458 gigawatt hours internationally. Water desalination volumes increased to 59,430 million imperial gallons from 59,022 million imperial gallons during the first quarter of 2014.

Operating expenses and net general and administrative costs were AED 353 million lower in comparison to the same quarter in 2014. The Company’s cost transformation programme is expected to reduce operating and general and administrative costs by AED 1.5 billion annually by the end of 2016.

As a result of the lower commodity price environment, TAQA is committed to reduce its 2015 full-year capital expenditure to AED 3.8 billion, a reduction of 40% compared to the full-year 2014. During the quarter, the Company reduced capital expenditure to AED 918 million, down 30% from the prior year period.

- ENDS -

Grant Gillon appointed acting CFO 30 Apr 2015
TAQA has appointed Grant Gillon as acting Chief Financial Officer.
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ABU DHABI, United Arab Emirates – TAQA, the international energy company from Abu Dhabi, has appointed Grant Gillon as acting Chief Financial Officer following the retirement of Ryan Wong.

Mr Gillon, currently Executive Vice President Portfolio, will take up his new role effective from 1 May 2015.

“Ryan leaves behind a strong finance team fully capable under Grant’s proven leadership skills to continue spearheading our efforts to reduce our capital and total cash costs while improving our balance sheet,” said Edward LaFehr, Chief Operating Officer. “Ryan has been an integral member of the leadership team for the past eight years and I wish him and his family the best in their well-deserved retirement.”

Mr Gillon qualified as a chartered accountant with PricewaterhouseCoopers in London and holds a Bachelor of Engineering degree from Glasgow University.

- ENDS

TAQA reports full year 2014 results 1 Apr 2015
TAQA today announced its financial results for the year ended 31 December 2014.

ABU DHABI, United Arab Emirates – TAQA, the international energy company from Abu Dhabi, today announced its financial results for the year ended 31 December 2014.

Driven by a strong performance, TAQA achieved underlying revenues of AED 23.0 billion in 2014, an 8.6% increase over 2013. This resulted in the Company’s highest ever EBITDA of AED 14.5 billion, resulting from record production of 158.9 thousand barrels of oil equivalent per day (mboed) (2013: 142.2 mboed) and 82,723 gigawatt hours (GWh) (2013: 76,712 GWh) of electricity.

A net loss of AED 3.0 billion was recorded due to a post-tax, non-cash impairment of AED 3.3 billion, resulting from the structural change in commodity prices. To respond to the lower commodity price environment and preserve cash, TAQA reduced its capital expenditure for 2014 by 23% compared to 2013 and by another 39% (AED 2.5 billion) for 2015. The Company has also initiated a reduction in total cash costs of AED 1.5 billion over the next two years.

“Despite the challenging price environment, we have delivered outstanding operational performance, achieving record production and cashflows, while enhancing the safety and reliability of our assets. We also successfully delivered two major projects safely, on time and within budget, and made significant progress at our third major project in the Kurdistan Region of Iraq,” said Edward LaFehr, Chief Operating Officer of TAQA. “Our improved operational reliability, combined with the success of our ongoing cost restructuring programme, has helped us to adapt to lower commodity prices and will create a stronger foundation on which to build, when markets recover.”

Key figures

AED (Million) FY 2013 FY 2014 % +/-
Total revenue 25,757 27,325 ▲6.1
Underlying revenues* 21,149 22,988 ▲8.6
Power and water+ 8,961 9,068 1.2
Oil and gas++ 12,188 13,920 14.2
       
Cost of sales (21,170) (23,324) ▲10.2
EBITDA 13,445 14,476 ▲7.7
Net profit pre-impairment after minority interests 180 257 ▲4.3
Net loss after impairment and minority interests (2,519) (3,010) -
Basic earnings per share (AED) (0.42) (0.50) -
Net Debt/EBITDA (times) 5.6 5.0 -
EBITDA/Interest 2.8 3.5 -
Net debt to capital (%) 82 84 -

* Does not include construction and backup fuel revenues, which have compensating expenses in cost of sales
+Includes other operating revenues, ++Includes gas storage and other operating revenues

Financial results

TAQA's revenues and cashflow after investments improved following a year of strong operational performance. Total revenue grew 6.1% year-on-year to AED 27.3 billion, underlying revenue grew 8.6% to AED 23.0 billion, and EBITDA grew by 7.7% to a record AED 14.5 billion.

TAQA reduced net debt by AED 2.7 billion in 2014. This has been achieved by the Company’s strong operating cashflows and non-core asset disposals with a value of AED 836 million.

As at 31 December 2014, TAQA had available liquidity of AED 15.0 billion, including AED 11.5 billion of unused credit facilities and AED 3.5 billion of cash and cash equivalents.

However, the material drop in oil prices during the second half of 2014 had significant implications for the oil and gas industry. The impact of this reduction on the value of TAQA’s assets resulted in a non-cash, post-tax impairment of AED 3.3 billion and a net loss of AED 3.0 billion for the year.

As a consequence of this loss, the Company will not pay a dividend for 2014.

Corporate restructuring and transformation

To improve profitability and increase its focus on safe, reliable and efficient operations, TAQA introduced a new executive team and a simplified organisational structure based on a geographic model. This change eliminated a layer of executive management, improved communications and devolved responsibility directly to regional leaders, providing them with greater accountability and a clearer mandate.

The Company reduced its capital expenditure for 2014 by 13% below budget, to AED 6.4 billion, and AED 2.0 billion less than 2013. As part of the new global transformation programme, TAQA plans to further reduce its 2015 capital expenditure by 39% to AED 3.9 billion compared to its 2014 capital expenditure. It also initiated a AED 1.5 billion reduction in all other costs over the next two years. These measures will help the Company maintain profitability in a low commodity price environment.

Emiratisation

TAQA remains committed to developing UAE nationals through various initiatives and development programmes. These have increased the number of UAE nationals in Abu Dhabi-based senior leadership roles from 18% to 43% over the past year.

Oil and gas

TAQA produced an average of 158.9 mboed in 2014, a record for the Company. This contributed to revenues of AED 13.9 billion, up 14% on 2013, and EBITDA of AED 7.7 billion, demonstrating strong operational cashflow.

In North America, TAQA increased production by 2.6% to 89.5 mboed, while reducing capital expenditure and its unit operating cost by 6%. The Company focused its activities on its core acreage and continued to aggressively apply horizontal well, multi-stage fracking to dramatically improve its capital efficiency.

TAQA’s UK North Sea operations recorded average production levels of 61.4 mboed, a 30% increase over 2013. This was due to the Harding acquisition, successful well intervention work, and top quartile operating efficiency, combined with a tight focus on safety and reliability across the asset base. In addition, TAQA successfully reduced its unit operating cost in the UK North Sea by 16% during the year.

In the Netherlands, TAQA completed its Gas Storage Bergermeer facility and achieved full capacity today, on April 1, 2015. The facility is already fully contracted for the 2015/2016 storage season. Separately, daily production from the Netherlands’ upstream assets averaged 8.0 mboed, introducing first oil from new offshore fields Amstel and Maas.

TAQA completed the drilling of five wells at the Atrush development in the Kurdistan Region of Iraq and is progressing construction of the 30.0 mboed first-phase processing facility and related infrastructure.

Power and Water

TAQA generated record electricity production of 82,722 GWh, reflecting the completion of its power plant expansion in Morocco, combined with strong technical availability of 91.2% across the fleet. This strong operational performance delivered underlying revenues of AED 9.0 billion, a 1.2% increase compared to 2013, resulting in EBITDA of AED 7.0 billion.

Domestic power and water production

The long-standing growth in demand for electricity in Abu Dhabi continued in 2014, with TAQA’s domestic assets generating a total of 58,941 GWh and desalinating a total of 260,100 million imperial gallons (MIG) of water. Technical availability was 91.8%, in line with top international standards.

The expansion of the reverse osmosis water desalination facilities at Fujairah 1, which began in 2013, is now more than 85% complete. The expansion will increase the plant’s water desalination capacity from 100 million imperial gallons per day (MIGD) to 130 MIGD, of which 70 MIGD will be produced using reverse osmosis, making the plant one of the largest reverse osmosis desalination facilities in the Middle East.

International power production

TAQA’s international power portfolio, consisting of assets in Morocco, Ghana, Saudi Arabia, India and the United States, generated a total of 23,723 GWh with a technical availability of 88.2%.

The key development in 2014 was the successful delivery of the 700 MW expansion of the Jorf Lasfar power plant in Morocco. Jorf Lasfar is now the largest coal-fired power plant in the MENA region and generates over 50% of Morocco’s total electricity requirements.

The commissioning of TAQA’s power plant in Takoradi, Ghana is expected in 2015. This will increase its net generating capacity from 220 MW to approximately 330 MW, with no increase in fuel consumption or emissions.

The construction of TAQA’s 100 MW hydro-electric project at Sorang in northern India is progressing well and is expected to be commissioned in the second quarter of 2015.

- ENDS -

TAQA reports income of AED 620 million for 9M 2014 12 Nov 2014
ABU DHABI, United Arab Emirates – TAQA, the Abu Dhabi National Energy Company, generated net income of 620 million dirhams and reduced its debt by over 3 billion dirhams during the first nine months of 2014.

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TAQA's oil and gas production averaged a new record level of 158.5 thousand barrels of oil equivalent per day during the nine month period, up 17% compared to the first nine months of 2013. The company increased its power generation capacity by 700 megawatt (MW) to 17,095 MW following the expansion of the Jorf Lasfar power station in Morocco.

Greater focus on managing costs and achieving greater business efficiencies resulted in a 9% reduction in general and administrative costs and reduced unit operating costs in our UK and North American businesses.

Higher production levels and increased operational efficiencies supported by higher oil and gas prices raised underlying revenues by 14% to 16,866 million dirhams, and resulted in a record EBITDA of 11,446 million dirhams, up 21% against the same period in 2013.

TAQA's net income after minority interests was 620 million dirhams, up from 80 million dirhams in the first nine months of 2013.

TAQA reduced its debt by over 3 billion dirhams by using excess cash flow and selling non-core assets.

UAE dirhams (Million) unless otherwise stated 9M 2013 9M 2014 % +/-
Total revenue per accounts 18,681 20,708 ▲11
Backup fuel revenue* 2,381 2,865  
Construction revenue* 1,453 977  
Underlying revenues 14,847 16,866 ▲14
Power & Water+ 6,230 6,224 -
Oil & Gas++ 8,617 10,642 24
       
Cost of sales 13,235 13,805 ▲4
EBITDA 9,447 11,446 ▲21
Income Before Tax 1,116 2,357 ▲111
Net income After Minority Interests 80 620  
Basic earnings per share (Fils) 1.3 10.2  
Net Debt/EBITDA (times) 5.6x 4.8x  
EBITDA/Interest 2.8x 3.6x  

* Construction and backup fuel revenues have compensating expenses in cost of sales
+ Includes other operating revenues, ++ Includes gas storage and other operating revenues

Comment
Edward LaFehr, Chief Operating Officer, said: "This financial result is due to excellent operational performance across our global asset base, combined with strong oil and gas pricing. We have also focused capital investment and reduced general and administrative costs, while maintaining our focus on safety. These efforts are even more important now in today's challenging commodity price environment."

Oil and gas
The new Central North Sea assets lifted TAQA's North Sea volumes to a record level of 61.0 mboed. The return to production of Cormorant Alpha lifted production levels and decreased unit operating costs.

In North America, TAQA increased production levels by 2% to 89.6 mboed and lowered unit operating costs by 11%. As a result, netbacks increased by 21% compared to the year-ago period.

Power and water
TAQA's power production increased by 1% to 55,035 gigawatt-hours (GWh), with 43,741 GWh generated in the United Arab Emirates and 11,295 GWh internationally.

Its desalination facilities in the United Arab Emirates produced 192,020 million imperial gallons, up 3% compared to the same period in 2013.

Total average technical availability for its power and water fleet was 91.6%, with its facilities in the United Arab Emirates reaching a typical level of 92.2%. Technical availability at the international fleet recovered to 88.4%.

Major project execution
TAQA plans to launch full commercial operations at its Gas Storage Bergermeer facility in the Netherlands in April 2015. All 46 terawatt-hours of storage capacity starting from 2015 has now been sold and the facility started operations with partial capacity earlier this year.

First oil from TAQA's Atrush Block in Iraq is on schedule for late 2015. Operations have resumed following a brief interruption to drilling activities after increased regional instability in August.

Capital expenditure
Capex for full year 2014 is now expected to be 6.8 billion dirhams, a 2 billion dirhams reduction compared to the full year 2013. This is also lower than forecast at the beginning of the year, due to a more focused capital investment strategy and timing of project milestones. The Q4 capital programme is being reviewed given the evolving commodity price environment.

Emiratisation
TAQA initiated a significant restructuring and strategy development process earlier in 2014 with a focus on enhancing Emiratisation. Saeed Al Dhaheri was appointed to the position of Executive Vice President Human Resources and General Services. Suhail Al Shamsi was promoted to the position of Group Vice President Treasury following the promotion of Ryan Wong to acting Chief Financial Officer.

Financing and liquidity
TAQA reduced its debt by over 3 billion dirhams using excess cash flow and proceeds from the disposal of non-core assets. It raised 534 million dirhams from the disposal of non-core assets including undeveloped land in Alberta, Canada and its interest in Carlyle Infrastructure Partners L.P.

As at the 30 September 2014, TAQA had available liquidity of 15 billion dirhams, including 3.0 billion dirhams of cash in hand.

- ENDS -

About TAQA
TAQA, meaning energy in Arabic, is the brand name of Abu Dhabi National Energy Company PJSC. We are an international energy and water company listed in Abu Dhabi operating in 11 countries across four continents.
We strive to be safe and sustainable, and embrace the challenge of delivering affordable and reliable energy and water. We are proud to align our strategy with Abu Dhabi's Economic Vision 2030, a roadmap for a sustainable economy with a focus on knowledge-based industry.
Our interests lie in conventional and alternative power generation, water desalination, oil and gas exploration and production, pipelines and gas storage. We operate in Canada, Ghana, India, Iraq, Morocco, the Netherlands, Oman, Saudi Arabia, the United Arab Emirates, the United Kingdom and the United States.

Suhail Al Shamsi appointed GVP Treasury 21 Sep 2014
TAQA has promoted Suhail Al Shamsi to the role of Group Vice-President - Treasury and member of the company’s Global Management Team.
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ABU DHABI, United Arab Emirates – TAQA, the Abu Dhabi National Energy Company, has promoted Suhail Al Shamsi, currently Head of Treasury Operations, to the role of Group Vice-President - Treasury and member of the company’s Global Management Team.

Commenting on the appointment, Saeed Al Dhaheri, Executive Vice-President Human Resources and General Services, said: “I look forward to working alongside Suhail as part of the Global Management Team. The fact that so many of our new leaders have been promoted from within the company reflects our long-term commitment to talent development and creating opportunities for top performers.”

Suhail Al Shamsi, a UAE national, started his career at TAQA as Head of Treasury Operations in 2010. In his new role, he succeeds Ryan Wong who was promoted to acting Chief Financial Officer in September 2014. As Group Vice-President - Treasury, Al Shamsi has responsibility for operational treasury including cash and liquidity management, and the corporate finance and funding functions.Al Shamsi has 20 years of finance sector experience and has held leadership positions at Senaat and Abu Dhabi Islamic Bank. He has an MBA from United Arab Emirates University and a bachelor's degree in Economics from Texas A&M University.

This latest appointment is part of the company’s ongoing strategy development process, which has a focus on enhancing Emiratisation efforts.

TAQA appoints Ryan Wong as acting CFO 10 Sep 2014
TAQA has appointed Ryan Wong to the position of acting Chief Financial Officer (CFO) effective 1 October.
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Abu Dhabi, United Arab Emirates – TAQA, the Abu Dhabi National Energy Company, has appointed Ryan Wong, currently Group Vice-President Treasury, to the position of acting Chief Financial Officer (CFO) effective 1 October.

Mr. Wong will replace Stephen Kersley, who held the role of CFO since May 2011 and has decided to leave the company effective 1 November 2014.

Ed LaFehr, Chief Operating Officer of TAQA, commented: “Steve led a significant upgrading of TAQA’s financial processes, systems, and treasury operations. We wish him well for the future and thank him for his service over the past years.”

Ryan Wong joined TAQA in 2008 and brings to the role 35 years of financial and treasury experience.

TAQA appoints Saeed Al Dhaheri to Executive Team 6 Sep 2014
TAQA has appointed Saeed Hamad Al Dhaheri to the position of Executive Vice President Human Resources and General Services.
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Abu Dhabi, United Arab Emirates - TAQA, the Abu Dhabi National Energy Company, has appointed Saeed Hamad Al Dhaheri to the position of Executive Vice President Human Resources and General Services.

Mr. Al Dhaheri has more than 12 years of experience from the human resource industry in Abu Dhabi. He joins TAQA from government-owned Abu Dhabi Media Company where he led the human resources, procurement and administration functions. Mr. Al Dhaheri has also served on the Board of Directors of United Printing & Publishing and previously held human resources leadership positions at Etihad Rail  and Abu Dhabi Health Services Company - SEHA.

In June 2014, TAQA initiated a significant restructuring and strategy development process with a focus on enhancing Emiratisation efforts.

TAQA reports profit of AED 513 million for H1 2014 12 Aug 2014
Abu Dhabi, United Arab Emirates – TAQA, the Abu Dhabi National Energy Company, today announced a net profit of AED 513 million for the first half of 2014.

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TAQA achieved record oil and gas production, averaging 158,000 barrels of oil equivalent per day (boe/d) during the period, representing a 24% increase against the first half of 2013. This significant production growth, combined with operational efficiencies and higher North American gas prices, raised TAQA’s underlying revenues to AED 11.3 billion, up 29% year-on-year, and resulted in the company’s highest ever EBITDA of AED 7.9 billion, up 42% against H1 2013.

As a result of the group strategy changes and reorganisation announced in May 2014, TAQA maintained existing operating expenditure levels while achieving higher production, despite an escalating cost environment. General and administrative (G&A) costs were reduced by 15% year-on-year.

TAQA’s net profit was AED 513 million, up from a loss of AED 66 million in H1 2013, delivering earnings of 9 Fils per share.

AED (Million) H1 2013 H1 2014 % +/-
Total revenue per accounts 11,285 13,781 ▲22
Fuel revenue* 1,574 1,788  
Construction and finance revenue* 969 675  
Underlying revenues 8,742 11,318 ▲29
Power & Water 3,938 4,128 5
Oil & Gas 4,804 7,190 50
       
Cost of sales 8,045 8,891 ▲11
EBITDA 5,559 7,905 ▲42
Profit Before Tax 525 1,735 ▲230
Net profit (loss) After Minority Interests -66 513  
Basic earnings per share (Fils) -1.1 8.5  
Net Debt/EBITDA (times) 7.1x 4.8x  
EBITDA/Interest 2.5x 3.7x  

* Construction and backup fuel revenues have compensating expenses in cost of sales
All amounts in AED million unless otherwise stated

Oil & Gas
Following the integration of TAQA’s new Central North Sea assets, its UK operations produced a record average volume of 61,500 (boe/d) during the first half, increasing UK netbacks by 50% year-on-year.

TAQA achieved stable production levels of 89,000 boe/d in North America despite lower capital expenditure (CAPEX). Netbacks increased by 27% due to stronger oil and gas prices and lower costs.

Power & water
TAQA’s power and water production both grew 2% to 32,250 GWh and 122,955 million imperial gallons per day (MIGD) respectively. The company’s international power generation assets produced 6,692 GWh, up 13% year-on-year, boosted by the completion of the Jorf Lasfar expansion in Morocco. TAQA’s domestic power and water fleet produced 25,558 GWh, flat compared to H1 2013.

Technical availability at the international fleet increased to 87.3% from 84.1%, despite an outage at the Takoradi 2 power station in Ghana. Availability at TAQA’s domestic power and water fleet slightly decreased from 90.3% to 89.9%, due to forced outages at the Fujairah F1 and F2 power and water stations.

Growth projects
In April, TAQA started preliminary commercial operations at its Bergermeer gas storage facility in the Netherlands. When complete in 2015, Bergermeer will significantly contribute to the security of European energy supply.

The TAQA-operated Atrush block in the Kurdistan region of Iraq is on schedule to start producing approximately 30,000 barrels of oil per day in 2015. In August TAQA temporarily suspended its operations at the Atrush Block as a result of recent developments around the Kurdistan Region of Iraq. TAQA continues to closely monitor the security situation with its Atrush partners and the Kurdistan Regional Government.

In June, TAQA completed the expansion of the Jorf Lasfar power station in Morocco, increasing its capacity from 1,356 to 2,056 MW. The power station supplies more than 50% of the country’s electricity demand.

The expansion of TAQA’s Takoradi 2 power station in Ghana is over 90% complete and will be inaugurated in Q4 2014.

Following changes in group strategy, TAQA ended negotiations to invest in two hydroelectric plants in India and the Sulaymaniyah power station in the Kurdistan region of Iraq. The withdrawals will improve free cash flow, reduce debt leverage over time and deliver a stronger sustainable financial performance.

TAQA estimates its capital expenditure for the full year 2014 to be USD 300 million lower compared to the full year 2013, totalling approximately USD 2 billion.

Financing and liquidity
TAQA successfully refinanced its USD 1.2 billion bond in April, at attractive pricing. The company expects to pay 2016 maturities from improved operational cash flow and asset sales and does not intend to return to the bond market until 2017, at the earliest.

At the end of the period, TAQA had available liquidity of USD 5 billion, including USD 1.1 billion of cash in hand. 

Comment
Edward LaFehr, Chief Operating Officer, said: “We have seen a great performance during the first half. Record oil and gas production and strong prices have driven our EBITDA to its highest levels. We are starting to see the results of our focused strategy bearing fruit, with safety and operational excellence at the core of everything we do. Greater efficiencies and cost control, combined with a conservative view on growth projects and acquisitions, will ensure we can deliver our commitment to reduce debt and improve financial performance.”

- ENDS -

For further information:

Investor relations
Mohammed Mubaideen
Tel + 971 2 691 4964
Mob + 971 50 813 0752
Mohammed.mubaideen@taqaglobal.com

Media
Allan Virtanen
Tel +971 2 691 4894
Mob +971 56 685 2717
Allan.Virtanen@taqaglobal.com

About TAQA

TAQA, meaning energy in Arabic, is the brand name of Abu Dhabi National Energy Company PJSC. We are an international energy and water company listed in Abu Dhabi operating in 11 countries across four continents.
We strive to be safe and sustainable, and embrace the challenge of delivering affordable and reliable energy and water. We are proud to align our strategy with Abu Dhabi’s Economic Vision 2030, a roadmap for a sustainable economy with a focus on knowledge-based industry.
Our interests lie in conventional and alternative power generation, water desalination, oil and gas exploration and production, pipelines and gas storage. We operate in Canada, Ghana, India, Iraq, Morocco, the Netherlands, Oman, Saudi Arabia, the United Arab Emirates, the United Kingdom and the United States.

Q1 2014 Results 14 May 2014
TAQA, the international energy and water company from Abu Dhabi, today announced its first quarter results for 2014.

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14 May 2014, Abu Dhabi, United Arab Emirates – TAQA, the international energy and water company from Abu Dhabi, today announced its first quarter results for 2014.

AED (Million) 2013 2014 % +/-
Total revenue per accounts 5,422 7,264 ▲34
Backup fuel revenue* 658 953  
Construction revenue* 518 396  
Underlying revenues 4,246 5,915 ▲39
Power & Water 1,850 1,959 6
Oil & Gas 2,396 3,956 65
       
Cost of sales 2,490 2,929 ▲18
EBITDA 2,740 4,104 ▲50
Profit Before Tax 445 905 ▲103
Net profit After Minority Interests 106 274 ▲158
Basic earnings per share (AED) 0.017 0.045 ▲165
Net Debt/EBITDA (times) 7.1x 4.6x  
Net debt to capital (%) 79 82  

* Construction and backup fuel revenues have compensating expenses in cost of sales
All amounts in AED million unless otherwise stated

Summary

Net profit after minority interests grew by 158% to AED 274 million in the first quarter, due to a recovery in UK North Sea oil output, stronger natural gas prices in North America and higher technical availability in the international power fleet.

Total revenues rose 34% to AED 7.3 billion, while underlying revenues, excluding passed through costs, were up by 39% to AED 5.9 billion.

Hydrocarbon production in the UK North Sea increased by 118% to 62.9 thousand barrels of oil equivalent a day (mboed), thanks to a restoration of production of the Cormorant Alpha platform in the UK North Sea, the integration of new assets in the central North Sea and a successful drilling programme at North Cormorant.

In North America, oil and gas production was stable despite the lower capital expenditure environment while net realised prices were up by 22%. In addition to greater capital efficiency, the company’s efforts to reduce costs yielded results as unit operating costs fell by 12%.

Global power production saw an improvement year on year, with 13,482 GWh generated during the period and underlying revenue up 6% at AED 2.0 billion. The international fleet in particular performed well, with technical availability returning to normal levels after a series of outages in the comparable period last year. There was slightly lower technical availability in the domestic market following forced outages at the Fujairah 1 and 2 and Umm Al Nar power stations.

EBITDA for the first quarter of 2014 grew by 50% to AED 4.1 billion, and net profit rose by 158% to AED 274 million, reflecting the higher revenue and EBITDA.

Available liquidity stood at AED 14.9 billion, including AED 4.2 billion of cash on hand. In April, the company refinanced USD 1.2 billion of bonds that were due to mature in September 2014.

Growth projects showed significant progress, with the first of two new 350 MW units at the Jorf Lasfar power station in Morocco commissioned in April. The second unit is expected to be commissioned in June and will expand the facility’s output to 2,056 MW. TAQA also made good progress with the expansion of the Takoradi 2 power station in Ghana, achieving 85% completion.

In March, the company announced the acquisition of a 51% stake in two hydroelectric plants in the northern Indian state of Himachal Pradesh. The plants have a combined power generation capacity of 1,391 MW. This acquisition is expected to complete at the end of the year.

Gas Storage Bergermeer in the Netherlands started preliminary commercial operations in April. When complete in 2015, Bergermeer will become the largest third party access gas storage facility in Europe. TAQA has sold all of the facility’s long-term capacity and plans to auction the remaining short-term capacity in September 2014.

The Atrush field development plan is proceeding on schedule in the Kurdistan region of Iraq, with first oil expected in 2015.

Comment
Edward LaFehr, Chief Operating Officer, said: “We are focusing on operational excellence and driving performance, and the results of the first quarter show we are moving in the right direction.”

Stephen Kersley, Chief Financial Officer, said: “Our first quarter result was helped by the restoration of North Sea oil production at Cormorant Alpha and higher natural gas prices in North America, but we also demonstrated our ability to increase capital efficiency and control costs. We are well positioned with ample liquidity, and look forward to driving continued improvement in earnings and coverage ratios.”

- ENDS -

For further information:

Investor relations
Mohammed Mubaideen
Tel + 971 2 691 4964
Mob + 971 50 813 0752
Mohammed.mubaideen@taqaglobal.com

Media
Allan Virtanen
Tel +971 2 691 4894
Mob +971 56 685 2717
Allan.Virtanen@taqaglobal.com

About TAQA

TAQA, meaning energy in Arabic, is the brand name of Abu Dhabi National Energy Company PJSC. We are an international energy and water company listed in Abu Dhabi operating in 11 countries across four continents.
We strive to be safe and sustainable, and embrace the challenge of delivering affordable and reliable energy and water. We are proud to align our strategy with Abu Dhabi’s Economic Vision 2030, a roadmap for a sustainable economy with a focus on knowledge-based industry.
Our interests lie in conventional and alternative power generation, water desalination, oil and gas exploration and production, pipelines and gas storage. We operate in Canada, Ghana, India, Iraq, Morocco, the Netherlands, Oman, Saudi Arabia, the United Arab Emirates, the United Kingdom and the United States.

TAQA shareholders elect new Board of Directors 23 Apr 2014
TAQA today announced that shareholders have elected a new Board of Directors at the company’s Annual General Meeting after the expiry of the previous board’s three-year term.

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Abu Dhabi, United Arab Emirates – TAQA, the international energy and water company from Abu Dhabi, today announced that shareholders have elected a new Board of Directors at the company’s Annual General Meeting (AGM) after the expiry of the previous board’s three-year term.

H.E. Saeed Mubarak Al-Hajeri; H.E. Abdulaziz Abdulrahman Mubarak Al-Hemaidi and H.E. Salem Sultan Al-Dhaheri were re-elected to a new three-year term. H.E. Mohammed Butti Khalfan Al Qubaisi; H.E. Khaled Abdulla Al Mas; Mr Ahmed Khalifa Mohammed Obaid Al Mehairi; and H.E. Mohammed Abdulrahman Bandooq Mohammed Al Qamzi were also elected to serve on TAQA’s Board of Directors. Following the AGM, the Directors elected H.E. Saeed Mubarak Al-Hajeri as Chairman of the Board of Directors.

H.E. Saeed Mubarak Al-Hajeri, who has served on the Board since 2011, is Executive Director at Abu Dhabi Investment Authority (ADIA) and is also on the boards of various Abu Dhabi government entities. He holds a Bachelor of Business Administration from Lewis & Clark College in the United States and is a qualified Chartered Financial Analyst.

“It is a great privilege and honour to be elected Chairman of Abu Dhabi’s leading international energy and water operating company,” said H.E. Saeed Mubarak Al-Hajeri. “The new Board brings a wealth of skills and experience relevant to TAQA’s core areas of operation. I look forward to working with my fellow Members of the Board and the executive management to build on TAQA’s achievements.”

“I would like to thank H.H. Sheikh Khalifa Bin Zayed Al Nahyan, President of the UAE, Ruler of Abu Dhabi and Commander-in-Chief of the UAE Armed Forces, and H.H. Sheikh Mohammed Bin Zayed Al Nahyan, Crown Prince of Abu Dhabi and Deputy Supreme Commander of the UAE Armed Forces, for the opportunity to contribute to the company’s development. I would also like to thank the previous board members for their dedication and service to TAQA.”

From its roots as the majority owner of Abu Dhabi’s power and water generation plants, TAQA has grown into Abu Dhabi’s leading international energy and water operating company, with a presence in 11 countries.

- ENDS -

For further information:

Abu Dhabi
Investor Relations
Mohammed Mubaideen
Mob +97150 813 0752
mohammed.mubaideen@taqaglobal.com

Media
Allan Virtanen
Mob +971 56 685 2717
Allan.Virtanen@taqaglobal.com

About TAQA

TAQA, meaning energy in Arabic, is the brand name of Abu Dhabi National Energy Company PJSC. We are an international energy and water company listed in Abu Dhabi operating in 11 countries across four continents.
We strive to be safe and sustainable, and embrace the challenge of delivering affordable and reliable energy and water. We are proud to align our strategy with Abu Dhabi’s Economic Vision 2030, a roadmap for a sustainable economy with a focus on knowledge-based industry.
Our interests lie in conventional and alternative power generation, water desalination, oil and gas exploration and production, pipelines and gas storage. We operate in Canada, Ghana, India, Iraq, Morocco, the Netherlands, Oman, Saudi Arabia, the United Arab Emirates, the United Kingdom and the United States.

For further information see www.taqaglobal.com

TAQA announces new nominees for Board of Directors 21 Apr 2014
TAQA today announced a new list of nominees for election to the Board of Directors at the Annual General Meeting on April 22.

Abu Dhabi, United Arab Emirates – TAQA, the international energy and water company from Abu Dhabi, today announced a new list of nominees for election to the Board of Directors at the Annual General Meeting on April 22.

H.E. Saeed Mubarak Al-Hajeri; H.E. Abdulaziz Abdulrahman Mubarak Al-Hemaidi; and H.E. Salem Sultan Obaid Sultan Al-Dhaheri were submitted for re-election. The other nominees are: Mr Khaled Abdulla Al Mas; H.E. Mohammed Butti Khalfan Al Qubaisi; Mr Ahmed Khalifa Mohammed Obaid Al Muhairi; Mr Mohammed Abdulrahman Bandooq Mohammed Al Qamzi; Mr Mohammed Ali Abdulla; and Mr Shaheen Mohamed Abdul Aziz Rubaya Al Muhairi.

H.E. Hamad Al-Hurr Al-Suwaidi, Chairman of the Department of Finance and Member of the Executive Council of Abu Dhabi, said: “The Government of Abu Dhabi continues to provide broad and ongoing support to TAQA.”

He added: “It has been my honour to serve as Chairman of TAQA since its inception and I thank H.H. Sheikh Khalifa Bin Zayed Al Nahyan, President of the UAE, Ruler of Abu Dhabi and Commander in Chief of the UAE Armed Forces, and H.H. Sheikh Mohammed Bin Zayed Al Nahyan, Crown Prince of Abu Dhabi and Deputy Supreme Commander of the UAE Armed Forces, for the opportunity to contribute to the company’s development.”

From its roots as the majority owner of Abu Dhabi’s power and water generation plants, TAQA has grown into Abu Dhabi’s leading international energy and water operating company, with a presence in 11 countries.

- ENDS -

For further information:

Abu Dhabi

Investor Relations
Mohammed Mubaideen
Mob +97150 813 0752
mohammed.mubaideen@taqaglobal.com

Media
Allan Virtanen
Mob +971 56 685 2717
Allan.Virtanen@taqaglobal.com

About TAQA

TAQA, meaning energy in Arabic, is the brand name of Abu Dhabi National Energy Company PJSC. We are an international energy and water company listed in Abu Dhabi operating in 11 countries across four continents.
We strive to be safe and sustainable, and embrace the challenge of delivering affordable and reliable energy and water. We are proud to align our strategy with Abu Dhabi’s Economic Vision 2030, a roadmap for a sustainable economy with a focus on knowledge-based industry.
Our interests lie in conventional and alternative power generation, water desalination, oil and gas exploration and production, pipelines and gas storage. We operate in Canada, Ghana, India, Iraq, Morocco, the Netherlands, Oman, Saudi Arabia, the United Arab Emirates, the United Kingdom and the United States.
For further information see www.taqaglobal.com

TAQA secures USD 200m Samurai loan 17 Apr 2014
TAQA today announced the successful signing of a USD 200 million equivalent (JPY 20.4 billion) Samurai loan facility.

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Abu Dhabi, United Arab Emirates – TAQA, the international energy and water company from Abu Dhabi, today announced the successful signing of a USD 200 million equivalent (JPY 20.4 billion) Samurai loan facility.

The five-year loan was arranged by Bank of Tokyo-Mitsubishi UFJ at a competitive 60 basis points over Japanese Yen LIBOR, and has been fully swapped into US dollars by Mitsubishi UFJ Securities. The funds will be used to refinance a portion of TAQA’s upcoming USD 1.2 billion bond maturity.

“This is the first part of our 2014 refinancing operation. The Samurai loan brings in a new pool of liquidity for TAQA at extremely competitive rates,” said Stephen Kersley, Chief Financial Officer at TAQA.

- ENDS -

For further information:

Abu Dhabi
Allan Virtanen
Mob +971 56 685 2717
Allan.Virtanen@taqaglobal.com

About TAQA

TAQA, meaning energy in Arabic, is the brand name of Abu Dhabi National Energy Company PJSC. We are an international energy and water company listed in Abu Dhabi operating in 11 countries across four continents.
We strive to be safe and sustainable, and embrace the challenge of delivering affordable and reliable energy and water. We are proud to align our strategy with Abu Dhabi’s Economic Vision 2030, a roadmap for a sustainable economy with a focus on knowledge-based industry.
Our interests lie in conventional and alternative power generation, water desalination, oil and gas exploration and production, pipelines and gas storage. We operate in Canada, Ghana, India, Iraq, Morocco, the Netherlands, Oman, Saudi Arabia, the United Arab Emirates, the United Kingdom and the United States.

For further information about TAQA, please visit: www.taqaglobal.com

TAQA Full Year 2013 Results 25 Mar 2014
TAQA, the international energy and water company from Abu Dhabi, today announced its annual audited results for 2013.

25 March 2014, Abu Dhabi, United Arab Emirates – TAQA, the international energy and water company from Abu Dhabi, today announced its annual audited results for 2013.

AED (Million) 2012 2013 % +/-
Total revenue per accounts 27,785 25,757 7%
Backup fuel revenue* 3,645 3,209  
Construction revenue* 3,589 1,399  
Underlying revenues 20,551 21,149 3%
Power & Water 8,536 8,961 5%
Oil & Gas 12,015 12,188 1%
       
Cost of sales excluding impairment (19,384) (17,923) 8%
Non-cash impairment (453) (3,247)  
Total cost of sales (19,837) (21,170) ▲7%
EBITDA 13,259 13,445 ▲1%
Profit Before Tax 3,544 (1,107)  
Net profit After Minority Interests 649 (2,519)  
Basic earnings per share (AED) 0.11 (0.42)  
Net Debt/EBITDA (times) 5.7 5.6  
Net debt to capital (%) 78 82  

* Construction and backup fuel revenues, have compensating expenses in cost of sales
All amounts in AED million unless otherwise stated

Summary

TAQA's underlying revenues, cash flow and earnings all saw an improvement in a year of resilient operational performance. Underlying revenues grew 3% year-on-year to AED 21.1 billion, and the business continued to generate strong operational cash flows, with EBITDA rising 1% to AED 13.4 billion.

The net result was affected by a one-off, non-cash impairment related to the value of the company's North American oil and gas assets. The company continues to enjoy a strong financial position, with high levels of liquidity, and has planned capital expenditure in excess of USD 2 billion in 2014.

The power and water segment, the bedrock of TAQA's business, continued to produce a strong revenue and earnings stream, while oil and gas recovered from a setback in the UK early in the year to end the year on a high note with record production levels. The company hit key milestones on its large construction and growth projects, with several new facilities poised to come on stream over the next 18 months in the Netherlands, Morocco, Ghana and Iraq.

In the UK North Sea, TAQA successfully integrated the Harding platform and associated assets, which provides the company with a development portfolio across three fields that will extend the life and sustainability of the existing business in the UK. In Q4, UK production levels were a record 68,400 barrels of oil equivalent per day (boed), compared with 39,500 boed during the same period in 2012, an increase of 73%.

In North America, TAQA effected a turnaround. The business was restructured, reducing headcount by 162, disposing of non-core acreage and creating a simpler organisation. A more focused capital spending programme centred around the company's highest-value prospects has already started to generate higher production, while maintaining an industry-leading safety performance.

In Iraq, TAQA secured regulatory approval for the development plan of the Atrush field, with the first oil production expected in 2015.

In the power and water segment, underlying revenues grew by 5% to AED 9.0 billion, led by a strong performance of TAQA's majority ownership of the UAE power and water fleet.

TAQA made great progress in its largest growth and construction projects.

The first of two new units at the Jorf Lasfar Energy Company power plant in Morocco, where TAQA already provides about 40% of the country's power, synchronised to the grid in October, and the second unit is due for commissioning in the first half of 2014. The successful IPO of the Moroccan business on the Casablanca stock exchange in December raised significant funds for TAQA and added a critical new stakeholder base for the company.

In Ghana, the company passed the half way mark in its expansion of the Takoradi 2 power plant, which is set to increase electricity production by 50% with a highly efficient combined cycle unit.

Construction of the Bergermeer gas storage plant in the Netherlands reached an advanced stage, with the start of preliminary operations on schedule for April 2014. When this project is complete in 2015, it will be the largest open access gas storage facility in Europe, significantly contributing to Europe's energy security.

TAQA's financing operations continued to set a benchmark for the region, with the refinancing of the Shuweihat S2 power and water plant in the UAE setting a precedent for future non-recourse financing of UAE power stations.

The company made significant disposals over the period, including non-core acreage in North America and the non-operated Noordgastransport B.V. pipeline business in the Netherlands.

The company reported a net loss of AED 2.5 billion, affected by a one-off, non-cash impairment of AED 3.2 billion, mostly relating to the value of oil and gas holdings in North America. The impairment was realised as a result of a reduction in the long-term assumptions for natural gas prices in North America and is in line with recent write-downs by other natural gas producers in the region. The impairment does not affect the company's ability to continue operations or service its debt obligations.

As a consequence of the net loss, the company will not pay a dividend for 2013.

Comment
Carl Sheldon, Chief Executive Officer, said:
"TAQA has grown into Abu Dhabi's leading international operator of strategic national energy infrastructure. We achieved record levels of oil and gas production, while underlying revenues from our power and water business rose strongly. The company is well positioned to take advantage of the unique opportunities ahead."

Stephen Kersley, Chief Financial Officer, said:
"Underlying revenues and cash flow rose year-on-year, while the net result was affected by a one-off, non-cash accounting entry. Our strong levels of liquidity enable us to continue to fund operations and service our debt obligations on favourable terms."

Financial summary: FY 2013 versus FY 2012

Revenues and costs
Total revenues for 2013 were AED 25.8 billion, 7% lower year-on-year, compared with total revenues of AED 27.8 billion for the same period in 2012.

However, this does not accurately reflect the underlying performance of the business, due to the effect of construction and backup fuel revenues which have compensating expenses in cost of sales.

AED (Million) 2012 2013 % +/-
Total revenue per accounts 27,785 25,757 7%
Backup fuel revenue 3,645 3,209  
Construction revenue 3,589 1,399  
Underlying revenues 20,551 21,149 3%
Power & Water 8,536 8,961 5%
Oil & Gas 12,015 12,188 1%

On an underlying basis, revenues grew by 3% to AED 21.1 billion in 2013 from AED 20.6 billion in 2012. This reflected a particularly strong performance from the power and water segment, which grew by 5% to AED 9.0 billion, from AED 8.5 billion in 2012, while the oil and gas segment grew by 1% to AED 12.2 billion in 2013.

Cost of sales, excluding the impairment, was AED 17.9 billion in 2013, a decrease of 8% over last year. This was caused by lower construction costs and backup fuel costs corresponding to the fall in total revenue per accounts.

Overall Gross Margin, excluding DD&A, dry hole expenses and impairment, was 56%, an increase from 51% in 2012, reflecting the stronger underlying performance of the business.

Power & Water
Power & Water's performance was driven by 6% higher production within the domestic operation, despite the maintenance shutdown at Shuweihat S1 in H1. The international fleet also performed well, with Jorf Lasfar returning to production following an outage in the first half, achieving technical availability of 97% in Q4.

Fuel revenue decreased 12% year-on-year to AED 3.2 billion, reflecting lower usage of back-up fuel in the domestic power plants. This revenue is the payment received from the off-taker and has a corresponding offset expense in fuel costs.

Operating expenses for the power and water segment (excluding fuel costs) were AED 3.4 billion in 2013, compared to AED 5.5 billion in 2012. Depreciation, depletion and amortisation (DD&A) expense for the period was essentially flat at AED 1.8 billion.

Net profit for the period amounted to AED 2.4 billion, compared to AED 2.2 billion in the prior year.

Oil & Gas
Total oil and gas revenues (including gas storage and other income) increased by 1% to AED 12.2 billion for 2013. This was despite the shut-in of production at the Cormorant Alpha platform in the North Sea at the beginning of the year and lower UK prices. These factors were offset by the additional capacity acquired in the UK at the end of June, and higher production and higher prices in North America and the Netherlands.

Operating expenses increased year-on-year to AED 5.0 billion, as costs rose in the North Sea due to the Cormorant Alpha shutdown, the Central North Sea asset acquisition and one-off projects, offset by lower operating expenses in the Netherlands and North America.

In line with the increasing production during the second half, in particular at the UK operations as a result of the acquisition of Central North Sea assets, the DD&A expense increased to AED 4.4 billion.

Net loss for the period was AED 2.1 billion, compared to a profit of AED 394 million in 2012.

EBITDA
EBITDA grew by 1% to AED 13.4 billion in 2013 reflecting the strong underlying cash flows of the business and ensuring the company has more than sufficient liquidity to meet its financing needs.

Finance costs
Financing costs were broadly consistent year-on-year at AED 5.1 billion.

Profitability
The Loss Before Tax was AED 1.1 billion in 2013, compared to a AED 3.5 billion Profit Before Tax in 2012. This was due to the effect of an impairment of TAQA's North American assets described below.

Impairment
The annual assessment of the assumptions on which TAQA's asset base is booked on the balance sheet, resulted in a pre-tax, non-cash impairment of AED 3.2 billion against TAQA's North American assets. Post-tax this is AED 2.7 billion.

This was due to reserve revisions and lower anticipated production resulting from a better understanding of our holdings in North America, which has given us an enhanced view of economic recoverability, in the context of continued, industry-wide, low gas price environment.

The impairment charge is non-cash and has no impact on TAQA's ability to meet its obligations, including the service of its ongoing debt obligations.

Income Tax
In line with the overall reduction in profitability, TAQA reported a lower income tax expense of AED 661 million compared to AED 2.2 billion in 2012. Note that the impairment charge discussed above includes a goodwill impairment of AED 1.6 billion that is not deductible for tax purposes. Adjusted for this, the overall income tax expense for 2013 resulted in an effective tax rate of 135% (62% in 2012). The effective tax rate increased primarily as a result of the fact that our overall loss on the Oil and Gas segment consists of larger losses in North America with a statutory tax rate between 25% and 35%, and profits in the Netherlands and UK with statutory tax rates between 50% up to 81%.

Net loss and dividend
TAQA reported a net loss of AED 2.5 billion attributable to equity holders in 2013, compared to AED 649 million profit in 2012. On this basis, basic and diluted loss per share attributable to equity holders was AED 0.42, compared to AED 0.11 profit in the prior period.

As a consequence of this loss, TAQA will not pay a dividend for 2013.

Financing
Overall total debt was AED 79.7 billion, comprising non-recourse project finance debt tied to assets of AED 43 billion and corporate debt of AED36.7 billion. This is a marginal decrease of AED 95.5 million from 31 December 2012. This equates to a Net Debt /EBITDA ratio of 5.6x, a decrease from 5.8x in 2012.

In July, a USD 825 million project bond was successfully issued to refinance the Shuweihat S2 plant. This bond carries a final maturity of 2036 and an attractive coupon of 6%.

Consolidated cash on hand, as at 31 December 2013, was AED 3.9 billion, compared to AED 3.8 billion in December 2012. As with previous periods, liquidity remains very strong with unused credit lines available to TAQA of AED 11.0 billion, resulting in overall liquidity of AED 14.9 billion.

Operational Review

Power & Water

Key Performance Indicators   2012 2013 % +/-
Total revenues in AED million*   8,536 8,961 ▲5
% of overall revenues*   42% 42% -
Total generation capacity (MW) Global 15,407 15,407 -
Domestic 12,494 12,494 -
International 2,913 2,913 -
Total power production (GWh) Global 75,124 76,712 ▲2
Domestic 55,275 58,627 ▲6
International 19,849 18,085 ▼9
Technical availability of power generation business (%) Global 93.3 91.8 ▼2
Domestic 95.2 92.2 ▼3
International 91.4 89.3 ▼2
Water desalination capacity (MIGD) Total 887 887  
Total water desalination (MIG) Total 240,801 253,419 ▲5

*excl. supplemental fuel and construction revenue

In 2013, TAQA produced 76,712 Gigawatt hours (GWh) of electricity, a 2% increase over 2012, and 253.4 billion imperial gallons of water, a 5% increase over the prior year.

Domestic
Domestic power generation remained strong, increasing by 6% to 58,627 GWh of electricity and 525.4 million imperial gallons (MIG) of water during the twelve months to 31 December 2013. Domestic availability was 92.2%, compared to 95.2% the prior year.

Technical availability was reduced due to a forced outage at Shuweihat S1, which affected one of the turbines in February. The affected turbine resumed operations at the end of June. The Fujairah 2 facility was also affected by a forced outage with one of its turbines affecting production in September. This was subsequently brought back online in October.

These outages were significantly offset by the very strong performance of the rest of the UAE fleet, half of which reported an Equivalent Forced Outage Rate (EFOR) of less than 1%.

In June, TAQA broke ground on the USD 200 million expansion of Fujairah 1's desalination capacity. The expansion, which uses reverse osmosis technology, will increase the facility's capacity by 30 MIG per day.

In October, TAQA inaugurated a major new power and water plant in the Western Region of Abu Dhabi. Shuweihat S2 added 1,510 megawatts to the Emirate's generation capacity, enough to power more than 300,000 homes. The plant will also produce up to 100 MIG of potable water each day, representing 15 % of Abu Dhabi's water desalination capacity.

International
TAQA's international power portfolio, which comprises assets in Morocco, Ghana, India, Saudi Arabia, Oman and the United States, generated 18,085 GWh of power during 2013. Overall technical availability fell during the period to 89.3%, compared to 91.4% last year. This was due to a steam turbine rotor failure at Red Oak, a transformer failure at Jorf Lasfar during the first half of the year, as well as a planned 28 day maintenance shut down at Neyveli. These issues were quickly addressed and all operations have now returned to normal. Indeed, downtime at Jorf Lasfar was used to bring forward significant maintenance and in the second half, the plant out-performed, achieving record availability of 97% - a level of performance equivalent to that of a gas-fired power plant.

The expansion project in Morocco continued to progress well, with the first of the two new units, Unit 5, successfully commissioned in December and Unit 6 expected to be commissioned in April 2014. The 700 MW expansion will bring the gross capacity of the Jorf Lasfar plant to 2,056 MW.

Jorf Lasfar also successfully completed its Initial Public Offering of Shares (IPO) on the Casablanca Stock Exchange, selling a 14.21% stake and raising proceeds of AED 673 million for TAQA.

The expansion project at the Takoradi 2 plant in Ghana is also making good progress and is now 70% complete. This expansion will increase the installed capacity of Takoradi 2 to 330 MW and is expected to be commissioned in early 2015.

Oil & Gas
TAQA's oil and gas business comprises a portfolio of assets across North America, the UK North Sea, the Netherlands and Kurdistan region of Iraq.

Key Performance Indicators   2012 2013   % +/-
Total revenues in AED million   12,015 12,188   ▲1
% of overall revenues*   58% 58%   -
Total production
(mboe/day)
Global 135.7 142.4   ▲5
North America 86.2 87.2   ▲1
UK 41.8 47.0   ▲12
Netherlands 7.7 8.2   ▲6
Average net realized price of crude oil sold
(US$ per barrel)
North America 34.4 37.0   ▲8
UK 109.3 103.8   ▼5
Netherlands 70.3 72.4   ▲3
Average net realized price of natural gas sold
(US$ per thousand feet)  
North America 17.4 20.5   ▲18
UK 74.8 60.3   ▼19
Netherlands 47.7 49.7   ▲4

*excl. supplemental fuel and construction revenue

Total oil and gas revenues, including gas storage and other operating revenues, increased by 1% in 2013 to AED 12.2 billion, notwithstanding the unplanned shut-down of Cormorant Alpha in January 2013.

Operating expenses increased by 3% to AED 5.0 billion, again due to repair work to address the Cormorant Alpha shutdown, coupled with additional operating expenses associated with the acquisition of the Central North Sea assets and maintenance at the Tern and Eider platforms. Offsetting the increase, other expenses were down, such as gas entry capacity and movement charges in the Netherlands operations.

Total average daily production for 2013 increased to 142,400 boed, compared with 135,700 boed in the same period last year. TAQA exited the year with record levels of production during Q4 2013 of 161.8 mboed.

North America
During 2013, TAQA undertook a significant structural reorganisation aimed at maximising efficiencies and positioning the business to become a leading intermediate energy company in North America. As part of this process, overall staff count was reduced by 162, whilst delivering the same activity through a simpler organisation. Many of these employees have been redeployed to TAQA's global operations, principally in the Kurdistan region of Iraq.

This programme is contributing to the bottom line, with an approximate annual saving of AED 100 million in general and administrative costs and AED 20 million reduction in operating expense. At the same time, production increased safely and reliably to 87,200 boed from 86,200 boed.

Since the initiation of non-core acreage disposals in 2012, the programme has yielded AED 1.9 billion.

UK
Production grew by 12% year-on-year, to 47,000 boed, with production levels boosted by the acquisition of new assets in the Central North Sea. The Harding, Maclure, Morrone and Devenick fields are performing well and contribute approximately 15,000 boed of additional production. In Q4, UK production levels were a record 68,400 boed, compared with 39,500 boed during the same period in 2012, an increase of 73%.

The shut-in at Cormorant Alpha depressed production in the first half. Limited production at the platform restarted in June and full production resumed in August. Since then, Cormorant Alpha has been producing at high levels.

In December, TAQA received approval from the UK Government for development of its Morrone field (block 9/23b) in the Central North Sea. The initial phase of development will consist of an extended reach well drilled from the TAQA-operated Harding platform. Morrone is expected to initially produce over 3,000 barrels of oil equivalent per day with first oil expected in Q3 2014.

In January, first oil production came on line from the Cormorant East field, which is estimated to contain 10 to 30 million barrels of oil in place.

During 2013, the UK Government approved the development plan for Cladhan. This is expected to produce over 17,000 boed initially, with first oil expected Q1 2015. This is the third and largest field that TAQA has developed to date and is a cornerstone of TAQA's strategy of investing to maximise recovery in the North Sea.

Netherlands
Production in the Netherlands continued to improve, increasing to 8.2 mboed, 6% higher than the same period last year. This was driven by the acceleration of Groet-Oost production near Alkmaar and a strong performance from the P15 and P18 and offshore partner-operated fields, as well as higher flow rates at L11-A08.

Construction at TAQA's flagship gas storage facility at Bergermeer continues to progress well, with phase one operations scheduled to begin in mid-2014 and full start-up in 2015.

In November, TAQA sold its stake in Noordgastransport B.V., a non-operated pipeline business in the Netherlands.

Iraq
In August, TAQA and its partners announced that they had drilled an additional test well at Atrush and were conducting an analysis of core samples, including appraisal of oil/water contact definition, oil gravity/viscosity variations, extent of quality reservoir, permeability and porosity data.

In October, TAQA received approval from the Kurdistan Regional Government for the first phase in the development of the Atrush Block in the Kurdistan region of Iraq. The block, which is located 85 km northwest of Erbil, is expected to initially produce approximately 30,000 boed, with first oil by early 2015. The approval covers a 25 year period to maximise recovery of the oil resources. In total, TAQA is expecting to invest more than USD 300 million in the initial phase which will consist of three production wells and a central processing facility.

Commodity price environment
Global oil prices strengthened during the course of 2013, as. WTI averaged USD 98.04 per barrel (bbl), 4% above the average of USD 94.15/bbl a year earlier. The WTI/Brent pricing differential continued, although narrowing, with Brent averaging USD 108.70/bbl in 2013 versus USD 111.68/bbl in 2012.

NYMEX gas prices for 2013 averaged USD 3.73 (mmbtu), versus USD 2.83 for the equivalent period in 2012. During Q3, the Alberta AECO differential to NYMEX gas widened as the TransCanada mainline pipeline toll increase discouraged gas flows from leaving Alberta. This basis is expected to narrow as the winter gas firm contracting season begins in the fall. Longer term, the North American natural gas price environment is expected to continue to improve, as infrastructure to transport gas comes on stream and as the price differential between gas and other energy sources is arbitraged.

Post-period developments
In March 2014, a consortium led by TAQA agreed to acquire the Baspa Stage II and Karcham Wangtoo hydroelectric plants in the northern Indian state of Himachal Pradesh, from Jaiprakash Power Ventures Limited. The two plants have a combined power generation capacity of 1,391 megawatts (MW). TAQA, holds a 51% stake in the consortium and will have control of operations and management of both facilities under the proposed deal.

Following the completion of the transaction, TAQA's gross operational power generation capacity in India will be 1,741 MW, comprising one lignite power plant and three hydroelectric plants, making TAQA the largest private operator of hydroelectric plants in India.

The acquisition is expected to close in 2014 and is subject to regulatory and third party approvals.

- ENDS -

For further information:

Investor relations
Mohammed Mubaideen
Tel + 971 2 691 4964
Mob + 971 50 813 0752
Mohammed.mubaideen@taqaglobal.com

Media
Allan Virtanen
Tel +971 2 691 4894
Mob +971 56 685 2717
Allan.Virtanen@taqaglobal.com

About TAQA

TAQA, meaning energy in Arabic, is the brand name of Abu Dhabi National Energy Company PJSC. We are an international energy and water company listed in Abu Dhabi operating in 11 countries across four continents.
We strive to be safe and sustainable, and embrace the challenge of delivering affordable and reliable energy and water. We are proud to align our strategy with Abu Dhabi's Economic Vision 2030, a roadmap for a sustainable economy with a focus on knowledge-based industry.
Our interests lie in conventional and alternative power generation, water desalination, oil and gas exploration and production, pipelines and gas storage. We operate in Canada, Ghana, India, Iraq, Morocco, the Netherlands, Oman, Saudi Arabia, the United Arab Emirates, the United Kingdom and the United States.

TAQA announces leadership succession 25 Feb 2014
TAQA today announces a leadership succession.

Abu Dhabi, United Arab Emirates – TAQA, the international energy and water company from Abu Dhabi, today announces a leadership succession.

After six years at TAQA, Carl Sheldon has decided to step down as Chief Executive Officer and Member of the Board of Directors, effective at the Annual General Meeting in April. Mr Sheldon will remain as Chairman of Jorf Lasfar Energy Company (JLEC), TAQA’s newly-listed Moroccan power business, and will serve as an Advisor to the Board of Directors of TAQA.

Under Mr Sheldon, TAQA has evolved as a world-class operator of strategic energy infrastructure against the backdrop of tightening financial markets and volatile hydrocarbons prices.

His Excellency Hamad Al Hurr Al Suwaidi, Chairman of the Board of Directors, said: “Carl has significantly strengthened the business across all our geographies and I am pleased that he will remain involved with TAQA. I would like to thank him for his great contribution and look forward to continuing to work with him in the future.”

Mr Sheldon said: “I have been honoured to serve TAQA and Abu Dhabi for the past six years and I would like to thank the Board of Directors and all my colleagues for such a rewarding experience. I look forward to contributing to TAQA’s journey in the future.”

The leadership model at TAQA will change. His Excellency Abdulla Saif Al Nuaimi, Vice Chairman, will take up a part-time executive role assuming responsibility for TAQA’s government and strategic relations and external affairs. Mr Sheldon will hand over all his responsibilities to Edward LaFehr, an experienced oil and gas executive who currently leads TAQA’s North American operation. Mr LaFehr takes on the newly-created role of Chief Operating Officer, based in Abu Dhabi. Joel Croteau, currently Vice President of Development in North America, will succeed Mr LaFehr as President of the North America business.

H.E. Al Suwaidi said: “I am delighted to welcome Ed as Chief Operating Officer. He has a deep knowledge of the energy industry and executive leadership experience in many of TAQA’s core regions including the Middle East, North America and Europe. He has led a strategic transformation of our North American business over the last 18 months and I look forward to him driving continuous improvements in the performance of the company.”

H.E. Al Nuaimi said: “TAQA has built up an enviable record as a world-class operator of large scale energy assets around the world and we will continue to be a reliable partner for strategic investments over the long term. We continue to see growth in our business and have several exciting opportunities in the pipeline.”

ENDS

For further information:

Edelman
Nicola McAlpine
General Manager
Tel +971 2 417 8541
Mobile +971 50 616 8720

Abdulla Saif Al-Nuaimi receives Honorary Power Personality of the Year Award 13 Feb 2014
His Excellency Abdulla Saif Al-Nuaimi, TAQA Vice-Chairman, has received the Honorary Power Personality of the Year Award at the Middle East Electricity Awards Ceremony.

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Abu Dhabi, United Arab Emirates – His Excellency Abdulla Saif Al-Nuaimi, Vice-Chairman of TAQA, has received the Honorary Power Personality of the Year Award at the Middle East Electricity Awards Ceremony.

The award recognises Al-Nuaimi as "leading the group to continuing success over the past year despite the challenges faced by the industry."

The Middle East Electricity Awards were held alongside the Middle East Electricity exhibition and conference in Dubai.

The Middle East Electricity Awards recognise the outstanding achievements of individuals, departments, teams or organisations that have contributed to the growth and development of the energy industry with a focus on the power, lighting, renewable and nuclear sectors.

- ENDS -

Qatari women crowned TAQA GCC Hybrid-Electric Challenge champions 1 Feb 2014
The all-women team Gernas 114 from Qatar University has won the region’s first hybrid-electric car challenge held this weekend in Abu Dhabi.

Abu Dhabi, United Arab Emirates: The all-women team Gernas 114 from Qatar University has won the region’s first hybrid-electric car challenge held this weekend in Abu Dhabi.

Sponsored by TAQA and hosted by the Petroleum Institute with support from Emirates Foundation for Youth Development, the event welcomed 120 students from 11 teams to the track.

Team Gernas 114 took home the champion title with an impressive score of 101 laps in the final race today. Their strategy proved to be the winning formula and crowned them 2014 TAQA GCC Hybrid-Electric Challenge champions.

Team leader Chresteen Fareed from Qatar University, said “We are so proud to be titled as champions of the first ever TAQA GCC Hybrid-Electric Challenge. Taking part in this event has been a great experience and has given us the chance to take what we have learnt in the classroom and apply it to a real life situation. It has been hard work and we have learnt a lot but most importantly we have had fun!”

The event also saw a number of dignitaries attend. Dr Saif Al Sayari, Executive Officer and Head of Energy Solutions of TAQA was joined by H.E. Abdulla Saif Al Nuaimi, Vice Chairman of TAQA and Advisor to Abu Dhabi Water and Electricity Authority (ADWEA); H.E. Fares Obaid Al Dhaheri, Acting Director General of ADWEA and Murshid Saleh Al-Romaithi, Senior Vice President Administrative Support at The Petroleum Institute.

120 students, both male and female were drawn from the Petroleum Institute in Abu Dhabi, Abu Dhabi University, UAE University, Khalifa University; the Masdar Institute; the Nizwa College of Technology in Oman; the College of Technological Studies in Kuwait; and Qatar. Each team has spent the past five months designing and constructing their single-seater, lightweight hybrid cars to stringent race design and safety rules.

The competition was split into two stages; the Electric Grand Prix (E-GP) and the Hybrid-Electric Grand Prix (HE-GP). The first stage, the E-GP saw the students driving their vehicles as far as possible in one hour, using only the energy stored in their batteries. During the second stage, held on the second day, the teams combined petrol and electric power to travel the maximum distance on the least amount of energy in three hours. The overall winning team has been determined by the combined results of both the E-GP and H-GP.

Dr Saif Al Sayari, Executive Officer and Head of Energy Solutions, TAQA, said “Congratulations to all of the teams who took part in the 2014 TAQA GCC Hybrid-Electric Challenge this weekend. Special congratulations go to the winning team. These past two days have been a great opportunity for all of the students involved. We at TAQA are thrilled and extremely proud to have brought the region’s first ever hybrid-electric car challenge to Abu Dhabi. The event has been a huge success and we hope to welcome more teams back to Abu Dhabi next year.”

Hundreds of people visited the event held at Al Forsan International Sports Resort on Thursday 30th and today, Friday 31st. A range of family activities and entertainment took place around the site, with a bouncy castle and play area, food and beverage stalls, as well as a “Think Science” area hosted by Emirates Foundation for Youth Development in the activation village. Spectators had the chance to meet the teams and find out about the cars and the challenges involved in building them.

-ENDS-

For further information:
TAQA External Communications, Abu Dhabi
Allan Virtanen
Head of Media
Tel +971 2 691 4894
Mob +971 56 685 2717 
Allan.Virtanen@taqaglobal.com

About TAQA

TAQA, meaning energy in Arabic, is the brand name of Abu Dhabi National Energy Company PJSC. We are an international energy and water company listed in Abu Dhabi operating in 11 countries across four continents.
We strive to be safe and sustainable, and embrace the challenge of delivering affordable and reliable energy and water. We are proud to align our strategy with Abu Dhabi’s Economic Vision 2030, a roadmap for a sustainable economy with a focus on knowledge-based industry.
Our interests lie in conventional and alternative power generation, water desalination, oil and gas exploration and production, pipelines and gas storage. We operate in Canada, Ghana, India, Iraq, Morocco, the Netherlands, Oman, Saudi Arabia, the United Arab Emirates, the United Kingdom and the United States.

TAQA wins finance award for ground-breaking power project bond 14 Jan 2014
TAQA has won the 2013 Middle East Bond Deal of the Year award from Project Finance International for its Shuweihat S2 refinancing, the first tradable power project bond in the GCC.

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Abu Dhabi, United Arab Emirates – TAQA, the international energy company based in Abu Dhabi, has won the 2013 Middle East Bond Deal of the Year award from Project Finance International for its Shuweihat S2 refinancing, the first tradable power project bond in the GCC.

The prestigious award relates to USD 825 million in project bonds issued in July 2013, raised for the development of Shuweihat S2, a power and water plant in Abu Dhabi.

Stephen Kersley, TAQA’s CFO, commented: “The Shuweihat S2 bond refinancing was the first of its kind and will prove to be a landmark deal for Abu Dhabi and for TAQA. It is a commercial success and a strong precedent for future transactions. It demonstrates TAQA’s ability to incorporate debt capital market solutions into complex financing structures, and provides a template for Independent Water and Power Producers throughout the region. The issue confirms the market's appetite for Abu Dhabi power and water assets and will encourage further international investor interest."

Project Finance International, owned by Thomson Reuters, is the leading source of global project finance news, analysis and intelligence.

The Shuweihat 2 bonds were issued at a coupon of 6% with a maturity in August 2036 and an average life of 21.5 years. Standard & Poors and Moody’s rated the project A–/A3.

Located 260 kilometres southwest of the city of Abu Dhabi, Shuweihat S2 is the latest addition to Abu Dhabi's power and water infrastructure network and is 54% owned by TAQA. It adds 1,510 megawatts to the Emirate's power generation capacity, and produces up to 100 million imperial gallons of potable water each day.

Other shareholders in Shuweihat S2 are Abu Dhabi Water and Electricity Authority (ADWEA) (6%), GDF SUEZ (20%), Marubeni (10%) and Osaka Gas (10%). They have invested USD 2.7 billion in the construction of the facility with a view to meeting the challenge of providing reliable energy and water to a population in Abu Dhabi predicted to rise to five million by 2030.

- ENDS -

For further information:

TAQA External Communications, Abu Dhabi

Allan Virtanen
Head of Media
Tel +971 2 691 4894
Mob +971 56 685 2717
Allan.Virtanen@taqaglobal.com

About TAQA

TAQA means energy in Arabic. We are an international energy and water company listed in Abu Dhabi operating in 11 countries across four continents.
We strive to run our company safely and sustainably, operating to the highest ethical standards. We are proud to align our strategy to Abu Dhabi’s Economic Vision 2030, a roadmap for a sustainable economy with a focus on knowledge-based industry.
Our interests lie in conventional and alternative power generation, water desalination, oil and gas exploration and production, pipelines and gas storage. We operate in Canada, Ghana, India, Kurdistan Region of Iraq, Morocco, the Netherlands, Oman, Saudi Arabia, the United Arab Emirates, the United Kingdom and the United States.

TAQA recognised for bringing on next generation business leaders 17 Dec 2013
TAQA has been recognised by one of the world’s leading accountancy bodies for its work in bringing on the next generation of business leaders.

Abu Dhabi, United Arab Emirates – TAQA, the international energy company from Abu Dhabi, has been recognised by one of the world’s leading accountancy bodies for its work in bringing on the next generation of business leaders.

The Institute of Chartered Accountants in England and Wales (ICAEW), a world leader in the accountancy and finance profession with over 140,000 members across the globe, has presented TAQA with its Excellence in the Development of the Country’s Future Business Leaders, award.

HE Abdulla Al-Nuaimi, Vice Chairman of TAQA received the award at ICAEW’s prestigious Middle East Accountancy & Finance Excellence Awards ceremony at The Ritz Carlton in Abu Dhabi.

It was presented on behalf of ICAEW by the UK’s Ambassador to the UAE, Dominic Jermey.

TAQA beat two other shortlisted contenders on the basis of its work on a number of innovative talent initiatives designed to enhance vocational skills and facilitate continued personal development.

ICAEW noted that in 2012-2013 TAQA launched two new global talent development programmes at its Abu Dhabi HQ. The Talent Acceleration Programme provides opportunities for employees to focus on ambitions, learn new skills and shape behaviours and our Talent Leadership Programme develops advanced leadership skills and behaviours and best practice.

In its submission for the award, TAQA also highlighted its year-long graduate development programme, Tamkeen, which provides a clear path for Emirati graduates to develop a successful career. Involving a rigorous selection and a mentoring system, it enables network building and development of practical project delivery skills. 

“The graduate development program is key to our strategy for increasing the number of junior UAE nationals employed by TAQA and ensuring that each of them has access to training and development which will qualify them to hold senior positions in the future, with opportunities to work at HQ, UAE domestic plant or an international business unit,” said Ahmed Al Sarrah, senior human resources manager, in support of the TAQA entry. “The idea of designing such a unique programme is to attract a high quality talented UAE national graduates and prepare them to have a better knowledge of the energy industry.”

TAQA also stressed its offer of internationally recognised ACA and CFA training programmes, providing a platform for career development for highly skilled finance professionals.

The Bahrain Institute of Banking & Finance (BIBF) and Dubai Financial Service Authority (DFSA), were the other entrants for the Excellence in the Development of the Country’s Future Business Leaders, award.

ICAEW’s Middle East Accountancy & Finance Excellence Awards were launched in 2011 to celebrate the very best in the accountancy and finance profession in the Middle East and have already become a key date in the annual calendar of regional business leaders.

The awards ceremony featured guest speaker Clive Anderson, a former UK barrister turned broadcaster, and as master of ceremonies, Shereen Mitwalli. 

TAQA also sponsored its own award for Financial Journalist of the Year, which was presented by Gopal Gopalakrishnan, Chief Financial Officer - Oil and Gas at TAQA, to Joyce Njeri, Editor of Accountant Middle East. The other short listed candidates were ‘Business Breakfast’ Dubai Eye and Stefania Bianchi, a reporter for Bloomberg News.

- ENDS -

TAQA Q3 2013 Results 6 Nov 2013
TAQA, the international energy company from Abu Dhabi, today reported its operational and financial results for the nine months to 30 September 2013.

6 November 2013, Abu Dhabi, United Arab Emirates - TAQA, the international energy company from Abu Dhabi, today reported its operational and financial results for the nine months to 30 September 2013.

Key Highlights

AED million Q3 2012 Q3 2013 % +/- 9M  2012 9M 2013 % +/-
Total revenues 8,833 7,396 16 20,618 18,681 9
Power & Water (1) 2,094 2,285 11 6,086 6,230 2
Construction revenue 2,814 491 83 2,814 1,453 48
Fuel revenue (2) 952 807 15 2,890 2,381 18
Oil & Gas (2) 2,973 3,813 28 8,828 8,617 2
EBITDA 3,293 3,888 18 9,855 9,447 4
Profit Before Tax 695 591 15 3,196 1,116 65
Net profit After Minority Interests (288) 146 n/a 693 80 88
Basic earnings per share (AED) (0.05) 0.02 n/a 0.11 0.01 91
Net Debt/EBITDA (times)       5.3 6.2 -
Net debt to capital (%)       77 80 -

The company reported today it had returned to profit in the third quarter after posting a loss in the same period last year.

The positive figures were down to strong operational performances across its main divisions, following the successful resolution of a series of issues that had affected its UK Oil and Gas business and its Power and Water division.

Total revenues for 9M 2013 were AED 18.7 billion, compared with AED 20.6 billion in 9M 2012. If construction and fuel revenues are excluded, underlying revenues were flat at AED 14.9 billion.

Total revenue in Q3 2013 was almost AED 6.1 billion compared to AED 4.5 billion in the second quarter of 2013, excluding fuel and construction revenues, reflecting a 36% increase in underlying revenues, as key operations returned to full production.

The company demonstrated resilient cash generation of AED 8.2 billion, and maintained its robust financing position, with AED 4.0 billion in cash and cash equivalents.

Total year to date net income was AED 80 million, compared to AED 693 million for the first nine months of 2012.

The weaker year to date profit reflects reduced revenue due to the operational issues that have now been successfully resolved. In addition, the proceeds of a number of disposals in 2012, principally consisting of Tesla stock and excess North American acreage, complicate any direct comparison between the periods.

The company highlighted the successful completion of the integration of Harding, Morrone and Maclure fields in UK North Sea. In addition, Cormorant Alpha returned to production on 30 June, with full production restored on 24 August. Overall, UK production increased to 57.8 mboe/day in the third quarter, up 39% from the same period last year.

There was strong technical availability within the power business, following the successful resolution of technical problems at the Jorf Lasfar power plant in Morocco.

The refinancing for the Shuweihat 2 power and desalination plant was successfully completed, raising AED 3.0 billion of non-recourse project bonds.

At the end of the period, TAQA had four major projects underway. They are the expansion of the Jorf Lasfar power plant, due to be completed next year; the Takoradi plant in Ghana, due in 2015; the completion of the Bergermeer Gas Storage complex in the Netherlands and the Atrush oil and gas field in the Kurdistan region of Iraq. TAQA confirmed all four projects were on schedule and within budget.

Comment

Carl Sheldon, Chief Executive Officer, said:
“I am proud of the strong operational performance across the company as we recovered from the challenges faced in the first half of the year. In the UK, seamless integration of the assets we acquired in the Central North Sea, combined with the restoration of production at Cormorant Alpha, led to record levels of production in September. In October, the first of the two new units at Jorf Lasfar in Morocco was synchronised with the national grid, a major milestone in the full commissioning of both units by early 2014.”

Stephen Kersley, Chief Financial Officer, said:
“I am pleased that we have returned to profitability in the third quarter, reflecting our strong operational performance. However, we operate in tough economic conditions, particularly in the North American natural gas market. We must remain focused on executing our capital program efficiently and continue to review our operating and overhead costs globally.”

1 Excludes fuel revenue and construction revenues, also includes certain other operating revenue relevant to the Power & Water business.
2 Fuel revenues are a pass through from the offtaker to pay for input fuel
3Includes gas storage plus certain other operating revenue relevant to the Oil & Gas business
4Excluding fuel and construction revenues

Click here to view the full release in PDF format.

TAQA First Half 2013 Results 31 Jul 2013
TAQA today reported its First Half 2013 operational and financial results.

31 July 2013, Abu Dhabi, United Arab Emirates - TAQA, the international energy company from Abu Dhabi, today reported its operational and financial results for the first half of 2013.

  Q2 2012 Q2 2013 % +/- H1 2012 H1 2013 % +/-
Total assets 114,492 123,159 8 114,492 123,159 8
Total revenues 6,042 5,863 3 11,785 11,285 4
Power & Water (1) 2,094 2,095 - 3,992 3,945 1
Construction revenue 0 443 - 0 962 -
Fuel revenue 979 916 6 1,938 1,574 19
Oil & Gas (2) 2,969 2,409 19 5,855 4,804 18
Cost of sales (3) 4,212 3,869 8 7,694 7,375 4
Construction costs 0 280 - 0 670 -
EBITDA 3,113 2,858 8 6,562 5,559 15
Profit Before Tax 1,096 80 93 2,501 525 79
Net profit After Minority Interests 447 (172) - 981 (66) -
Basic earnings per share (AED) 0.074 (0.028) - 0.162 (0.011) -
Net Debt/EBITDA (times)       5.8 7.1 22
Net debt to capital (%)       76.6 80.7 4

All amounts in AED million unless otherwise stated

(1) Excludes fuel revenue and construction revenues. Also includes certain other operating revenue relevant to the Power & Water business.
(2) Includes gas storage plus certain other operating revenue relevant to the Oil & Gas business.
(3) Excluding construction costs

Summary

The first half of 2013 was characterised by good progress against TAQA’s long term growth projects, while a number of short-term operational issues impacted profitability.

Lower production in the UK North Sea and unplanned outages at two power plants were the main factors behind a 4% decline in revenue to 11.3 billion dirhams. A net loss was recorded after minority interests of 66 million dirhams.

A series of one-off incidents affected both the oil & gas and power & water divisions in the first half. These were resolved before the end of the period and the outlook for the rest of the year is positive. The comparison with first half results for last year is distorted by disposals of assets in North America and the sale of shares in Tesla Motors in 2012.

TAQA has emerged from the first six months of its financial year with strong operating cash flow of 4.3 billion dirhams and a liquidity position of 19.5 billion dirhams that provides us with ample capacity to cover upcoming maturities and finance our growth plans.

In the UK North Sea, limited production has already resumed at the Cormorant Alpha platform and full production is expected in the third quarter, after an internal leak closed it in January. In Morocco, TAQA took advantage of an unexpected outage at its largest international power plant at Jorf Lasfar to bring forward maintenance that was previously scheduled for 2014.

Carl Sheldon, Chief Executive Officer of TAQA, said: "We have worked hard to overcome a number of operational challenges that affected our performance in the first half of the year, while making great progress against project milestones. We are focused on operational excellence and look forward to ending the year with a positive financial outcome."

Stephen Kersley, Chief Financial Officer, said: "The second quarter is anticipated to be the low point of the year, with a positive outcome forecast for the 12-month period. We have over AED 19.5 billion of available liquidity, more than sufficient to cover upcoming maturities and finance our growth plans."

TAQA's business in North America, which accounts for approximately one quarter of the asset base, is seeing a turnaround with natural gas prices rebounding by 54% year-on-year, and production targets exceeded in the first half.

In the Kurdistan region of Iraq, TAQA and its partners submitted a field development plan for the Atrush block, where first production is expected in 2015. TAQA assumed operations of this concession in 2013 and is currently testing the third well on the block.

The major expansion project at the Jorf Lasfar power plant in Morocco is now 87% complete and scheduled for commissioning in the first half of 2014. Gas Storage Bergermeer, the strategic gas storage hub in the Netherlands, is due to begin phase one operations in mid-2014 with a full start-up in 2015. The Ghana power expansion is 44% complete and on track for an early-2015 start-up.

Click here to view the full release in PDF format.

TAQA appoints new VP to head water expansion 15 Jul 2013
TAQA, the global energy company based in Abu Dhabi, has appointed Ahmed Bin Abbood Al Adawi to head the company’s water divisions globally.

TAQA, the global energy company based in Abu Dhabi, has appointed Ahmed Bin Abbood Al Adawi to head the company’s water divisions globally.

A UAE national with more than 13 years of experience in international energy, Mr Al Adawi will take up the post as Vice President, Water Development and Projects. He his previous role with TAQA was Director of Business Development and Special Projects for the company’s power and water business. Before joining TAQA, Mr Al Adawi was a business developer at Mubadala. In his new role Mr Al Adawi will report to Frank Perez, Executive Officer and Head of Power & Water.

Mr Perez commented: “With a proven record in the energy industry, Ahmed brings with him a wealth of knowledge and experience to his new role. His appointment, along with the introduction of our expansion plans in our water business, demonstrates TAQA’s commitment to develop Abu Dhabi as a global leader for water desalination.”

TAQA, one of the largest desalination companies in the world, is majority owner of eight power and water plants across the UAE supplying 98% of Abu Dhabi’s power and water requirements.

TAQA recently celebrated the ground breaking of the expansion of its Fujairah 1 Independent Water and Power Plant (IWPP) in the UAE. The expansion, which is expected to be completed in the first half of 2015, will increase the plant’s seawater desalination capacity by 30 million imperial gallons per day (MIGD) to 130 MIGD using reverse osmosis technology. This combined reverse osmosis desalination capacity will make the Fujairah 1 IWPP the largest reverse osmosis desalination facility in the Middle East, and will be essential  meet the expected increase in water demand in the UAE.

“As a leading global energy company, we continuously apply emerging technologies to remain in the forefront of our industry. We are particularly excited about the opportunities reverse osmosis technology can offer in the region,” Mr Perez added.

The reverse osmosis process involves removing salt from the water using a membrane. Most of the UAE’s existing supply is desalinated using heat from power plants to boil and distil the water. This means water can only be desalinated when power plants are running and there is a direct connection to transfer the heat. Because reverse osmosis runs on electricity, this new type of plant can be built near consumption areas and increasing the security of water supply. Reverse osmosis technology has been progressively developing and is becoming one of the most economical and efficient ways to produce drinking water.

Water demand in Abu Dhabi is expected to reach more than 1,300 MIGD by 2030, which will require the construction of more than 770 MIGD of desalination capacity.

- ENDS -

TAQA launches first sustainable development report 7 Jul 2013
TAQA, the global energy company based in Abu Dhabi, has released its first annual sustainable development report.

July 7, 2013, Abu Dhabi, United Arab Emirates – TAQA, the global energy company based in Abu Dhabi, has released its first annual sustainable development report. The report outlines TAQA's approach and performance in 2012 as well as goals for workplace health and safety, staff development, environmental protection, community relations and industry partnerships.

The report, entitled "Our contribution to sustainable development – Report 2012", reinforces TAQA's commitment to creating value for the long-term future while acting responsibly, protecting its employees, being active in the community, minimising the impact on the environment and remaining the partner of choice in its chosen markets through trusting relationships with business and governmental partners.

His Excellency Abdulla Saif Al-Nuaimi, TAQA's Vice-Chairman, said: "It gives me great pleasure to see TAQA integrate these key sustainability drivers into the organisation's strategy and at the same time supporting sustainable development reporting in Abu Dhabi. This report is crucial to achieving TAQA's long-term goals through its support of the Abu Dhabi Economic Vision 2030. TAQA is Abu Dhabi's premier international energy and water operator, a position which it has attained by being an excellent neighbour and always striving for excellence."

Carl Sheldon, TAQA's Chief Executive Officer, said: "At TAQA, safety and sustainability are two of our core values and are at the forefront of how we do business. Energy is the lifeblood of any developing economy and by delivering it safely and securely to millions of people worldwide TAQA improves quality of life. We welcome our stakeholders' feedback in assisting TAQA in becoming a regional forerunner in sustainable development reporting."

Key highlights of the report for the 2012 financial year include:

  • Surpassing recordable injury rate safety targets across TAQA's global operations
  • Establishing the Energy Solutions division to develop alternative and technology-fuelled initiatives
  • Developing the UAE's first municipal waste-fired power plant in Abu Dhabi which will reduce more than 1 million tonnes of carbon dioxide emissions per year
  • A reduction in reportable spills across global operations by almost one-third on the previous year
  • Adding 50% more capacity to TAQA's gas-fired power plant in Ghana without the need for additional fuel

The report also includes an interview with Dr Saif Al Sayari, Head of Energy Solutions Division business stream and Chairman of the TAQA Sustainable Development Committee, on the company's role in developing solutions to meet growing demand for energy.

The report was produced with reference to several internationally-recognised reporting frameworks and with the support of the Abu Dhabi Sustainability Group which promotes sustainability management in Abu Dhabi.

The report is available for download in English and Arabic at: www.taqaglobal.com

- ENDS –

Contact Information:

Abu Dhabi
Taryam Al Subaihi
Head of External Communications
Tel +971 2 691 4803
Mob + 97156 219 5195

Allan Virtanen
Head of Media
Tel +971 2 691 4894
Mob +971 56 685 2717
Allan.Virtanen@taqaglobal.com

About TAQA

Established in 2005, TAQA is a diversified international energy group headquartered in Abu Dhabi, the capital of the United Arab Emirates, and listed on the Abu Dhabi Securities Exchange (ADX: TAQA).

TAQA's business is made up of three operating divisions spread across the entire energy value chain: power generation & water desalination; oil and gas exploration & production; and emerging & alternative energy technologies.

Power & Water: TAQA is one the largest independent power producers in the world and the majority owner of the facilities that provide 98% of the water and electricity requirements in Abu Dhabi. TAQA's power businesses are located in the UAE, Morocco, Oman, Saudi Arabia, Ghana, India, and USA.

Oil & Gas: with operations in Canada, UK, the Netherlands, USA and Iraq, TAQA's oil and gas business includes exploration, development and production, underground gas storage and midstream infrastructure.

Emerging & alternative energy technologies: TAQA Energy Solutions is dedicated to alternative and technology-driven energy initiatives for long-term efficient energy production and generation.

TAQA's vision is to deliver 'Energy for Growth': growth within the business; social and economic progress in the communities where TAQA operates; and increased value for our shareholders.

Over the past 40 years the UAE and Abu Dhabi have pursued a vision embodied by progressive development, investment and the highest global standards. TAQA is proud to align its strategy both domestically and globally to Abu Dhabi Economic Vision 2030, working towards sustainable economic development.

For more information about TAQA visit: www.taqaglobal.com or Twitter: @TAQAGLOBAL

TAQA appoints UK, Iraq Managing Directors 9 May 2013
TAQA, the global energy company based in Abu Dhabi, has appointed Pete Jones to the position of Managing Director for TAQA’s UK oil and gas business. Mr Jones will be based in Aberdeen and responsible for the company’s operations in the UK North Sea.

Abu Dhabi, United Arab Emirates – TAQA, the global energy company based in Abu Dhabi, has appointed Pete Jones to the position of Managing Director for TAQA’s UK oil and gas business. Mr Jones will be based in Aberdeen and responsible for the company’s operations in the UK North Sea.

Mr Jones joins TAQA from Marathon Oil Corp. where he held the position of Regional Vice president – Wyoming. During his career at Marathon, he also held various roles including Managing Director - UK, responsible for the company’s UK operations which included the Brae field and Devenick tieback. Mr Jones has a Master’s Degree in Operations Research (Eng) from the University of Birmingham and is a British national.

Mr Jones succeeds Leo Koot who has been appointed Managing Director of TAQA in Iraq.

Mr Koot will be responsible for all of TAQA’s operations in Iraq. Mr Koot joined TAQA in 2008 and is a Dutch national.

David Cook, TAQA Executive Officer and Head of Oil and Gas, said: “Leo Koot has successfully built our UK business from scratch, and we are now a leading North Sea oil and gas operator. I am proud to have such a successful leader taking on the task of building our new operations in Iraq.”

“Pete Jones brings highly relevant skills and leadership experience to TAQA, where he will be leading the next phases in the evolution of TAQA’s North Sea business. We have already been successful in redevelopment of Northern North Sea assets and look forward to further expansion through exploration, development and the newly acquired BP assets.”

TAQA has oil and gas operations in North America, UK, the Netherlands and the Kurdistan region of Iraq and produced an average of 135 thousand barrels of oil equivalent per day in 2012.

- ENDS -

Contact Information:

Abu Dhabi
Taryam Al Subaihi
Head of External Relations
Tel +971 2 691 4803
Mob + 97156 219 5195

Allan Virtanen
Head of Media
Tel +971 2 691 4894
Mob +971 56 685 2717
Allan.Virtanen@taqaglobal.com

TAQA UK Media Relations

Lucy Buglass
Corporate Communications Advisor
Tel: +44 1224 737645
lucy.buglass@taqaglobal.com  

About TAQA

Established in 2005, TAQA is a diversified international energy group headquartered in Abu Dhabi, the capital of the United Arab Emirates, and listed on the Abu Dhabi Securities Exchange (ADX: TAQA).

TAQA’s business is made up of three operating divisions spread across the entire energy value chain: power generation & water desalination; oil and gas exploration & production; and emerging & alternative energy technologies.

Power & Water: TAQA is one the largest independent power producers in the world and the majority owner of the facilities that provide 98% of the water and electricity requirements in Abu Dhabi. TAQA's power businesses are located in the UAE, Morocco, Oman, Saudi Arabia, Ghana, India, and USA.

Oil & Gas: with operations in Canada, UK, the Netherlands, USA and Iraq, TAQA's oil and gas business includes exploration, development and production, underground gas storage and midstream infrastructure.

Emerging & alternative energy technologies: TAQA Energy Solutions is dedicated to alternative and technology-driven energy initiatives for long-term efficient energy production and generation. 

TAQA’s vision is to deliver ‘Energy for Growth’: growth within the business; social and economic progress in the communities where TAQA operates; and increased value for our shareholders.

Over the past 40 years the UAE and Abu Dhabi have pursued a vision embodied by progressive development, investment and the highest global standards. TAQA is proud to align its strategy both domestically and globally to Abu Dhabi Economic Vision 2030, working towards sustainable economic development. 

For more information about TAQA visit: www.taqaglobal.com or Twitter: @TAQAGLOBAL

TAQA Q1 2013 Results 8 May 2013
TAQA, the global energy company based in Abu Dhabi, today reported its Q1 2013 operational and financial results.

Abu Dhabi, United Arab Emirates - TAQA, the global energy company based in Abu Dhabi, today reported its Q1 2013 operational and financial results.


 

Q1 2012

Q1 2013

% +/-

Total assets

116,151

121,108

▲4

Total revenues

5,743

5,422

▼6

         Power & Water (1)

1,898

1,851

▼2

Construction revenue

0

517

-

         Oil & Gas (2)

2,886

2,396

▼17

Fuel revenue

959

658

▼31

Cost of sales (3)

3,472

3,515

▲1

Construction costs

0

381

-

EBITDA

3,449

2,702

▼28

Profit Before Tax

1,405

445

▼70

Net profit After Minority Interests

534

106

▼80

Basic earnings per share (AED)

0.088

0.017

▼81

Net Debt/EBITDA (times)

5.5

7.1

-

Net debt to capital (%)

78.4*

79.2

-

All amounts in AED million unless otherwise stated

(1) Excludes fuel revenue and construction revenues. Also includes certain other operating revenue relevant to the Power & Water business.

(2) Includes gas storage plus certain other operating revenue relevant to the Oil & Gas business.

(3) Excluding construction costs

(*) As at 31 December 2012

Summary

Revenues were down 6%, largely due to a shut-in of Cormorant Alpha in January 2013 during a major inspection, repair and maintenance programme. Stronger North American gas prices were offset by weaker North American oil and liquids prices.

Profitability was consequently impacted, although in the comparable period in 2012 profitability was supported by the proceeds of disposals, making direct comparison difficult.

Power & Water faced operational challenges, due to a number of forced outages at TAQA’s domestic and international plants. TAQA’s organic growth projects are proceeding well, with Jorf Lasfar over 80% complete and Takoradi having broken ground. TAQA also progressing detailed negotiations to enter the Turkish energy market, following an agreement between the Turkish and UAE Governments.

Notwithstanding the shut-in of Cormorant Alpha, which is still on-going, TAQA made good progress in other areas of the North Sea, including making a discovery at the Darwin field and, post-period, securing government approval for its plans at the Cladhan field. A strong performance in the Netherlands also positively boosted TAQA’s performance. TAQA commenced operations at its Atrush block in the Kurdistan region of Iraq and is currently drilling its third well.

TAQA reinforced its strong financial position with robust available liquidity of AED 21.8 billion and, post period, Standard & Poor’s announced that it was raising TAQA’s A rating to a positive outlook.

Comment

Carl Sheldon, Chief Executive Officer of TAQA, said:

“I can take some positives from what was a challenging quarter. Our major construction and development projects in Morocco, Ghana, the Netherlands and Iraq are all progressing very well and will start generating significant revenues in the next two to three years. Stronger natural gas prices in North America position us well to take advantage of our large land position and prospects in Western Canada. Similarly, new developments and discoveries in our North Sea business promise to extend the life of these assets. The halting of production on the Cormorant Alpha platform was the right thing to do to ensure the safety and integrity of this critical piece of North Sea infrastructure.

Stephen Kersley, Chief Financial Officer, said:

“We started the year in a very strong financial position having renewed our corporate credit facilities and secured all bond maturities for the year at unprecedented rates. The outlook remains strong with increased liquidity and an enhanced debt maturity profile. Although our financial performance has been affected by operational outages, our cash flows remain extremely strong and we are well placed to benefit as those operational issues are resolved. I am also delighted that the strength of our cash flows have been recognised by Standard & Poor's, which recently raised our A rating to a positive outlook. ”

Financial summary: Q1 2013 versus Q1 2012

Revenues and costs

Total revenues for Q1 2013 were AED 5.4 billion, 6% lower year-on-year, compared with total revenues of AED 5.7 billion in Q1 2012. Cost of sales, excluding construction expenses, were AED 3.5 billion in Q1 2013, an increase of 1% over the prior year period.

Power & Water

Power & Water revenues, excluding supplemental fuel and construction revenues, were flat at AED 1.9 billion. Construction and Finance revenues from the Jorf Lasfar and Takoradi 2 expansion projects of AED 517 million were offset by construction costs of AED 381 million, leaving a profit margin of AED 136 million.

Supplemental fuel income decreased 31% year-on-year to AED 658 million.

Operating expenses for Power & Water (which excludes fuel costs and construction costs) rose 15% year on year to AED 468 million in Q1 2013, due to an unplanned outage at Jorf Lasfar and higher costs at Taweelah in the UAE. Depreciation, Depletion and Amortisation (“DD&A”) expenses for Power & Water rose 2% to AED 455 million in Q1 2013, compared with AED 447 million in Q1 2012.

Oil & Gas

Total Oil & Gas revenues (including gas storage and other income) were down 17% at AED 2.4 billion for Q1 2013, due to lower production in the UK North Sea, offset by higher production in the Netherlands and stronger gas prices in North America.

Oil & Gas expenses rose from AED 812 million in Q1 2012 to AED 1.0 billion in Q1 2013, principally due to higher repair and maintenance costs in the UK. Oil & Gas Depreciation, Depletion and Amortisation (DD&A) expense increased by 2% to AED 907 million in Q1 2013, reflecting a higher DD&A rate in North America, due to future development costs, an amendment of reserves in the North Sea, offset by the impact of lower production in the North Sea.

Finance costs

Finance costs decreased by 1% to AED 1.3 billion in Q1 2012 to AED 1.2 billion in Q1 2013. The decrease was due to refinancing of debt at more favourable rates, partially offset by a small increase due to financing at Jorf Lasfar and Takoradi.

Profitability

Profit Before Tax was AED 445 million in Q1 2013, 68% lower year-on-year than AED 1.4 billion in 2012, due to lower revenues from Oil & Gas, principally due to lower production in the UK North Sea.

Income tax expense was AED 220 million for Q1 2013, compared to AED 724 million in Q1 2012.  This consists of AED 321 million of income tax expense and AED 101 million of deferred income tax income. The effective tax rate decreased slightly to 49% from 52% in the prior year, reflecting lower production in the UK North Sea. 

Profit for the period (after minority interests) was AED 106 million, a decrease of 80% compared to AED 534 million in 2012. The decline was principally driven by lower operating profit during the quarter and also reflects the disposals that were made in Q1 2012 which inflated the comparable period in the prior year.

Basic and diluted earnings per share attributable to equity holders of TAQA were AED 0.017, compared to AED 0.088 in the prior year period.

Financing

Total debt of AED 80.3 billion in Q1 2013 increased from AED 79.5 billion in the same period in 2012, following new bond issuance in anticipation of bond maturities in 2013.

Consolidated cash on hand, as at 31 March 2013, was AED 3.9 billion, a slight increase from AED 3.8 billion in 2012. As of 31 March 2013, TAQA had unused credit lines of AED 17.9 billion, compared to AED 14.7 billion at the 31 March 2012, and total available liquidity of AED 21.8 billion, compared to AED 19.9 billion. 

Operational Review

Power & Water

Key Performance Indicators

Q1 2012

Q1 2013

% +/-

Total revenues in AED million

(excl. supplemental fuel revenue & construction revenue)

1,898

1,851

▼2

% of overall revenues

(excl. supplemental fuel revenue & construction revenue)

40

44

▲4

Total generation capacity (MW)

Global

15,407

15,407

-

Domestic

12,494

12,494

-

International

2,913

2,913

-

Total power production (GWh)

Global

14,172

13,608

▼4

Domestic

9,075

10,243

▲13

International

5,097

3,365

▼44

Technical availability of power generation business (%)

Global

91.3

83.7

▼8

Domestic

90.8

84.2

▼6

International

93.4

80.1

▼13

Water desalination capacity (MIGD)

Total

887

887

-

Total water desalination (MIG)

Total

54,114

57,652

▲7

TAQA produced 13,608 Gigawatt hours (GWh) of electricity and 57,652 Million Imperial Gallons (MIG) of water in Q1 2013, compared to 14,172 GWh and 54,114 MIG of water during the same period in 2012, generating revenues of AED 1.9 billion, excluding construction and fuel revenues. The 2% decrease in revenues compared to the same period last year, reflects forced outages at Shuweihat 1, Jorf Lasfar and Red Oak. EBITDA fell by 3% to AED 1.4 billion and net income to AED 436 million.

Technical availability across the fleet was 83.7%, a decrease of 8% over the same period in 2012.  

Domestic

TAQA’s domestic portfolio of assets generated 10,243 GWh of electricity and 57,652 MIG of water during the quarter. Domestic availability was 84.9%, reflecting the forced outage at Shuweihat 1. Nonetheless, five of TAQA’s eight domestic plants had an Equivalent Forced Outage Rate (EFOR) lower than 1%, reflecting the modernity of the fleet.

Supplemental fuel revenues decreased as a result of less demand for back-up fuel at TAQA’s UAE domestic assets.

International

TAQA’s international power portfolio, which comprises of assets in Morocco, Ghana, India, Saudi Arabia, Oman and the United States, generated 3,365 GWh of power during the period. International technical availability was 80.1%, a decrease of 14% in comparison to the same period last year. This was due to a transformer failure and boiler leak at Jorf Lasfar, a rotor failure at Red Oak and a boiler failure at Neyveli.

In Morocco, the 700 megawatt (MW) expansion project at Jorf Lasfar continued to progress and was 80% complete at the end of the period. The expansion will bring the gross capacity of the Jorf Lasfar plant to 2,056 MW. The commissioning of the two expansion units is planned for the end of 2013 and early 2014.

.

In Ghana, the expansion of Takoradi 2 has broken ground and is continuing on time and on budget. The expansion will increase the plant’s output from 220 MW by 50 per cent to approximately 340 MW without requiring extra fuel or producing additional emissions. The expansion is scheduled for commissioning in the fourth quarter of 2014.

In January, TAQA acquired an interest in the developer of the 100 MW Sorang hydroelectric plant in the northern Indian state of Himachal Pradesh in a joint venture with Indian infrastructure company Jyoti Structures Ltd. The plant is expected to begin operations in 2013.

Also in January, the Republic of Turkey and the United Arab Emirates signed an Intergovernmental Agreement for the development of power plants and associated mines in the Afsin-Elbistan region of Turkey. The agreement marked the start of exclusive negotiations between TAQA, Turkey’s Electricity Generation Co. Inc. (EÜAŞ) and the Turkish Government for the project, with a combined power generation capacity of up to 7,000 MW.

Oil & Gas

TAQA’s Oil & Gas business comprises a portfolio of assets across North America, the UK North Sea, the Netherlands and Kurdistan region of Iraq.

Key Performance Indicators

Q1 2012

Q1 2013

% +/-

Total revenues in AED million

 

2,886

2,396

▼17

% of overall revenues

(excl. supplemental fuel income)

 

60

56

▼4

Total production

(mboe/day)

Global

134.2

126.9

▼5

North America

86.3

88.7

▲3

UK

41.0

28.8

▼30

Netherlands

6.9

9.4

▲36

Average net realized price of crude oil sold

(US$ per barrel)

North America

84.74

73.85

▼13

UK

117.74

113.56

▼4

Netherlands

113.07

102.02

▼10

Average net realized price of natural gas sold

(US$ per thousand feet)

North America

2.57

3.38

▲32

UK

10.47

12.29

▲17

Netherlands

10.69

10.59

▼1

Total Oil & Gas revenues, including gas storage and other operating revenues, were AED 2.4 billion for Q1 2013, a decrease of 17% on last year. This was driven primarily by lower production in the UK North Sea, due to the shut-in of Cormorant Alpha in January 2013, following a hydrocarbon release in one of the concrete legs of the platform. There was a subsequent release in March within the same platform leg. While no hydrocarbons have entered the environment, Cormorant Alpha production of between 8,000 to 10,000 barrels a day continues to be shut-in.

While North American gas prices have risen significantly during the period, up 32% year on year to US$3.38 per thousand cubic feet (mcf), liquids and oil prices have fallen, impacting performance. In addition, TAQA divested a portfolio of non-core North American acreage in Q1 2012, slightly skewing the year on year comparative figures.

Operating expenses were AED 992 million in Q1 2013 compared with AED 812 million in Q1 2012, an increase of 22% due to expenditures related to subsea repairs in the UK North Sea, higher fuel costs and higher lifting and processing expenses.

Total average global daily production for Q1 2013 decreased to 126.9 thousand barrels of oil equivalent per day (mboed), compared with 134.2 mboed in the same period last year, a fall of 5%, due to the unplanned shut downs in the UK North Sea, the disposal of non-core acreage and the shut-in of uneconomic production in North America.

North America

In North America, an average of 88.7 mboed was produced during Q1 2013, an increase of 3% year on year. Revenues increased by AED 62m to AED 1 billion, due to higher production and higher gas prices offset by lower realised prices for oil and liquids. Due to a supply imbalance, there was a significant discount during the period between Western Canadian Select (WCS) and West Texas Intermediate (WTI) prices.

UK

Production volumes in the UK North Sea averaged 28.8 mboed during the first quarter of 2013, a 30% decrease compared to the same period last year, largely due to the unplanned shutdowns at Cormorant Alpha and the consequent impact on production.

In February 2013, TAQA announced that it had discovered two oil columns during the Darwin drilling programme, which commenced in November 2012. The Darwin acreage is located next to the TAQA-operated Cormorant South, North Cormorant and Pelican fields in the Northern North Sea approximately 130 km northeast of the Shetland Islands.

Netherlands

Production in the Netherlands increased to 9.4 mboed, 36% higher than the same period last year. This was mainly due to the acceleration of Groet-Oost production near Alkmaar and a strong performance from the P15 and P18 and offshore partner-operated fields, as well as higher well rates at L11-A08.

Iraq

TAQA commenced operations at its Atrush block in the Kurdistan region of Iraq and is currently drilling its third well, Atrush 3.

Energy Solutions

During the period, TAQA Energy Solutions agreed to buy a 50% interest in the 205.5 MW Lakefield wind project located in the Midwestern United States from a subsidiary of France-based utility Electricite de France SA (EDF). TAQA also commenced a pilot project for roof-top solar air-conditioning in the UAE with Chromasun Inc. the California-based solar panel manufacturer.

In February TAQA began qualifying companies for participating in the engineering, procurement and construction (EPC) contract tender for the UAE’s first waste-to-energy plant. The waste-to-energy power plant will receive approximately 1,000,000 tonnes of municipal solid waste a year and convert it into 100 megawatts of alternative power, enough energy to power more than 20,000 households in Abu Dhabi. The plant is expected to begin operations in 2016/17.

Commodity price environment

Following the decline witnessed in Q4 2012, oil prices remained relatively stable during Q1 2013 with Brent averaging $112.89/bbl and WTI averaging $94.30/bbl. Whilst marginally lower than the comparable period in 2012, the oil price continues to be supported by Asian demand which has offset the continued weak economic environment in Europe and North America.

Encouragingly, Q1 2013 continued to witness the trend for improving natural gas prices in North America. NYMEX spot gas prices averaged $3.49/mmbtu in Q1 2013 compared to $2.50/mmbtu. This stabilisation and recovery in the gas price has been driven by a more controlled supply environment coupled with strong demand, the result of a prolonged winter.

Post-period corporate developments

TAQA extended its agreement with The Center for Waste Management – Abu Dhabi, to study and develop a waste-to-energy demonstration facility at Abu Dhabi’s Dalma Island. 

In April 2013, TAQA received UK Government approval for its Cladhan field development. The initial phase of development will consist of two producer wells and one injection well. Cladhan is expected to produce over 17 mboed initially, with first oil expected Q1 2015. The production will be tied back to TAQA’s Tern Alpha platform which lies 17.5km northeast of the Cladhan field.

On the 30 April 2013, Standard & Poor’s announced that it was raising TAQA’s A rating to a ”positive” outlook.

- ENDS -

For further information:

TAQA Investor Relations, Abu Dhabi

Tanis Thacker, Head of Investor Relations
+971 2 691 4933

Mohammed Mubaideen, Investor Relations Manager
+971 2 691 4964
firstname.surname@taqaglobal.com

TAQA Media Relations, Abu Dhabi

Taryam Al Subaihi
Head of External Relations
Tel +971 2 691 4803
Mob + 97156 219 5195

Allan Virtanen
Head of Media
Tel +971 2 691 4894
Mob +971 56 685 2717
Allan.Virtanen@taqaglobal.com 

About TAQA

Established in 2005, TAQA is a diversified international energy group headquartered in Abu Dhabi, the capital of the United Arab Emirates, and listed on the Abu Dhabi Securities Exchange (ADX: TAQA). TAQA’s business is made up of three operating divisions spread across the entire energy value chain: power generation & water desalination; oil and gas exploration & production; and emerging & alternative energy technologies.

Power & Water: TAQA is one the largest independent power producers in the world and the majority owner of the facilities that provide 98% of the water and electricity requirements in Abu Dhabi. TAQA's power plants are located in the UAE, Morocco, Oman, Saudi Arabia, Ghana, India, and USA.

Oil & Gas: with operations in Canada, UK, the Netherlands, USA and Iraq, TAQA's oil and gas business includes exploration and production, underground gas storage and pipeline transportation.

Emerging & alternative energy technologies: TAQA Energy Solutions is dedicated to alternative and technology-driven energy initiatives for long-term efficient energy production and generation. 

TAQA’s vision is to deliver ‘Energy for Growth’: growth within the business; social and economic progress in the communities where TAQA operates; and increased value for our shareholders.

Over the past 40 years the UAE and Abu Dhabi have pursued a vision embodied by progressive development, investment and the highest global standards. TAQA is proud to align its strategy both domestically and globally to Abu Dhabi’s economic vision 2030, working towards sustainable economic development. 

For more information about TAQA visit: www.taqaglobal.com or Twitter: @TAQAGLOBAL

TAQA Full Year 2012 Results 13 Mar 2013
TAQA today reported its full year 2012 operational and financial results.

Abu Dhabi, United Arab Emirates - Abu Dhabi National Energy Company PJSC (“TAQA” - ADX: TAQA), the global integrated energy company; today reported its full year 2012 operational and financial results.

 

2011

2012

% +/-

Total assets

114,693

122,590

▲7

Total revenues

24,187

27,785

▲15

         Power & Water (1)

7,436

8,536

▲9

Construction revenue

3,589

-

         Oil & Gas (2)

11,983

12,015

-

Fuel revenue

4,768

3,645

▼24

Cost of sales (3)

(15,625)

(16,341)

▲5

Construction costs

(3,513)

-

EBITDA

14,008

13,132

▼6

Profit Before Tax

4,118

3,544

▼14

Net profit After Minority Interests

744

649

▼13

Basic earnings per share (AED)

0.12

0.11

▼8

Net Debt/EBITDA (times)

5.0

5.8

▲15

Net debt to capital (%)

78

78

-

All amounts in AED million unless otherwise stated

(1) Excludes fuel revenue and construction revenues but includes net liquidated damages in relation to Shuweihat 2 in 2011. Also includes certain other operating revenue relevant to the Power & Water business.

(2) Includes gas storage plus certain other operating revenue relevant to the Oil & Gas business.

(3) Excluding construction costs

Summary

TAQA delivered a resilient financial performance in 2012, reporting a 15 per cent increase in revenues underpinned by an outstanding performance in the power and water sector.

The company continues to report a solid financial performance while positioning itself for future growth with several large scale strategic energy infrastructure projects under construction.

Net profits dropped by 13 per cent in the 12 months to December 2012, reflecting a series of one-off items and a challenging price environment in North America.

In Power & Water, TAQA delivered a strong operational performance with very high availability and low forced outage rates, firmly placing it among the top performers globally. Its organic expansion plans are also progressing apace, with Jorf Lasfar Units 5 & 6 now 80% complete and on budget.  Similarly, the expansion project at Takoradi, Ghana, is now under way with all approvals secured and construction in progress.

TAQA also entered in to two new markets during the year, having signed a Memorandum of Understanding with EÜAŞ, the Turkish national power company, in respect of a major project in Southern Turkey, and investing in a 1,000 MW power plant in Sulaymaniyah in the Kurdistan region of Iraq.

In the UK North Sea, despite some operational challenges, including unplanned shutdowns which impacted performance, TAQA benefited from the buoyant Brent oil price and a number of acquisitions during the year. The most significant being the agreement to acquire from BP a range of assets in the Central North Sea, together with associated subsea infrastructure. 

To help address the on-going weak market conditions for natural gas in North America, non-core North American acreage was sold, new acreage was acquired in TAQA’s core production region and uneconomic production shut-in. In the last quarter of 2012, natural gas prices recovered somewhat and have maintained an upward trend since.

Reflecting TAQA’s broader focus on the MENA region, it acquired a majority stake in the Atrush exploration block in the Kurdistan region of Iraq – its first operated oil and gas asset in MENA.

During the course of 2012, TAQA completed several landmark financing transactions, including its maiden Sukuk issuance, and the largest non-sovereign US$-denominated issuance from MENA in 2012.

Comment

Carl Sheldon, Chief Executive Officer of TAQA, said:

"This was a resilient set of results, supported by the exceptional performance of our power business, where we have not only delivered a strong operational performance, but have also made significant progress with key organic growth projects in Morocco and Ghana. We have also expanded our footprint into two new markets: Turkey and Iraq, and are now firmly established as the regional development partner of choice.

“While we have continued to endure a tough pricing environment in North America, there is reason for some optimism, as prices have recovered from their low point and more positive pricing momentum has been sustained through the last quarter of 2012 and first quarter of 2013. Nonetheless, we have taken decisive action to restructure our North American business, shutting in uneconomic production, selling non-core acreage, and refocusing investment capital. Similarly, in the UK, our pending acquisition of assets from BP will not only give us attractive production, but will also diversify our production footprint into a new region of the North Sea. These steps position us well for the future.

Stephen Kersley, Chief Financial Officer, said:

“One of TAQA’s key achievements during the year was to secure long term financing at very attractive prices – both on a corporate level, as well as at our key projects, such as Jorf Lasfar and Takoradi. We are committed to proactively managing our financing needs to ensure that we have the most appropriate capital structure to underpin our future profitability.”

Financial summary: 2012 versus 2011

Revenues and costs

Total revenues for 2012 were AED 27.8 billion, 15% higher year-on-year, compared with total revenues of AED 24.2 billion in 2011. Cost of sales, excluding construction expenses, were AED 16.3 billion in 2012, an increase of 5%.

Power & Water

Power & Water revenues, excluding supplemental fuel and construction revenues, grew by 9% to AED 8.5 billion from AED 7.4 billion in 2011. The increase in revenues was driven by greater available capacity from the Shuweihat 2 plant, which commenced phased operations in July 2011, combined with continued high levels of technical availability across the entire fleet. Construction revenues from the Jorf Lasfar 5 & 6 and Takoradi projects of AED 3.6 billion were offset by construction costs of AED 3.5 billion, leaving a profit margin of AED 76 million.

Supplemental fuel income decreased 24% year-on-year to AED 3.6 billion, due to significantly lower use of alternative fuel supplies at TAQA’s domestic power plants.

Operating expenses for Power & Water (which excludes fuel costs and construction costs) were flat year on year at AED 2.0 billion. Depreciation, Depletion and Amortisation (“DD&A”) expenses for Power & Water were AED 1.8 billion in 2012 compared with AED 1.6 billion in 2011, principally due to Shuweihat 2.

Oil & Gas

Total Oil & Gas revenues (including gas storage and other income) were stable at AED 12.0 billion for 2012. This was driven by lower production across all our producing regions and continued weak North American gas prices, offset by higher sales at Bergermeer, which saw other operating revenue grow by AED 357 million.

Oil & Gas expenses rose from AED 3.6 billion in 2011 to AED 5.0 billion in 2012, principally due to stock movements (AED 829 million), and higher repair and maintenance costs in the UK, mainly due to the Otter acquisition. Oil & Gas DD&A expense was flat at AED 3.7 billion in 2012.

Finance costs

Finance costs increased from AED 4.6 billion in 2011 to AED 5.0 billion in 2012, an increase of 10%. The increase was due to interest on the Malaysian Sukuk issued in March 2012 and the USD bonds issued in end of 2011. The new fixed term debt replaced short term bank loans that carried significantly lower interest rates.

Profitability

Profit Before Tax was AED 3.5 billion in 2012, 14% lower year-on-year than AED 4.1 billion in 2011, due to lower revenues from Oil & Gas, principally due to lower North American gas prices and higher finance costs as outlined above.

During 2012, TAQA rationalised its portfolio to focus on its core operations and footprint. In April, TAQA’s holding in Tesla Motors was sold for a total consideration of AED [956] million, recognising a gain of AED [415] million. In North America, and in line with its stated strategy, TAQA disposed of various non-core assets for AED [1.8] billion, recognising a gain on disposal of AED [380] million.

Income from Associates and Joint Ventures fell by 48% to AED 151 million. The decline was principally driven by the performance of Sohar Aluminium Company which was impacted by falling aluminium prices.

Income tax expense was AED 2.2 billion for 2012 compared to AED 2.5 billion in the prior year. The effective tax rate remained unchanged at 62%, and reflects the higher tax rate environment, in particular within the UK North Sea. 

Profit for the period (after minority interests) was AED 649 million, a decrease of AED 95 million compared to AED 744 million in 2011. The decline was principally driven by lower operating profit, offset in part by the gains recognised on assets disposal conducted during the period.

Basic and diluted earnings per share attributable to equity holders of TAQA of 11 fils.

Financing

Total debt of AED 79.5 billion in 2012 increased from AED 73.9 billion in 2011, following new bond issuances during 2012 in anticipation of bond maturities in 2013.

In line with its funding strategy, TAQA completed several landmark financing transactions during 2012. At the start of the year, it successfully completed a MYR 650 million Sukuk issuance as part of MYR 3.5 billion Sukuk programme established in 2011. The programme also provides TAQA with an important source of long term, diversified funding.

In December, TAQA completed a landmark US$ 2.0 billion dual tranche bond, the largest non-sovereign US Dollar denominated issue for the MENA region in 2012. It also secured the lowest coupon ever achieved by TAQA for five and ten year funding of 2.5% and 3.625% respectively.

Finally, in December, a new US$ 2.5 billion dual tranche multi-currency revolving credit facility was signed.

Consolidated cash on hand as at 31 December 2012 was flat year on year at AED 3.8 billion. TAQA had unused credit lines of AED 20.3 billion at the end of 2012, compared to AED 14.2 billion at the end of 2011, and total available liquidity of AED 24.1 billion, compared to AED 18.0 billion for 2011.

Operational Review

Power & Water

TAQA’s Power & Water business performance continues to generate steady, stable cash flows, with a top-quartile performance for technical availability.

Key Performance Indicators

2011

2012

 

% +/-

Total revenues in AED million

(excl. supplemental fuel revenue & construction revenue)

7,436

8,106

▲9

% of overall revenues

(excl. supplemental fuel revenue & construction revenue)

38%

40%

▲2

Total generation capacity (MW)

Global

16,402

16,395

-

Domestic

12,494

12,487

-

International

3,908

3,908

-

Total power production (GWh)

Global

67,390

75,124

▲11

Domestic

48,087

55,275

▲15

International

19,303

19,849

▲3

Technical availability of power generation business (%)

Global

92.4

94.6

▲2

Domestic

93.0

95.2

▲2

International

90.0

91.4

-

Water desalination capacity (MIGD)

Total

887

887

-

Total water desalination (MIG)

Total

220,530

240,801

▲9

TAQA produced 75,124 GWh of electricity and 240,801 MIG of water in 2012, up from 67,390 GWh and 220,530 MIG of water during 2011, generating total revenues of AED 8.1 billion for the year. The 9% increase in revenues compared to the same period last year, reflects the full year contribution from Shuweihat 2 which had partial production from May 2011 and was fully operational in October 2011. This performance was carried through into EBITDA of AED 6.6 billion, an increase of 13% over 2011, and net income of AED 2.2 billion.

Technical availability across the fleet was high, at an average of 94.6%, an increase of almost 2% over 2011. Combined with a forced outage rate of only 2.1% in 2012, TAQA is operating in the top quartile of its peer group globally in terms of performance. In particular, the domestic UAE fleet recorded a very strong performance, with a forced outage rate of 2%, and four of the eight power plants recorded a forced outage of less than 1%. In respect of the international fleet, it had a forced outage rate of 3%, including at Jorf Lasfar – a strong performance given that a 4.5-5% outage rate represents top quality performance for coal-fired technology.

Domestic

TAQA’s domestic portfolio of assets generated 55,275 GWh of electricity and 240,801 MIG of water during 2012, reflecting the additional 1,500 MW of power generation and 100 MIGD of water desalination capacity of Shuweihat 2. Domestic availability was 94.6%.

Supplemental fuel revenues decreased as a result of less demand for back-up fuel at TAQA’s UAE domestic assets.

International

TAQA’s international power portfolio, which comprises of assets in Morocco, Ghana, India, Saudi Arabia, Oman, Iraq and the United States, generated 19,849 GWh of power during the year. International technical availability was 91.4%, slightly higher than the same period last year.

In Morocco, the 700 MW expansion project at Jorf Lasfar continued to progress well and was 80% complete at the end of the year. The expansion will bring Jorf Lasfar’s gross capacity to 2,056 MW. The commissioning of the two expansion units is planned for the end of 2013 and early 2014.

In June 2012, TAQA signed a US$ 1.4 billion equivalent, 16-year, multi-currency non-recourse project financing for the Morocco expansion. This was the first project financing in Morocco to be arranged in over a decade and the first major IPP financing in Morocco since the original Jorf Lasfar financing in 1997.

In Ghana, TAQA secured appropriate approvals for, and commenced construction of, the 110 MW expansion of Takoradi 2 in Ghana. The US$330 million financing for this expansion was a significant landmark, as it was the first IPP project financed in Ghana and the largest financing in sub-Sahara Africa during 2012. The TAQA-operated power plant currently represents 15% of Ghana’s installed power production capacity.

During the year TAQA signed a number of significant agreements to expand its power footprint in its core MENA and India region, including entering two new markets – Iraq and Turkey:

  • A joint venture agreement with Mass Global Investments Company Limited, through which TAQA acquired a 50% interest in a 1,000 MW gas-fired IPP situated near Sulaymaniyah, in the Kurdistan region of Iraq.
  • Acquisition of a 100 MW run of river hydro plant in the Himachal Pradesh region of India. The plant is TAQA’s first fully operated merchant facility and is expected to commence commercial operations by H1 2013.
  • In October, the Government of the Republic of Turkey and the Government of the Emirate of Abu Dhabi signed a joint declaration expressing their strong support for the co-operation between Turkey’s national power company EÜAŞ (Electricity Generation Co. Inc.) and TAQA. This is part of the long term commitment by the Turkish Government to deliver over 7,000 MW of thermal power from domestic resources.

Oil & Gas

TAQA’s Oil & Gas business comprises strong, well-resourced centres of excellence supporting a portfolio of assets with viable growth potential across North America, the UK North Sea and the Netherlands.

Key Performance Indicators

 

2011

2012

% +/-

Total revenues in AED million

 

11,983

12, 015

-

% of overall revenues

(excl. supplemental fuel income)

 

62

60

▼2

Total production

(mboe/day)

Global

139.1

135.4

▼3

North America

88.1

85.9

▼2

UK

42.9

41.8

▼3

Netherlands

8.1

7.7

▼5

Average net realized price of crude oil sold

(US$ per barrel)

North America

86.1

77.4

▼10

UK

112.2

111.9

-

Netherlands

99.0

104.3

▲5

Average net realized price of natural gas sold

(US$ per thousand feet)

North America

4.02

2.65

▼34

UK

9.28

10.40

▲12

Netherlands

10.63

10.63

-

Total Oil & Gas revenues, including gas storage and other operating revenues, were AED 12.0 billion for 2012, flat year on year compared with 2011. This was driven primarily by lower production and lower pricing – particularly in North America, where average net realized gas prices declined by 34%, offset by higher gas storage revenues.

Total average global daily production for 2012 decreased to 135.4 mboe/day, compared with 139.1 mboe/day in 2011, a fall of 3% due to the unplanned shut downs in the UK North Sea, the disposal of non-core acreage in North America and the shut-in of uneconomic production.

Reserves were replaced in excess of 100%. Total proven plus probable reserves at the end of December 2012 were 599.6 mmboe compared with 582.6 mmboe at the end of 2011.

North America

In North America, an average of 85.9 mboed was produced during 2012. In the face of continued low natural gas prices, unprofitable dry gas production was shut-in and operational costs and overheads were reduced.

A key aspect of this was a review of exploration acreage during the year to ensure the most efficient operating footprint. As a consequence, the North American project pipeline was slimmed down from over 60 to just 12 key projects, and outlying acreage in southeast Saskatchewan was divested, realising AED 1.8 billion.

Subsequently, AED 569 million was invested in acquiring assets in core production areas, adding 5,000 boed of production, larger reserves and important mid-stream assets, all at a very attractive price.

Furthermore, as a consequence of low gas prices, North American capex was cut by 30% in the 2013 investment plan, and has been focused on those opportunities which continue to be attractive at these low prices.

During the year, a major overhaul was undertaken at TAQA’s Crossfield plant, which has increased processing capacity from 48 mmcfd to 70 mmcfd and the efficiency rate to 97%. This investment will also allow us to process additional third party gas.

Despite the difficult pricing environment during the year, there has been a sustained uplift in prices towards the end of the year, with Henry Hub spot prices rising from US$2.81 on 1 September 2012 to US$3.42 on 31 December 2012. This positive trend has been continued post period.

UK

Production volumes in the UK North Sea averaged 41.8 mboe/day during the year, a 3% decrease compared to the same period last year, largely due to the unplanned shutdowns in the Otter field pipeline and North Cormorant.

During the year, a number of significant developments were announced, including:

  • In February, the acquisition of a 50% interest in licences that include the Darwin oil discovery, these are located next to the North Cormorant and Pelican fields.
  • In October, a new oil accumulation was discovered at the Contender prospect, which was drilled from the North Cormorant platform, with an early estimate of approximately 10-30 million barrels of oil in place. The field is being developed under the new name Cormorant East and commenced production in January 2013.
  • Furthermore, TAQA increased its stake in the Cladhan field, which is tied back to its Tern platform, and completed the Causeway tie-back to North Cormorant – this was TAQA’s first third party tie-back in the North Sea.
  • In November, TAQA announced an agreement to acquire a major portfolio of operated oil and gas assets from BP for more than US$1 billion, with an effective date for the majority of the assets of 1 January 2012. The acquisition consisted of interests in the Harding (70%), Maclure (37.03%), and Devenick (88.7%) fields in the Central North Sea. The acquisition also increases TAQA’s non-operated interests in the Brae area and associated transport infrastructure, including the SAGE, Forties-Brae and Forties-Braemar pipelines. These assets are expected to increase net production by 19 to 21 mboed in 2012-2013. In addition, this constitutes a second major development hub in the central North Sea, opening up further investment opportunities, such as infill drilling on Harding, the ability to unlock significant discovered gas resources together with other adjacent field owners, and the development of the Morrone field. This transaction is expected to close in the first half of 2013.

Netherlands

Production in the Netherlands averaged 7.7 mboe/day, a 5% decrease compared to the same period last year. Operations in the Netherlands maintained very high availability at the PGI facility in Alkmaar and completed a large turnaround on the P15 platform without incident.  TAQA also signed agreements to extend the operating life of the P15 platform until at least 2022. TAQA participated in a successful discovery on the F17 oil field with an estimated 30 mmboe of recoverable reserves.

A highlight for the year was receiving the final permits for the Gas Storage Bergermeer project and subsequently starting construction. More than 70% of the total working volume has now been sold under long-term storage contracts and the remaining capacity is intended to be offered annually based on short term storage contracts, with the first auction planned for autumn 2014. Commercial gas storage operations at Bergermeer are scheduled to start in 2014, with full capacity available in 2015.

Commodity price environment

In 2012, the WTI oil price remained largely flat year on year at an average of US$94.13/bbl for 2012, compared with US$95.11/bbl in 2011. Prices for Brent also remained fairly consistent, at an average of US$111.68/bbl in 2012 versus US$110.91/bbl in 2011. NYMEX gas prices for 2012 averaged US$2.83/mmbtu, in comparison to US$4.03 /mmbtu for the equivalent period in 2011.

During the fourth quarter, the oil price weakened with Brent prices declining by 6% and WTI prices by 5%. However, North American gas prices showed a more positive trend, with Henry Hub spot prices increasing by 22%, albeit from a very low level.

Energy Solutions

TAQA’s Energy Solutions business has global responsibility for developing alternative and advanced technology solutions for energy production and generation. Alternative energy generation projects include wind, solar, geothermal, and waste-to-energy, as well as unconventional fossil-fuel projects such as gas to liquids, shale gas and using CO2 for enhanced oil and gas recovery.

Its approach has been to leverage TAQA’s existing business footprint and resources, and is initially focused on those markets where it already has strong relationships, such as Abu Dhabi, Canada, Morocco and the Netherlands.

In June, TAQA joined forces with The Centre of Waste Management Abu Dhabi to evaluate the feasibility of developing one of the world’s largest waste-to-energy facilities in Abu Dhabi. This would divert up to one million tonnes of waste from landfill every year.

In September, TAQA became a member of the Abu Dhabi Sustainability Group (ADSG), which was established by the Abu Dhabi Environment Agency, with the support of the Executive Council of the Emirate of Abu Dhabi, to integrate sustainability into the Emirate’s economic and social development programmes.

TAQA agreed to buy a 50% interest in the 205.5 megawatt (MW) Lakefield wind project located in the Midwestern United States from a subsidiary of France-based utility Electricite de France SA (EDF). This project has the capacity to generate emissions-free electricity for more than 68,000 homes.

Post-period corporate developments

  • TAQA discovered oil in the new Darwin oil field in the Northern North Sea area near the Shetland Islands in Scotland.

- ENDS -

For further information:

TAQA Investor Relations, Abu Dhabi
Tanis Thacker, Head of Investor Relations
+971 2 691 4933

Mohammed Mubaideen, Investor Relations Manager
+971 2 691 4964
firstname.surname@taqaglobal.com

TAQA Media Relations, Abu Dhabi

Taryam Al Subaihi
Head of External Relations
Tel +971 2 691 4803
Mob + 97156 219 5195

Allan Virtanen
Head of Media
Tel +971 2 691 4894
Mob +971 56 685 2717
Allan.Virtanen@taqaglobal.com

About TAQA

Established in 2005, TAQA is a diversified international energy group headquartered in Abu Dhabi, the capital of the United Arab Emirates, and listed on the Abu Dhabi Securities Exchange (ADX: TAQA). TAQA’s business is made up of three operating divisions spread across the entire energy value chain: power generation & water desalination; oil and gas exploration & production; and emerging & alternative energy technologies.

Power & Water: TAQA is one the largest independent power producers in the world and the majority owner of the facilities that provide 98% of the water and electricity requirements in Abu Dhabi. TAQA's power plants are located in the UAE, Morocco, Oman, Saudi Arabia, Ghana, India, and USA.

Oil & Gas: with operations in Canada, UK, the Netherlands, USA and Iraq, TAQA's oil and gas business includes exploration and production, underground gas storage and pipeline transportation.

Emerging & alternative energy technologies: TAQA Energy Solutions is dedicated to alternative and technology-driven energy initiatives for long-term efficient energy production and generation. 

TAQA’s vision is to deliver ‘Energy for Growth’: growth within the business; social and economic progress in the communities where TAQA operates; and increased value for our shareholders.

Over the past 40 years the UAE and Abu Dhabi have pursued a vision embodied by progressive development, investment and the highest global standards. TAQA is proud to align its strategy both domestically and globally to Abu Dhabi’s economic vision 2030, working towards sustainable economic development. 

For more information about TAQA visit: www.taqaglobal.com or Twitter: @TAQAGLOBAL

TAQA scoops financing awards for Morocco, Ghana deals 18 Feb 2013
TAQA has been named winner of two awards in recognition of its contribution to financing energy infrastructure in Africa at the 14th Project Finance Magazine Awards event in London.

Abu Dhabi, United Arab Emirates – Abu Dhabi National Energy Company PJSC (TAQA) has been named winner of two awards in recognition of its contribution to financing energy infrastructure in Africa at the 14th Project Finance Magazine Awards event in London.

TAQA received the awards for:

  • Project Finance Power Deal of the Year – Africa 2012;
  • Project Finance Sponsor of the Year – Africa 2012 

Project Finance magazine’s Deal of the Year Awards recognise the best deals annually and are among the most prestigious awards in the finance industry. The awards are vetted by Project Finance Magazine journalists and independent industry contacts. On average, 300-350 deals are entered for the awards every year.

Stephen Kersley, TAQA’s Chief Financial Officer, said: “Last year was an exciting one for TAQA and for the project teams in particular as we continue to support the expansion of our global portfolio. We are honoured that our peers have recognised TAQA for these two landmark project finance achievements which could not of been accomplished without  the support of the Abu Dhabi government, the host governments and our valued partners.”

TAQA was awarded the ‘Project Finance Power Deal of the Year Award – Africa 2012’ for its USD 1.4 billion,16-year multi-currency non-recourse project financing for expanding the Jorf Lasfar power plant in Morocco. This was the largest international project financing in Morocco in over a decade. The loans for the expansion marked the first time that Japanese and Korean export credit agencies have participated in a Moroccan financing.

Jorf Lasfar already supplies 40 per cent of Morocco’s electricity output and the expansion project will further increase the power plant’s capacity by 50 per cent. TAQA and ONEE, the Moroccan utility, signed the first protocol agreement for the expansion in May 2009. Construction began in September 2010 and the two new units are scheduled to be commissioned in December 2013 and April 2014.

Project Finance also named TAQA ‘Project Sponsor of the Year – Africa 2012’ for the first project financing in Ghana. TAQA raised USD 330 million for expanding its Takoradi 2 power plant. Takoradi 2, the first Independent Power Project in Ghana, is a joint venture between TAQA (90%) and Ghanaian utility Volta River Authority (VRA) (10%). The project currently represents approximately 15% of Ghana’s installed capacity.

The expansion involves converting the existing 220 MW gas-fired plant into a combined cycle unit, increasing its output to 330 MW without requiring additional fuel. This represents an addition of 50% capacity without increasing carbon dioxide emissions. The plant was recently converted from primarily an oil-fired plant to one fuelled by natural gas as part of a considered effort within Ghana’s power generation industry towards cleaner-burning fuel. The expansion is scheduled for commissioning in 2015.

Frank Perez, Executive Officer and Head of Power & Water, said: “We are proud of this recognition of our achievements in developing and operating key national infrastructure in Africa. These deals prove that sophisticated international financing can be attracted at very competitive rates to a market that has a quality sponsor, with strong host government support and a good contractual framework. Our operational excellence and the vital role the Jorf Lasfar and Takoradi 2 power plants have played in delivering a reliable source of electricity to the population with an excellent safety record were key to TAQA being selected for these prestigious accolades.”

TAQA is the largest independent power producer in the Middle East North Africa region, with power operations in seven countries and a total gross power generation capacity of 15,413 MW .

- ENDS -

Contact Information for Media:

Abu Dhabi
Taryam Al Subaihi
Head of External Relations
Tel +971 2 691 4803
Mob + 97156 219 5195

Allan Virtanen
Head of Media
Tel +971 2 691 4894
Mob +971 56 685 2717
Allan.Virtanen@taqaglobal.com

About TAQA

Established in 2005, TAQA is a diversified international energy group headquartered in Abu Dhabi, the capital of the United Arab Emirates, and listed on the Abu Dhabi Securities Exchange (ADX: TAQA).

TAQA’s business is made up of three operating divisions spread across the entire energy value chain: power generation & water desalination; oil and gas exploration & production; and emerging & alternative energy technologies.

Power & Water: TAQA is one the largest independent power producers in the world and the majority owner of the facilities that provide 98% of the water and electricity requirements in Abu Dhabi. TAQA's power plants are located in the UAE, Morocco, Oman, Saudi Arabia, Ghana, India, and USA.

Oil & Gas: with operations in Canada, UK, the Netherlands, USA and Iraq, TAQA's oil and gas business includes exploration and production, underground gas storage and pipeline transportation.

Emerging & alternative energy technologies: TAQA Energy Solutions is dedicated to alternative and technology-driven energy initiatives for long-term efficient energy production and generation. 

TAQA’s vision is to deliver ‘Energy for Growth’: growth within the business; social and economic progress in the communities where TAQA operates; and increased value for our shareholders.

Over the past 40 years the UAE and Abu Dhabi have pursued a vision embodied by progressive development, investment and the highest global standards. TAQA is proud to align its strategy both domestically and globally to Abu Dhabi’s economic vision 2030, working towards sustainable economic development. 

For more information about TAQA visit: www.taqaglobal.com or Twitter: @TAQAGLOBAL

TAQA Preliminary Financial Results for FY 2012 6 Feb 2013
TAQA today reported its preliminary, unaudited financial results for the year ending 31 December 2012. These preliminary results are subject to changes that may result from the final determination of certain accounting estimates.

TAQA makes strong progress toward its strategic objectives

Revenues up 14%, net profit affected by commodity prices, UK tax charges

Abu Dhabi, UAE - Abu Dhabi National Energy Company PJSC (TAQA), the international energy company (ADX: TAQA), today reported its preliminary, unaudited financial results for the year ending 31 December 2012.

These preliminary results are subject to changes that may result from the final determination of certain accounting estimates.

Comprehensive, audited full year 2012 results are due to be published on 13 March 2013.

(AED million)

FY 2011 Actual

FY 2012 Preliminary

% change

 

Total assets

114,693

122,371

7%

 

Revenues

24,187

27,513

14%

 

Gross Profit

8,500

7,863

-7%

 

Net profit

744

640

-14%

 

Earnings per share (fils)

12

11

-8%

         

TAQA reported strong operational performance with top line revenue growth of 14% due to higher power and construction revenues offset by lower supplemental fuel revenues and oil and gas revenues. Overall gross profit declined by 7%, principally due to lower production and revenues in our oil and gas business, which was affected by weaker North American gas prices.

The increase in total assets was primarily due to the expansion of the Jorf Lasfar project in Morocco, the construction of the Gas Storage Bergermeer project in Netherlands, an advance payment towards the acquisition of BP’s interests in oil and gas assets in the Central North Sea and the acquisition of a 53.2% interest in the Atrush block in the Kurdistan region of Iraq. The increases were partially offset by divestments of certain non-core assets in Canada and the sale of our shares in Tesla Motors and WesternZagros.

Net profits declined by 14% partially due to a one-off charge restricting tax relief on decommissioning expenditures in the UK North Sea, lower North American gas prices and aluminium prices, a lower margin on back-up fuel at our UAE power stations and higher finance costs from new bond issues against repayment of maturing bonds. Partly offsetting these declines, we recognised a gain on divestments as described above and lower impairment charges in North America.

Comment

Carl Sheldon, Chief Executive Officer of TAQA, said:

“This was a year of significant strategic achievements for TAQA across our range of businesses that position us well for the future. We have made great progress against our strategic objectives of expanding our power business in the MENA region, entering Iraq and signing a Memorandum of Understanding with the Turkish Government to develop power production and associated assets in Southern Turkey. Our expansion projects at Jorf Lasfar and Takoradi have also continued apace. 

Our Oil and Gas business has also performed well, with a strategic acquisition in the UK North Sea securing the long-term future of what has historically been one of our most profitable geographies. The acquisition of the interest in the Atrush field in the Kurdistan region of Iraq is an excellent example of our growing maturity as an upstream operator and our tolerance for political risk in the Mena region. The start of construction of the gas storage facility at Bergermeer is a milestone and the team also completed a second successful open season for capacity in December.

TAQA is better positioned than ever to capitalise on the growth opportunities inherent in our businesses. Our extensive experience as an operator of complex energy assets, coupled with our strong financial position, gives us access to unique opportunities whilst continuing to optimise our existing activities.”

Corporate activity during 2012

During the 12 month period, TAQA completed the following corporate initiatives:

  • December: TAQA signs a US$2.5 billion Dual Tranche Multi-currency Revolving Credit Facility to finance its general corporate requirements.
  • December: TAQA successfully completes a US$2 billion dual tranche bond issue. The transaction was the largest non-sovereign US$-denominated issuance from the MENA region in 2012 and has secured the lowest coupons ever achieved by the company for 5-year and 10-year funding. The two tranches consisted of:
    • US$750 million five year bond at a yield to maturity rate of 2.609% (annual coupon of 2.5%)
    • US$1,250 million ten year bond at a yield to maturity rate of 3.696% (annual coupon of 3.625%)
  • September: TAQA becomes a member of the Abu Dhabi Sustainability Group (ADSG) which aims to integrate sustainability into the Emirate’s economic and social development programmes.
  • September: Edward LaFehr appointed President of TAQA North.
  • April: TAQA successfully completes the sale of all its holding in Tesla Motors for a total consideration of AED 956 million realizing a gain of AED 415 million.
  • February: TAQA successfully completes a MYR650 million Sukuk (c.US$215 million) issuance, as part of a MYR3.5 billion Sukuk programme established in November 2011.
  • January: Dr. Saif Al Sayari appointed as Executive Officer of Energy Solutions, responsible for developing TAQA’s alternative and technology - driven energy initiatives.

In addition to the above, TAQA achieved the following milestones during 2012:

Oil & Gas

  • December: TAQA  acquires a 53.2% interest in the Atrush block in the Kurdistan region of Iraq from General Exploration Partners, Inc., an affiliate of Aspect Holdings, LLC. The acquisition builds on the UAE’s strong bilateral bonds with Iraq and marks TAQA’s evolution into an oil and gas operator in the Middle East and North Africa.
  • November: TAQA disposes of its entire holding in WesternZagros Resources Ltd. for US$85 million.
  • November: In the UK North Sea, TAQA signs an agreement to purchase certain BP oil and gas assets worth more than US$1 billion. The acquisition, which is targeted to close in the middle of 2013, is expected to increase TAQA’s net production by approximately 21,000 barrels of oil equivalent per day (boe/d), and will add a second major development hub to TAQA’s UK North Sea business.
  • October: TAQA discovers a new oil accumulation by well 211/21-N94 known as the Contender prospect, in the UK Northern North Sea Block 211/22a.
  • September: TAQA acquires assets from NuVista bringing 5,000 bpd of production, ownership of mid-stream assets and growth opportunities.
  • May: TAQA receives unconditional approval from the Dutch Council of State for the development of the Bergermeer Gas Storage facility and commenced construction.
  • March: TAQA completes the disposal of US$600 million of non-core assets in southeast Saskatchewan, Canada

Power & Water

  • December: TAQA acquires an interest in Himachal Sorang Power Limited (HSPL), the developer of a 100MW hydroelectric plant in the northern Indian state of Himachal Pradesh.
  • October: A pre-feasibility study is completed and an investment model prepared for a major power project in the Afş‏in-Elbistan region of southern Turkey in co-operation with Electricity Generation Co. Inc. (EÜAŞ). The Government of the Republic of Turkey and the Government of the Emirate of Abu Dhabi signed a “joint declaration” for the co-operation between EÜAŞ and TAQA regarding investment in and optimisation of the existing lignite power plant in the Afş‏in-Elbistan region; the development of mines; and the establishment of new power plants in the same region.
  • July: TAQA secures the requisite parliamentary approval and signed financing arrangements for the 110 MW expansion of the gas-fired Takoradi 2 power plant in Ghana.
  • June: TAQA signs financing arrangements for US$1.4 billion equivalent of 16-year, multi-currency non-recourse project financing for the 700MW expansion of TAQA’s Jorf Lasfar coal-fired power complex in Morocco.

Energy Solutions

  • December: TAQA agrees to buy a 50% interest in the 205.5 megawatt (MW) Lakefield wind project located in the Midwestern United States from a subsidiary of France-based utility Electricite de France SA (EDF).
  • June: TAQA signs a Memorandum of Understanding with The Centre of Waste Management Abu Dhabi for the joint development of a 100MW Waste to Energy facility in Abu Dhabi by 2015/16.

Post-period items

  • TAQA completes the conditions for drawdown under the US$1.4 billion equivalent of 16-year, multi-currency non-recourse project financing for the 700 MW expansion of TAQA’s Jorf Lasfar coal-fired power complex in Morocco.
  • TAQA and its partner, Volta River Authority, complete the conditions for drawdown under the US$330 million financing for the expansion of the Takoradi 2 power plant in Ghana.

Comprehensive, audited full year 2012 results are due to be published on 13 March 2013.

– ENDS –

AmCham Abu Dhabi recognises TAQA for commitment to US - UAE relations 2 Feb 2013
TAQA has won the prestigious 2013 Falcon Award in recognition of its outstanding commitment to sustainable US - UAE business relations at the 3rd Annual AmCham Abu Dhabi Excellence Awards Gala charity event in Abu Dhabi.

Abu Dhabi, United Arab Emirates - Abu Dhabi National Energy Company PJSC (TAQA) has won the prestigious 2013 Falcon Award in recognition of its outstanding commitment to sustainable US - UAE business relations at the 3rd  Annual AmCham  Abu Dhabi Excellence Awards Gala charity event in Abu Dhabi.

Organised by the American Chamber of Commerce, the AmCham Abu Dhabi Annual Excellence Awards is a celebration of Abu Dhabi’s most distinguished companies, institutions, and entrepreneurs. These awards reflect the contributions of best-in-class American and Emirati individuals and organisations to business in the UAE and US - UAE commercial relations.

Dr Saif Al Sayari, TAQA’s Executive Officer and Head of Energy Solutions division, said: “We are honoured to receive this prestigious award which is testament to our long-term commitment and sustainable relations with our partners in the US. North America is a strategic market for TAQA and we are proud to contribute to the unwavering bilateral relationship between the US and the UAE.” 

The 2013 Falcon Award was presented to TAQA’s AbdulKhaliq Al Ameri, Director Of Knowledge Centre & Sub-Surface by United States Ambassador to the United Arab Emirates, His Excellency Michael Corbin.

TAQA has invested more than USD 8 billion in its North American assets and employs more than 1,000 people at its oil & gas operations in the states of Montana, North Dakota, Wyoming and in Canada where it produced more than 88,000 barrels of oil equivalent per day in 2011. TAQA also has an interest in a tolling agreement for the Red Oak power plant in New Jersey.

In January 2013, TAQA moved into the US renewable energy sector when it announced entering into an agreement to acquire a 50% interest in the 205.5 megawatt (MW) Lakefield wind farm located in Minnesota. The wind farm supplies more than 68,000 homes with emissions-free electricity and is a first step in the evolution of TAQA’s global strategy for alternative energy sources and gives TAQA a foothold in the fast-growing global wind market.

- ENDS - 


Contact Information for Media: 

Abu Dhabi
Taryam Al Subaihi
Head of External Relations 
Tel +971 2 691 4803
Mob + 97156 219 5195

Allan Virtanen 
Head of Media
Tel +971 2 691 4894
Mob +971 56 685 2717
Allan.Virtanen@taqaglobal.com  

About TAQA

Established in 2005, TAQA is a diversified international energy group headquartered in Abu Dhabi, the capital of the United Arab Emirates, and listed on the Abu Dhabi Securities Exchange (ADX: TAQA).

TAQA’s business is made up of three operating divisions spread across the entire energy value chain: power generation & water desalination; oil and gas exploration & production; and emerging & alternative energy technologies.

Power & Water: TAQA is one the largest independent power producers in the world and the majority owner of the facilities that provide 98% of the water and electricity requirements in Abu Dhabi. TAQA's power plants are located in the UAE, Morocco, Oman, Saudi Arabia, Ghana, India, and USA.

Oil & Gas: with operations in Canada, UK, the Netherlands, USA and Iraq, TAQA's oil and gas business includes exploration and production, underground gas storage and pipeline transportation.

Emerging & alternative energy technologies: TAQA Energy Solutions is dedicated to alternative and technology-driven energy initiatives for long-term efficient energy production and generation.  

TAQA’s vision is to deliver ‘Energy for Growth’: growth within the business; social and economic progress in the communities where TAQA operates; and increased value for our shareholders. 

Over the past 40 years the UAE and Abu Dhabi have pursued a vision embodied by progressive development, investment and the highest global standards. TAQA is proud to align its strategy both domestically and globally to Abu Dhabi’s economic vision 2030, working towards sustainable economic development.  

For more information about TAQA visit: www.taqaglobal.com or Twitter: @TAQAGLOBAL

TAQA enters exclusive talks for major Turkish power development 3 Jan 2013
The Republic of Turkey and the United Arab Emirates today signed an Intergovernmental Agreement for the development of power plants and associated mines in the Afsin-Elbistan region of Turkey.

January 3, 2013, Ankara, Turkey – The Republic of Turkey and the United Arab Emirates today signed an Intergovernmental Agreement for the development of power plants and associated mines in the Afsin-Elbistan region of Turkey. The agreement marks the start of exclusive negotiations between Abu Dhabi National Energy Company PJSC (TAQA), Turkey’s Electricity Generation Co. Inc. (EÜAŞ) and the Turkish government for the project with a combined power generation capacity of up to 7,000 MW.

TAQA and EÜAŞ have been selected as the government-related entities responsible for implementing the project. The two companies have signed a Memorandum of Understanding for the establishment of a project company in which TAQA and any future partners would retain the majority shareholding.

In accordance with the Intergovernmental Agreement, the project company will acquire, modernise and expand the existing 1,400 MW Plant B and develop several new power plants and associated mines in sectors C, D, E and G of the Afsin-Elbistan region in southern Turkey. Preparatory work on Plant B and the feasibility study for the planned 1,440 MW Plant C and associated mine development will start immediately.

His Excellency Mohamed bin Dhaen Al Hamli, Minister of Energy of the United Arab Emirates, said: “This agreement further strengthens the bond between Turkey and the UAE, adding an important commercial dimension to this strategic relationship.”

The Intergovernmental Agreement follows the signing of a joint declaration between the Emirate of Abu Dhabi and the Government of the Republic of Turkey on October 9, 2012 and meetings held between His Highness General Sheikh Mohamed bin Zayed Al Nahyan Crown Prince of Abu Dhabi and Deputy Supreme Commander of the UAE Armed Forces, His Excellency Abdullah Gul, the President of the Republic of Turkey, and His Excellency Recep Tayyip Erdogan, the Prime Minister of the Republic of Turkey in February 2012.

The Agreement was signed by His Excellency Taner Yıldız, Minister of Energy and Natural Resources of Turkey and His Excellency Mohamed bin Dhaen Al Hamli, Minister of Energy of the United Arab Emirates. The event was held in the presence of His Excellency Abdulla Saif Al Nuaimi, Director General of Abu Dhabi Water and Electricity Authority (ADWEA) and Vice-Chairman of TAQA; and His Excellency Khaled Al Mu’alla, Ambassador of the United Arab Emirates to the Republic of Turkey.

His Excellency Hamad Al-Hurr Al-Suwaidi said: “We are delighted to be part of this historic partnership which will achieve progress for both our nations. At TAQA, part of our strategy is to take our global expertise from Abu Dhabi to the world. As an emerging market with a positive outlook, Turkey is perfectly aligned with TAQA’s growth strategy. The country is creating the right conditions to attract foreign direct investment to develop its indigenous energy resources.”

Carl Sheldon, Chief Executive Officer of TAQA, said: “As a full-scale energy company, TAQA offers Turkey a durable partner to develop this strategic project enhancing Turkey’s energy security. This agreement paves the way for TAQA to enter an emerging merchant market for power, demonstrating TAQA’s increasing maturity as a developer and operator of assets through the energy value chain.”

The development of Turkey's indigenous lignite resources is a priority because it enables the nation to reduce its dependence on imported natural gas. Lignite’s role in power generation is set to expand alongside rapid growth expected in electricity demand. Approximately 40 % of Turkey's lignite is located in the Afşin-Elbistan basin.

The negotiations will lead to the signing of a Host Government Agreement in the second quarter of 2013, establishing more detailed terms.

– ENDS –

Contact Information for Media:

Abu Dhabi
Taryam Al Subaihi
Head of External Relations
Tel +971 2 691 4803
Mob + 97156 219 5195

Allan Virtanen
Head of Media
Tel +971 2 691 4894
Mob +971 56 685 2717
Allan.Virtanen@taqaglobal.com

About TAQA

Established in 2005, TAQA is a diversified international energy group headquartered in Abu Dhabi, the capital of the United Arab Emirates, and listed on the Abu Dhabi Securities Exchange (ADX: TAQA).

TAQA’s business is made up of three operating divisions spread across the entire energy value chain: power generation & water desalination; oil and gas exploration & production; and emerging & alternative energy technologies.

Power & Water: TAQA is one the largest independent power producers in the world and the majority owner of the facilities that provide 98% of the water and electricity requirements in Abu Dhabi. TAQA's power plants are located in the UAE, Morocco, Oman, Saudi Arabia, Ghana, India, and USA.

Oil & Gas: with operations in Canada, UK, the Netherlands, USA and Iraq, TAQA's oil and gas business includes exploration and production, underground gas storage and pipeline transportation.

Emerging & alternative energy technologies: TAQA Energy Solutions is dedicated to alternative and technology-driven energy initiatives for long-term efficient energy production and generation. 

TAQA’s vision is to deliver ‘Energy for Growth’: growth within the business; social and economic progress in the communities where TAQA operates; and increased value for our shareholders.

Over the past 40 years the UAE and Abu Dhabi have pursued a vision embodied by progressive development, investment and the highest global standards. TAQA is proud to align its strategy both domestically and globally to Abu Dhabi’s economic vision 2030, working towards sustainable economic development. 

For more information about TAQA visit: www.taqaglobal.com or Twitter: @TAQAGLOBAL

TAQA disposes of stake in WesternZagros 30 Nov 2012
Abu Dhabi, United Arab Emirates - Abu Dhabi National Energy Company PJSC (TAQA) today disposed of its entire holding in WesternZagros Resources Ltd. (TSX VENTURE:WZR) ("WesternZagros") which holds two oil and gas production sharing contracts in the Kurdistan Region of Iraq.

Abu Dhabi, United Arab Emirates - Abu Dhabi National Energy Company PJSC (TAQA) today disposed of its entire holding in WesternZagros Resources Ltd. (TSX VENTURE:WZR) ("WesternZagros") which holds two oil and gas production sharing contracts in the Kurdistan Region of Iraq.

TAQA purchased 74 million common shares in WesternZagros at CDN$0.63 per share for a total amount of CDN$46.6 million in October 2011. TAQA completed the disposal in a single block trade prior to the opening of the TSX Venture Exchange on 30 November for a total consideration of CDN$85.1 million. Prior to the disposal, TAQA held 17.98% of WesternZagros’ issued and outstanding common shares.

- ENDS -

Contact Information for Media:

Abu Dhabi
Thomas Ashby
GVP Corporate Communications
Tel +971 2 691 4802

Allan Virtanen
Head of Media
Tel +971 2 691 4894
Mob +971 56 685 2717
Allan.Virtanen@taqaglobal.com

About TAQA

Established in 2005, TAQA is a diversified international energy group headquartered in Abu Dhabi, the capital of the United Arab Emirates, and listed on the Abu Dhabi Securities Exchange (ADX: TAQA).

TAQA’s business is made up of three operating divisions spread across the entire energy value chain: power generation & water desalination; oil and gas exploration & production; and emerging & alternative energy technologies.

Power & Water: TAQA is one the largest independent power producers in the world and the majority owner of the facilities that provide 98% of the water and electricity requirements in Abu Dhabi. TAQA's power plants are located in the UAE, Morocco, Oman, Saudi Arabia, Ghana, India, and USA.

Oil & Gas: with operations in Canada, UK, the Netherlands, USA and Iraq, TAQA's oil and gas business includes exploration and production, underground gas storage and pipeline transportation.

Emerging & alternative energy technologies: TAQA Energy Solutions is dedicated to alternative and technology-driven energy initiatives for long-term efficient energy production and generation.
TAQA’s vision is to deliver ‘Energy for Growth’: growth within the business; social and economic progress in the communities where TAQA operates; and increased value for our shareholders.

Over the past 40 years the UAE and Abu Dhabi have pursued a vision embodied by progressive development, investment and the highest global standards. TAQA is proud to align its strategy both domestically and globally to Abu Dhabi’s economic vision 2030, working towards sustainable economic development.
For more information about TAQA visit: www.taqaglobal.com or Twitter: @TAQAGLOBAL

TAQA Nine Month 2012 Results 14 Nov 2012
Abu Dhabi National Energy Company PJSC (“TAQA”), a publicly listed company on the Abu Dhabi Securities Exchange (ADX: TAQA), today reported its operational and financial results for the third quarter and the nine months to 30 September 2012.

Abu Dhabi National Energy Company PJSC (“TAQA”), a publicly listed company on the Abu Dhabi Securities Exchange (ADX: TAQA), today reported its operational and financial results for the third quarter and the nine months to 30 September 2012.

 

Q3 2012

Q3

2011

% change

9M 2012

9M

2011

% change

Total assets

114,666

114,200

-

114,666

114,200

-

Total revenues

8,833

6,168

+43%

20,618

18,743

+10%

     Power & Water (1)

2,094

1,998

+5%

6,086

5,575

+9%

     Oil & Gas (2)

2,973

3,012

-1%

8,828

9,011

-2%

     Fuel revenue

952

1,158

-18%

2,890

4,157

-30%

     Construction revenues

2,814

0

n/a

2,814

0

n/a

Total Cost of sales

6,718

3,724

+80%

14,412

11,713

+23%

     Cost of sales

     (excl construction costs)

3,987

3,724

+7%

11,681

11,713

-

     Construction costs

2,731

0

n/a

2,731

0

n/a

EBITDA

3,290

3,727

-12%

9,786

10,670

-8%

Profit before tax

695

1,513

-54%

3,196

3,851

-17%

Net profit after minority interests

(288)

537

 

693

1,124

-38%

Basic earnings per share (AED)

(0.05)

0.09

 

0.11

0.19

-42%

Net debt/EBITDA (times)

 

 

 

5.3

4.9

 

Net debt to capital (%)

 

 

-

77%

77%

-

All amounts in AED million unless otherwise stated

(1) Excludes supplemental fuel revenue and includes net liquidated damages in relation to Shuweihat 2

(2) Includes Gas Storage and Other Operating Revenue

Executive Summary

The global economy continued to be volatile in the third quarter, particularly with respect to commodity prices. Both Brent and WTI crude oil saw softening compared with the same period last year and North American natural gas prices were 40% lower, though some improvement has been seen post period.

TAQA’s nine month results demonstrated the resilience of its global portfolio with a strong performance from Power & Water helping to ease the effect of weaker commodity prices – particularly in North America.

Power & Water delivered a solid operational performance, with forced outage rates at Shuweihat 2 and Jorf Lasfar, in particular, well below best in class worldwide standards.

Oil & Gas had mixed results, with a solid performance from the UK and Dutch entities, although North America continued to show weak results.

TAQA has taken a number of actions to position its North American portfolio to weather the low part of the cycle:

  • Firstly, Ed LaFehr was appointed President and he brings a wealth of regional experience
  • Secondly, TAQA will continue to review its portfolio, either to monetise non-core acreage or, where valuations are low, acquire acreage and production in core areas.
  • Thirdly, TAQA will continue to evaluate the economics of its on-going operations and future capital programme: year to date approximately 1,500 boe/d of unprofitable production has been shut-in. Additionally, the 2013 capital programme has been reduced by 30% compared with 2012, subject to approval from the Board of Directors in December.
  • Finally, the business will be subject to continuous cost review to ensure it maximises the efficiency of its operational costs and overhead.

In terms of liquidity, TAQA is well positioned for the future, with approximately AED 18 billion in cash and unused credit facilities at the end of the third quarter. TAQA recently launched the syndication of the refinancing of its $2 billion revolving credit, which has been well received in the market.

Looking forward, TAQA is well positioned for growth, with the following post-period developments:

  • In October, the Government of the Republic of Turkey and the Government of the Emirate of Abu Dhabi signed a joint declaration regarding investment in power generation and mining in southern Turkey.
  • In the Kingdom of Saudi Arabia, TAQA, along with consortium partners, submitted the lowest tariff proposal for the development of the 2,000 MW Rabigh 2 plant.
  • TAQA announced the discovery of a new oil accumulation in the UK Northern North Sea Contender Block that is expected to correspond to 10-30 million barrels of oil in place.

Comment

Carl Sheldon, Chief Executive Officer of TAQA, said:

“We have had a strong performance from across our power businesses, with over 95% availability from our domestic fleet a testament to their operational excellence. Similarly, in the UK North Sea, we have seen a good performance at Brae and Tern help to offset an unexpected shutdown at North Cormorant and weather delays at Pelican. The resilience of our global portfolio has helped to ease the effect of the weaker commodity price environment – particularly in North America, where natural gas prices have nearly halved over the last year, requiring us to make some tough choices on shutting-in uneconomic production and cutting capital expenditures related to dry natural gas.

“We continue to make good progress on our strategic goal of building out our operational footprint in MENA and our recent agreement with the Turkish Government, and our proposed power project in the Kingdom of Saudi Arabia, reiterate the strength of our passport to do business in the region.”

Stephen Kersley, Chief Financial Officer of TAQA, said:

“Our financial performance over the last quarter has been impacted by a series of one-off items – both cash and non-cash, which have suppressed our net result. We have taken pragmatic action to address the impact of weaker commodity prices and will continue to monitor North American gas prices particularly closely in the context of capital plans for 2013. That notwithstanding, we have strong liquidity which we continue to manage prudently.”

Financial Summary: 9M 2012 versus 9M 2011

Total revenues for 9M 2012 were AED 20.6 billion, 10.0% higher year-on-year, compared with total revenues of AED 18.7 billion in 9M 2011, largely due to higher power and construction revenues, offset by lower supplemental fuel revenues and oil and gas revenues.

Total Oil & Gas revenues (including gas storage and other income) decreased from AED 9.0 billion to AED 8.8 billion for 9M 2012. Much of this decline is due to a weakening of commodity pricing in Q3 2012, and particularly weak natural gas prices in North America, which declined by 37% year-on-year. As a consequence, TAQA has disposed of non-core assets to consolidate its footprint and shut-in uneconomic wells, leading to lower production in North America.

Total Power & Water revenues (excluding supplemental fuel income), increased to AED 6.1 billion in 9M 2012 from AED 5.6 billion in 9M 2011. This 9% year-on-year increase was primarily due to the contribution from Shuweihat 2, which became fully operational in Q3 2011.

Fuel income decreased 31% year-on-year, due to the availability of natural gas and consequent lower use of alternative fuel supplies at TAQA’s domestic power plants. This decrease, combined with the related decreased in fuel expenses, reduced the margin that TAQA had benefitted from by AED 81 million during Q3 2012 compared with the same quarter of last year.

Cost of sales increased by 22.6% from AED 11.8 billion to AED 14.4 billion, primarily due to the construction costs associated with Units 5 and 6 at Jorf Lasfar in Morocco. Operating expenses decreased by 2.6%, while depreciation, depletion and amortisation increased 4.3%, reflecting TAQA’s increased asset base.

Falling aluminium prices have impacted earnings from TAQA’s investment in the Sohar Aluminium LLC plant, which fell from AED 242 million in 9M 2011 to AED 119 million during the same period in 2012, including a AED 76.4 million decline in Q3 2012 alone.

While there was a positive foreign exchange effect of AED 66 million in 9M 2012, compared with a positive impact of AED 53 million in 9M 2011, in Q3 2012 the weakening of the US Dollar against the Moroccan Dirham, Indian Rupee, Euro and Sterling resulted in a post-tax impact of AED 92 million.

Due to a prolonged downturn in the value of certain investments in TAQA’s Carlyle Fund portfolio, a AED 83 million impairment was booked in September in line with IFRS accounting standards.

Profit before tax was AED 3.2 billion, 17% lower year-on-year, principally driven by lower production and revenues in our oil and gas business, due to weaker North American gas prices.

Net profit after minority interests decreased year-on-year to AED 693 million for 9M, versus AED 1.1 billion for 9M 2011.

TAQA has strong liquidity with cash and cash equivalents of AED 3.5 billion.

Total debt of AED 72.9 billion in 9M 2012 decreased by 1% from AED 73.5 billion in the same period last year, and net debt of AED 69.3 billion in line year-on-year with AED 69.5 billion in 9M 2011. However, TAQA’s Net Debt/Capital ratio decreased slightly to 76.7% from 77.3% in 9M 2011. Net Debt/EBITDA increased from 4.9x to 5.3x.

Operational Highlights

Power & Water

TAQA’s Power & Water business performance continues to generate steady, stable cash flows, with a top-quartile performance for technical availability.

Key Performance Indicators

 

9M

2012

9M

2011

% change

Total revenues in AED million

(excluding supplemental fuel and construction revenue)

 

6,086

5,575

+9%

% of overall revenues

(excluding supplemental fuel and construction revenue)

 

41%

38%

+3%

Total generation capacity (MW)

Global

17,162

16,334

+5%

Domestic

12,494

12,494

-

International

4,668

3,840

+22%

Total power production (GWh)

Global

58,097

47,360

+23%

Domestic

42,272

36,678

+15%

International

15,825

10,682

+48%

Technical availability of power generation business (%)

Global

 

 

 

Domestic

95.6

94.5

+1%

International

94.4

90.3

+5%

Water desalination capacity (MIGD)

Total

887

887

-

Total water desalination (MIG)

Total

179,915

163,931

+10%

TAQA produced 15,825 GWh of electricity and 179,915 MIG of water, generating total revenues of AED 6.1 billion for the 9M 2012. The 9% increase in revenues compared to the same period last year, reflects the contribution from Shuweihat 2 which came into full production in October 2011. Global technical availability was 95.3% for the period, in line with the excellent performance of TAQA’s power assets in previous periods.

Domestic

During this period of high demand, TAQA’s domestic power plants generated 42,272 GWh of power and desalinated 179,915 MIG of water. Technical availability was high at 95.6%, with a particularly strong performance in the third quarter reflecting the quality of TAQA’s domestic power plants, somewhat offset by forced outages at Fujairah 2. In particular, Shuweihat 2 recorded an excellent performance, with a forced outage rate of only 0.5% for the quarter, a strong performance considering it is such a new plant.

International

TAQA’s international power portfolio, which comprises of assets in Morocco, Ghana, India, Saudi Arabia, Oman, Iraq and the USA, generated 15,825 GWh of power during the first nine months, an increase of 48% over 9M 2011 due to the resumption of operations at Takoradi, which had been suspended in 2011. International technical availability was 94.4%.

In Morocco, the Jorf Lasfar plant performed extremely well, recording a forced outage rate of only 3% during the third quarter of 2012. The expansion project is proceeding well with 73% of construction complete. As a result, TAQA has recorded AED 2.7 billion in construction costs, as all critical sourcing, design and engineering activities have been completed. Corresponding construction revenue of AED 2.8 billion, including a construction margin of 3% (AED 83 million), has been recognised.

In July, TAQA announced that it had secured the requisite parliamentary approval and has signed financing arrangements for the 110 MW expansion of the gas-fired Takoradi 2 (T2) power plant in Ghana.  The TAQA-operated T2 power plant currently represents 15% of Ghana’s installed power production capacity.

Results from the Sohar aluminium plant in Oman were AED 119 million, a decrease of AED 123 million compared with the same period last year due to a worldwide drop in aluminium prices, partially offset by lower costs of raw materials, as well as a planned turnaround to refurbish one smelter pot.

TAQA’s Oil & Gas business comprises strong, well-resourced centers of excellence supporting a portfolio of assets across North America, the UK North Sea and the Netherlands.

Key Performance Indicators

 

 

9M 2012

 

9M 2011

% change

Total revenues in AED million

 

8,828

9,011

-2%

% of overall revenues

(excl. supplemental fuel and construction revenue)

 

59%

62%

-3%

Total production

(mboe/day)

Global

134.4

137.7

-2%

North America

84.5

87.6

-4%

UK

42.6

42.0

+1%

Netherlands

7.4

8.1

-9%

Average net realized price of crude oil sold

(US$ per barrel)

North America

78.3

84.9

-8%

UK

112.1

112.9

-1%

Netherlands

105.6

99.7

-6%

Average net realized price of gas sold

(US$ per thousand feet)

North America

2.42

4.16

-42%

UK

10.14

9.05

+12%

Netherlands

10.44

10.41

-

Total Oil & Gas revenues, including gas storage and other operating revenues, were AED 8.8 billion for 9M 2012, a decrease of 2% compared to 9M 2011.  This decline was driven primarily by the sharp fall in North American gas prices and lower production in North America.

Commodity pricing environment

While the period has seen oil prices remaining at similar levels year on year, there has been a sharp weakening of North American gas prices, with Henry Hub averaging US$2.67/mmbtu during the period, compared to US$4.26/mmbtu for the equivalent period in 2011.

Oil prices have been largely flat year on year, with the WTI price averaging US$96.54/bbl for the 9M 2012 compared with US$95.88/bbl in the same period in 2011. Similarly, Brent crude averaged US$111.96/bbl in 9M 2012 vs US$111.35/bbl in 9M 2011.

North America

Production in North America declined by 4% to 84.5 mboe/day, principally reflecting the impact of non-core asset disposals and the shut-in of uneconomic production. North American natural gas prices were 42% lower during the third quarter of 2012 compared with the same quarter last year, though some improvement has been seen post period.

This prolonged cycle of low natural gas prices has presented a number of arbitrage opportunities, particularly in switching from coal to natural gas-fired power plants. There are reasons to believe that the wide discounts for North American natural gas will diminish in the long term, particularly with the emergence of LNG export projects from Western Canada.

Notwithstanding this outlook, TAQA has taken a number of actions to position its portfolio to weather the low part of the cycle. Firstly, a new President, Ed LaFehr, was appointed during the quarter to run the North American business. Mr LaFehr was previously Senior Vice President at Talisman Energy Inc. and brings a wealth of operational experience in the Western Canada Sedimentary Basin.

Secondly, TAQA will continue to review its portfolio, either to monetise non-core acreage or, where valuations are low, acquire acreage and production in core areas. In October, TAQA completed an acquisition of oil and gas assets in central Alberta, Canada from NuVista for approximately C$162 million. The acquisition includes 45,700 hectares of land rights and approximately 5,800 boe/d of natural gas production rich in high-value liquids located adjacent the company’s existing portfolio.

Third, TAQA will continue to evaluate the economics of its on-going operations and future capital programmes. Year to date, the Company has shut-in approximately 1,500 boe/d of unprofitable production. Additionally, the 2013 capital programme has been reduced by 30% compared with 2012, subject to approval from the Board of Directors in December.

Finally, the business will be subject to continuous cost review to ensure it maximises the efficiency of its operational costs and overhead.

UK

Production volumes in the UK North Sea were 42.6 mboe/day during the period, a 1% increase compared to the same period last year. Production in the UK North Sea was affected by an unplanned platform shutdown at North Cormorant and weather delays at Pelican, offset by higher production at Tern and Brae.

Earnings were impacted by the enactment during Q3 2012 of the 2011 tax increase in respect of asset retirement obligations. Following pressure from TAQA and other industry participants, this was more favourable than had originally been announced in respect of tax treatment of abandonment expenses, but has still resulted in a one off charge of AED 272 million.

Netherlands

Production in the Netherlands averaged 7.4 mboe/day, a 9% decrease compared to the same period last year, reflecting the mature nature of the fields.

In the Netherlands, the Bergermeer Gas Storage project is proceeding on time and on budget. Construction of civil works is on-going and the drilling program is expected to commence in the fourth quarter of the year. A new, open registration for 3TWh (terawatt hours) is currently under way.

Post Period Developments

In the Power & Water business, TAQA announced that the Government of the Republic of Turkey and the Government of the Emirate of Abu Dhabi signed a joint declaration expressing their strong support for the co-operation between EـAھ (Electricity Generation Co. Inc.) and TAQA regarding an investment in, and optimisation of, existing lignite power plants in the Af؛in-Elbistan region of southern Turkey and the development of mining sites and new power generating facilities in the same region.

In the Kingdom of Saudi Arabia TAQA, along with consortium partners Qatar Electricity and Water Company and Samsung Engineering, submitted the lowest tariff proposal for the development of the Rabigh 2 Independent Power Project in the Kingdom of Saudi Arabia. Rabigh 2 is a proposed greenfield heavy fuel oil power plant project with a capacity of approximately 2,000 MW. The project will be developed on a build-own-operate basis.

In the Oil & Gas business, TAQA announced the discovery of a new oil accumulation in the UK Northern North Sea Contender Block. The exploration well was drilled from TAQA’s North Cormorant platform and encountered an oil accumulation that is expected to correspond to 10-30 million barrels of oil in place. The field is expected to be processed through the North Cormorant platform. TAQA owns a 60% interest in and is the operator of the block.

- ENDS -

For further information:

TAQA Investor Relations, Abu Dhabi
Tanis Thacker, Head of Investor Relations
+971 2 691 4933

Mohammed Mubaideen, Investor Relations Manager
+971 2 691 4964
firstname.surname@taqaglobal.com

Contact Information for Media:

Abu Dhabi

Thomas Ashby
GVP Corporate Communications
Tel +971 2 691 4802

Allan Virtanen
Head of Media
Tel +971 2 691 4894
Mob +971 56 685 2717
Allan.Virtanen@taqaglobal.com

About TAQA

www.taqaglobal.com

Established in 2005, TAQA is a diversified international energy group headquartered in Abu Dhabi, the capital of the United Arab Emirates, and listed on the Abu Dhabi Securities Exchange (ADX: TAQA).

TAQA’s business is made up of three operating divisions spread across the entire energy value chain: power generation & water desalination; oil and gas exploration & production; and emerging & alternative energy technologies.

Power & Water: TAQA is one the largest independent power producers in the world and the majority owner of the facilities that provide 98% of the water and electricity requirements in Abu Dhabi. TAQA's power plants are located in the UAE, Morocco, Oman, Saudi Arabia, Ghana, India, and USA.

Oil & Gas: with operations in Canada, UK, the Netherlands, USA and Iraq, TAQA's oil and gas business includes exploration and production, underground gas storage and pipeline transportation.

Emerging & alternative energy technologies: TAQA Energy Solutions is dedicated to alternative and technology-driven energy initiatives for long-term efficient energy production and generation.

TAQA’s vision is to deliver ‘Energy for Growth’: growth within the business; social and economic progress in the communities where TAQA operates; and increased value for our shareholders.

Over the past 40 years the UAE and Abu Dhabi have pursued a vision embodied by progressive development, investment and the highest global standards. TAQA is proud to align its strategy both domestically and globally to Abu Dhabi’s economic vision 2030, working towards sustainable economic development.

For more information about TAQA visit: www.taqaglobal.com or Twitter: @TAQAGLOBAL

TAQA advances strategic Turkish power project with EUAS 9 Oct 2012
Ankara, Turkey – Abu Dhabi National Energy Company PJSC (TAQA) has completed a pre-feasibility study and prepared an investment model for a major power project in the Af‏in-Elbistan region of southern Turkey in co-operation with Electricity Generation Co. Inc. (EUAS).

Ankara, Turkey – Abu Dhabi National Energy Company PJSC (TAQA) has completed a pre-feasibility study and prepared an investment model for a major power project in the Af‏in-Elbistan region of southern Turkey in co-operation with Electricity Generation Co. Inc. (EUAS).

The Government of the Republic of Turkey and the Government of the Emirate of Abu Dhabi today signed a “joint declaration” in which they expressed their strong support for the co-operation between EUAS and TAQA regarding investment in and optimisation of an existing lignite power plant in the Af‏in-Elbistan region; the development of mines; and the establishment of new power plants in the same region. Negotiations towards an Intergovernmental Agreement related to the project are continuing in the hope of completing it before the end of 2012, the declaration states.

The declaration was signed on behalf of the two governments by His Excellency Taner Yildiz, Turkey’s Minister for Energy and Natural Resources, and His Excellency Hamad Al-Hurr Al-Suwaidi, Member of the Executive Council of the Emirate of Abu Dhabi and Chairman of the Department of Finance of Abu Dhabi ‎n the presence of His Excellency Khaled Al Mu’alla, Ambassador of the UAE to the Republic of Turkey.

His Excellency Al-Suwaidi said: “This joint declaration further strengthens the relationship between Turkey and Abu Dhabi, and has been a successful follow-up to the official visit made by His Highness General Sheikh Mohamed bin Zayed Al Nahyan, Crown Prince of Abu Dhabi and Deputy Supreme Commander of the UAE Armed Forces.” His Excellency Al-Suwaidi is also Chairman of TAQA.

The joint declaration follows meetings held between His Highness Sheikh Mohammed bin Zayed Al Nahyan, His Excellency Abdullah Gul, the President of the Republic of Turkey, and His Excellency Recep Tayyip Erdogan, the Prime Minister of the Republic of Turkey in February 2012 and a subsequent agreement to explore energy investment opportunities in Turkey, announced in May 2012.

Carl Sheldon, Chief Executive Officer of TAQA, said: “Turkey is a new and exciting market for TAQA which fits well with our strategy to expand in the Middle East, North Africa and Europe. Turkey has great growth dynamics and is keen to attract foreign direct investment to develop its indigenous energy resources. As a full-scale energy company, TAQA is able to offer Turkey a durable partner to develop sizeable long-term energy projects of national importance.” 

In accordance with the framework agreed by the two governments, TAQA signed a memorandum of understanding with EUAS in August. TAQA has now completed the investment model and pre-feasibility study for the project with the support of expert teams from TAQA’s existing coal and lignite power plants in Morocco and India.

The development of Turkey's indigenous lignite resources is a priority because it enables the nation to reduce its dependence on imported natural gas. Lignite’s role in power generation is set to expand alongside rapid growth expected in electricity demand. Approximately 40 per cent of Turkey's lignite is located in the Af‏in-Elbistan basin.

-ENDS-

Contact Information for Media:

Abu Dhabi

Thomas Ashby
GVP Corporate Communications
Tel +971 2 691 4802

Allan Virtanen
Head of Media
Tel +971 2 691 4894

Mob +971 56 685 2717

Allan.Virtanen@taqaglobal.com 

About TAQA

Established in 2005, TAQA is a diversified international energy group headquartered in Abu Dhabi, the capital of the United Arab Emirates, and listed on the Abu Dhabi Securities Exchange (ADX: TAQA).

TAQA’s business is made up of three operating divisions spread across the entire energy value chain: power generation & water desalination; oil and gas exploration & production; and emerging & alternative energy technologies.

Power & Water: TAQA is one the largest independent power producers in the world and the majority owner of the facilities that provide 98% of the water and electricity requirements in Abu Dhabi. TAQA's power plants are located in the UAE, Morocco, Oman, Saudi Arabia, Ghana, India, and USA.

Oil & Gas: with operations in Canada, UK, the Netherlands, USA and Iraq, TAQA's oil and gas business includes exploration and production, underground gas storage and pipeline transportation.

Emerging & alternative energy technologies: TAQA Energy Solutions is dedicated to alternative and technology-driven energy initiatives for long-term efficient energy production and generation. 

TAQA’s vision is to deliver ‘Energy for Growth’: growth within the business; social and economic progress in the communities where TAQA operates; and increased value for our shareholders.

Over the past 40 years the UAE and Abu Dhabi have pursued a vision embodied by progressive development, investment and the highest global standards. TAQA is proud to align its strategy both domestically and globally to Abu Dhabi’s economic vision 2030, working towards sustainable economic development. 

For more information about TAQA visit: www.taqaglobal.com or Twitter: @TAQAGLOBAL

TAQA joins Abu Dhabi Sustainability Group 26 Sep 2012
Abu Dhabi, United Arab Emirates – Abu Dhabi National Energy Company PJSC (“TAQA”) has become a member of the Abu Dhabi Sustainability Group (ADSG). ADSG was established by the Environment Agency - Abu Dhabi, with the support of the Executive Council of Abu Dhabi Emirate, to integrate sustainability into the Emirate’s economic and social development programmes.

Abu Dhabi, United Arab Emirates – Abu Dhabi National Energy Company PJSC (“TAQA”) has become a member of the Abu Dhabi Sustainability Group (ADSG). ADSG was established by the Environment Agency - Abu Dhabi, with the support of the Executive Council of Abu Dhabi Emirate, to integrate sustainability into the Emirate’s economic and social development programmes.

ADSG is a membership-based organisation whose mission is to promote sustainability management in Abu Dhabi by providing policy support, learning and knowledge sharing opportunities for government, private companies and not-for-profit organisations in a spirit of cooperation and open dialogue.

TAQA strengthens the security and resilience of Abu Dhabi’s growth by developing its energy infrastructure and diversifying its sources of supply.

Carl Sheldon, TAQA’s Chief Executive Officer, said: “Sustainability is of paramount importance to TAQA. As a global energy company we have a responsibility to look after our people as well as the communities and environments in which we operate. Supporting economic and social development and protecting the environment are fundamental to the way we behave as a business. I am therefore delighted we have joined the Abu Dhabi Sustainability Group, and I look forward to working with the Group’s members to further TAQA’s sustainability efforts.”

Huda Al Houqani, Director of Abu Dhabi Sustainability Group, said: “We live in an age where financial profitability and efficiency key performance indicators are no longer enough. We encourage other organisations to follow TAQA’s example.”

TAQA’s Energy Solutions division is responsible for deploying advanced technology in energy production and establishing alternative energy operations including wind, solar, geothermal, hydropower and waste-to-energy. In June TAQA joined forces with The Centre of Waste Management Abu Dhabi to evaluate the feasibility of developing one of the world’s largest waste-to-energy facilities in Abu Dhabi. Such a facility would divert up to 1 million tonnes of waste from landfills every year, meeting one objective laid out in the Plan Abu Dhabi 2030.

Dr Saif Al Sayari, Executive Officer and Head of TAQA’s Energy Solutions division, said: “Membership of the Abu Dhabi Sustainability Group will provide better access to learning and knowledge sharing opportunities. Sustainability management helps TAQA to achieve its long-term goals and support the Abu Dhabi Economic Vision 2030.”

-ENDS-

Contact Information for Media:

Abu Dhabi

Thomas Ashby
GVP Corporate Communications
Tel +971 2 691 4802

Allan Virtanen
Head of Media
Tel +971 2 691 4894
Mob +971 56 685 2717
Allan.Virtanen@taqaglobal.com

About TAQA

Established in 2005, TAQA is a diversified international energy group headquartered in Abu Dhabi, the capital of the United Arab Emirates, and listed on the Abu Dhabi Securities Exchange (ADX: TAQA).

TAQA’s business is made up of three operating divisions spread across the entire energy value chain: power generation & water desalination; oil and gas exploration & production; and emerging & alternative energy technologies.

Power & Water: TAQA is one the largest independent power producers in the world and the majority owner of the facilities that provide 98% of the water and electricity requirements in Abu Dhabi. TAQA's power plants are located in the UAE, Morocco, Oman, Saudi Arabia, Ghana, India, and USA.

Oil & Gas: with operations in Canada, UK, the Netherlands, USA and Iraq, TAQA's oil and gas business includes exploration and production, underground gas storage and pipeline transportation.

Emerging & alternative energy technologies: TAQA Energy Solutions is dedicated to alternative and technology-driven energy initiatives for long-term efficient energy production and generation.

TAQA’s vision is to deliver ‘Energy for Growth’: growth within the business; social and economic progress in the communities where TAQA operates; and increased value for our shareholders.

Over the past 40 years the UAE and Abu Dhabi have pursued a vision embodied by progressive development, investment and the highest global standards. TAQA is proud to align its strategy both domestically and globally to Abu Dhabi’s economic vision 2030, working towards sustainable economic development.

For more information about TAQA visit: www.taqaglobal.com or Twitter: @TAQAGLOBAL

About the Abu Dhabi Sustainability Group The Abu Dhabi Sustainability Group (ADSG) is a membership organisation whose mission is to promote sustainability management in Abu Dhabi by providing learning and knowledge sharing opportunities for government, private companies and not for profit organisations in a spirit of cooperation and open dialogue.

The ADSG was established in June 2008 as a forum of members who have signed the ADSG Declaration, committing to adopt best practices of sustainability management and reporting and to actively participate in ADSG activities.

For more information about ADSG visit: www.adsg.ae

TAQA Q1 2012 Financial Results 10 May 2012
Abu Dhabi, United Arab Emirates - TAQA, the global integrated energy company, today reported its Q1 2012 operational and financial results.
  • Revenue and EBITDA up 5%
  • Profit before tax up 46%
  • Earnings per share increased by 250%

Abu Dhabi, United Arab Emirates - Abu Dhabi National Energy Company PJSC ("TAQA"), a publicly listed company on the Abu Dhabi Securities Exchange (ADX: TAQA), today reported its Q1 2012 operational and financial results.

  Q1 2011 Q1 2012 % +/-
Total assets 114,693 116,151 1
Total revenues 5,480 5,743 5
Power & Water (1) 1,674 1,898 13
Oil & Gas (2) 2,881 2,886 -
Fuel revenue 925 959 4
Cost of sales 3,374 3,482 3
EBITDA 3,283 3,449 5
Profit Before Tax 961 1,405 46
Net profit After Minority Interests 152 534 251
Basic earnings per share (AED) 0.025 0.088 252
Net Debt/EBITDA (times) 5.4 5.0 7
Net debt to net capital (%) 77.0 75.8 1

All amounts in AED million unless otherwise stated

  1. Excludes fuel revenue but includes certain other operating revenue relevant to the Power & Water business.
  2. Includes gas storage plus certain other operating revenue relevant to the Oil & Gas business.

Carl Sheldon, Chief Executive Officer of TAQA, said:

،°The first quarter of 2012 has seen steady performance from our portfolio of assets, against the backdrop of a stronger global oil price and weak North American gas prices.  This performance has seen revenues and EBITDA grow by 5%, and our profit before tax, which incorporates the benefit of asset disposals, jump by 46%.

،°We remain focused on our strategy of delivering organic growth with our key projects, such as the expansion at Jorf Lasfar in Morocco, where construction of Units 5 and 6 continued on time and budget, and at Bergermeer gas storage, where last week we secured final approval from the Dutch Council of State to proceed with construction. In addition to this organic growth, we continue to seek ways of streamlining and enhancing our portfolio, and during the quarter this included the monetisation of non-core land holdings in North America at an attractive price, and acquiring acreage adjacent to our facilities in the UK North Sea.

،°As a respected global operator, we are increasingly seeing more and more opportunities and  the joint venture agreement that we signed with Mass Global Investments Company Limited in the Kurdistan region of Iraq to acquire a 50% stake in a 1,000 MW power station at Sulaymaniyah reflects this.،°

Stephen Kersley, Chief Financial Officer, said:

،°We have seen our financial performance boosted during the quarter by our new capacity at Fujairah 2 and Shuweihat 2 contributing to 5% growth in our EBITDA year on year. We continue to enjoy record levels of liquidity with nearly AED 20 billion available to the business and with no significant short term refinancing requirements. While relatively small, our recent maiden Malaysian Ringgit sukuk is indicative of the increasing optionality we have in respect of financing.،±

Financial summary: Q1 2012 versus Q1 2011

Total revenues for Q1 2012 were AED 5.7 billion, an increase of 5% compared with Q1 2011.

Total Power & Water revenues (excluding supplemental fuel income but including other operating revenues) increased from AED 1.7 billion in Q1 2011 to AED 1.9 billion in Q1 2012. This 13% year-on-year increase was primarily due to the contribution from Fujairah 2 and Shuweihat 2.

Supplemental fuel income increased 4% year-on-year due to higher fuel prices at the international plants, notably Jorf Lasfar and Takoradi, and was partly offset by lower fuel revenues at the U.A.E. subsidiaries due to lower use of back up fuel.

Total Oil & Gas revenues (including gas storage and other income) was flat at AED 2.9 billion in Q1 2012. This reflects continued strong production and oil prices in the UK North Sea, offset by weaker North American gas prices.

Total cost of sales increased by 3% to AED 3.5 billion from AED 3.4 billion in Q1 2011. Fuel expenses were AED 959 million in the first quarter of 2012 compared with AED 925 million in 2011. Increases were mostly due to higher fuel prices at Jorf and Takoradi, and were partly offset by reductions at U.A.E. subsidiaries due to lower use of back up fuel in the current year.

Operating expenses for Power & Water (which excludes fuel costs) increased from AED 386 million for Q1 2011 to AED 417 million in Q1 2012 due to the addition of Shuweihat 2.

Oil & Gas operating expenses, including gas storage expenses, decreased from AED 844  million in Q1 2011 to AED 825 million in Q1 2012 due to lower costs in North America mainly due to lower volume, offset by higher labour expenses in the UK North Sea and stock movements in the Netherlands.

EBITDA during the period increased 5% in Q1 2012 to AED 3.4 billion. The increase was driven by strong performances in our domestic power business, primarily through the contribution of Fujairah 2 and Shuweihat 2, and in our UK and Netherlands oil and gas businesses, in part offset by the impact of weaker gas prices in our North America business.

Depreciation, Depletion and Amortisation (،°DD&A،±) expenses for Power & Water were AED 447 million in Q1 2012 compared with AED 386 million in Q1 2011, principally due to Shuweihat 2. For Oil & Gas, the DD&A expense was effectively flat, at AED 892 million in Q1 2012.

During the period, TAQA disposed of certain non-core assets in Canada which resulted in a gain upon disposal of AED 378 million. In addition, TAQA had a bargain purchase gain of AED 92 million as a result of the change in fair values between the economic date of its initial agreement to acquire the Otter field in the UK North Sea (1 September 2009) and the legal completion date when purchase accounting was applied.

Finance costs increased from AED 1.1 billion in Q1 2011 to AED 1.3 billion in Q1 2012, largely due to the addition of the project financing related to the completion of Fujairah 2 and Shuweihat 2.

Profit Before Tax was AED 1.4 billion in Q1 2012, 46% higher year-on-year than AED 961 million in Q1 2011, due to higher revenues as a result of the higher oil price, stronger production in the UK North Sea, the increased power revenues due to Shuweihat 2 and Fujairah 2, and the gain on the disposal of North American non-core assets.

TAQA،¯s income tax expense was AED 724 million in 2012 compared to AED 650 million, an effective tax rate of 52% in Q1 2012, compared with 68% in Q1 2011.

Net Profit After Minority Interests increased by 251% year-on-year, to AED 534 million for Q1 2012, versus AED 152 million for Q1 2011.

TAQA،¯s Net Debt/Capital ratio was 78% at the end of the period and Net Debt/EBITDA improved to  5.0 times.

Financing

Year on year total debt has remained stable at AED 74.0 billion whilst overall Net Debt decreased by AED 1.3 billion in part due to the cash proceeds received from the disposal of non-core Canadian acreage.

Consolidated cash on hand as at 31 March 2012 was AED 5.2 billion, compared with AED 4.4 billion at the end of Q1 2011. TAQA had unused credit lines of AED 14.7 billion at the end of Q1 2012, compared to AED 7.3 billion at the end of Q1 2011, and total available liquidity of AED 19.9 billion compared to AED 11.7 billion for Q1 2011.

On 26 February 2012, MYR 650 million (USD 215 million) was issued under the MYR 3.5 Billion (USD 1.1 billion) Sukuk programme TAQA had established in November 2011. The 10 year Sukuk was raised with a profit rate of 4.65% with a full swapped rate to US Dollars of 5.3%.

Operational Review

Power & Water

TAQA،¯s Power & Water business performance continues to generate steady, stable cash flows, with a top-quartile performance for technical availability.

Key Performance Indicators   Q1 2011 Q1 2012 % +/-
Total revenues in AED million
(excluding supplemental fuel revenue)
  1,674 1,898 13
% of overall revenues
(excluding supplemental fuel revenue)
  37 40 3
Total generation capacity (MW) Global 13,907 15,413  
Domestic 10,994 12,494  
International 2,919 2,919  
Total power production (GWh) Global 11,480 14,172 23
Domestic 7,314 9,075 24
International 4,166 5,097 22
Technical availability of power generation business (%) Global 90.3 91.3 1
Domestic 89.9 90.8 1
International 90.6 93.4 3
Water desalination capacity (MIGD) Total 787 887  
Total water desalination (MIG) Total 53,380 54,114 1

TAQA produced 14,172 GWh of electricity and 54,114 MIG of water during Q1 2012, generating total revenues of AED 1.9 billion. The 13% increase in revenues compared to the same period last year, reflects the contribution from Shuweihat 2 which was fully operational in October 2011. Global technical availability was 91.3% for Q1 2012.

Domestic

TAQA،¯s domestic portfolio of assets generated 9,075 GWh of electricity and 54,114 MIG of water during Q1 2012, reflecting the additional capacity of Shuweihat 2, which was completed in October 2011, adding 1,500 MW of power generation and 100 MIGD of water desalination capacity. Domestic availability was 90.8%.

International

TAQA،¯s international power portfolio, which comprises of assets in Morocco, Ghana, India, Saudi Arabia and the United States, generated 5,097 GWh of power during the year. International technical availability was 93.4%, higher than the same period last year.

In Morocco, construction is proceeding at Units 5 and 6 of the Jorf Lasfar plant within budget and on schedule. Commissioning and takeover of Units 5 and 6 is planned for the end of 2013 and early 2014, respectively.

TAQA،¯s Oil & Gas business comprises strong, well-resourced centres of excellence supporting a portfolio of assets with viable growth potential across North America, the UK North Sea and the Netherlands.

Key Performance Indicators   Q1 2011 Q1 2012 % +/-
Total revenues in AED million   2,881 2,886 -
% of overall revenues
(excluding supplemental fuel revenue)
  63 60 3
Total power production (GWh) Global 138.8 134.2 3
North America 87.3 86.3 1
UK 42.3 41.0 3
Netherlands 9.1 6.9 24
Average net realized price of crude oil sold
(US$ per barrel)

 

North America 78.88 84.74 7
UK 105.55 117.74 12
Netherlands 91.64 113.07 23
Average net realized price of natural gas sold
(US$ per thousand feet)
North America 4.12 2.57 38
UK 8.02 10.47 31
Netherlands 9.63 10.69 11

Total Oil & Gas revenues, including gas storage and other operating revenues, were AED 2.9 billion for Q1 2012, flat compared to Q1 2011. This was driven primarily by the increase in realised crude oil prices in the UK and Dutch North Sea, offset by lower North American gas prices. Total average global daily production for Q1 2012 decreased to 134.2 mboe/day, compared to 138.8 mboe/day in Q1 2011.

North America

Production in North America decreased slightly year-on-year at 86.3 mboe/day, reflecting the divestment of approximately 4.0 mboe/day that closed in early March. TAQA sold non-core acreage in North America for a total of AED 1,717 million, resulting in a gain of AED 378 million, which is recognised in the consolidated income statement. 

UK

Production in the UK North Sea averaged 41.0 mboe/day during the quarter, 3% lower than the first quarter of 2011 due to the overrun of a planned shutdown at Cormorant Alpha, as well as some technical issues at North Cormorant and Pelican that affected production. These issues have now been resolved and production has returned to budgeted levels.

In February 2012, TAQA announced two farm-in agreements with a subsidiary of Fairfield Energy Limited for oil and gas licences in the UK North Sea. The agreements will result in TAQA, acquiring a 50% interest in licences P184, P474 and P1634, which include the Darwin oil discovery and prospective exploration acreage south of Darwin. The licences are located next to the TAQA operated North Cormorant and Pelican fields in the Northern North Sea.

Also in February, TAQA acquired a further 50% interest in the Otter field, to add to the 31% already held. Otter is tied back to TAQA،¯s Eider platform.

Netherlands

Production in the Netherlands averaged 6.9 mboe/day, a 24% decrease compared to the same period last year due natural declines.

During the quarter, TAQA commenced its onshore exploration campaign with the first of four proposed targets drilled near Alkmaar, the Netherlands.

During the quarter, the oil price continued to have a favourable impact on TAQA،¯s financial results, although this was offset by weaker North American gas prices.  

The WTI oil price averaged US$104.03 in the first quarter of 2012, compared with US$94.60 for the same period in 2011. Prices for Brent crude increased to an average US$118.45 for the first quarter, up from US$105.52 for the same period last year.

NYMEX gas prices for Q1 2012 averaged US$2.50, compared with US$4.20 for Q1 2011.

Post-period corporate developments

On 8 April 2012, TAQA signed a joint venture agreement with Mass Global Investments Company Limited, Under the agreement, TAQA will acquire a 50% interest in the 1,000 MW gas fired IPP situated near Sulaymaniyah, in the Kurdish region of the Republic of Iraq. The power plant has been operating from 2009 and has a capacity of 750 MW with additional 250 MW under construction. The transaction is subject to the fulfilment of certain conditions.

On 8 April 2012, TAQA successfully completed the sale of all its holding in Tesla Motors for a total consideration of AED 956 million (USD 260 million) realizing a gain of AED 415 million.

On 2 May 2012 the Dutch Council of State delivered its judgment upholding the central government،¯s land-use plan for the Bergermeer Gas Storage facility. The Council of State ruling is not appealable and the project will now go ahead.

- ENDS -

For further information:

TAQA Investor Relations, Abu Dhabi
Tanis Thacker, Head of Investor Relations
+971 2 691 4933

Mohammed Mubaideen, Investor Relations Manager
+971 2 691 4964
firstname.surname@taqaglobal.com

TAQA Media Relations, Abu Dhabi

Allan Virtanen, Head of Corporate Communications
Tel +971 2 691 4894
Mob +971 56 685 2717
firstname.surname@taqaglobal.com

About TAQA

Established in 2005, TAQA is a diversified international energy group headquartered in Abu Dhabi, the capital of the United Arab Emirates, and listed on the Abu Dhabi Securities Exchange (ADX: TAQA).

TAQA's business is made up of three operating divisions spread across the entire energy value chain: power generation & water desalination; oil and gas exploration & production; and emerging & alternative energy technologies.

Power & Water: TAQA is one the largest independent power producers in the world and the majority owner of the facilities that provide 98% of the water and electricity requirements in Abu Dhabi. TAQA's power plants are located in the UAE, Morocco, Oman, Saudi Arabia, Ghana, India, and USA.

Oil & Gas: with operations in Canada, UK, the Netherlands, USA and Iraq, TAQA's oil and gas business includes exploration and production, underground gas storage and pipeline transportation.

Emerging & alternative energy technologies: TAQA Energy Solutions is dedicated to alternative and technology-driven energy initiatives for long-term efficient energy production and generation. 

TAQA's vision is to deliver 'Energy for Growth': growth within the business; social and economic progress in the communities where TAQA operates; and increased value for our shareholders.

Over the past 40 years the UAE and Abu Dhabi have pursued a vision embodied by progressive development, investment and the highest global standards. TAQA is proud to align its strategy both domestically and globally to Abu Dhabi's economic vision 2030, working towards sustainable economic development. 

For more information about TAQA visit: www.taqaglobal.com or Twitter: @TAQAGLOBAL

TAQA Full Year 2011 Financial Results 14 Mar 2012
TAQA today reported its full year 2011 operational and financial results.

Proposed dividend of AED 0.10 per share

Abu Dhabi, United Arab Emirates - Abu Dhabi National Energy Company PJSC ("TAQA" - ADX: TAQA), the global integrated energy company, today reported its full year 2011 operational and financial results.

  2010 2011 % +/-
Total assets 116,059 114,693 1
Total revenues 21,401 24,187 13
Power & Water (1) 6,857 7,436 8
Oil & Gas (2) 9,201 11,983 30
Fuel revenue 5,343 4,768 11
Cost of sales (14,250) (15,687) 10
EBITDA 10,804 14,008 30
Profit Before Tax 3,035 4,118 36
Net profit After Minority Interests 1,019 744 27
Basic earnings per share (AED) 0.17 0.12 29
Net Debt/EBITDA (times) 6.6 5.0 23
Net debt to capital (%) 78 78 -

All amounts in AED million unless otherwise stated

  1. Excludes fuel revenue but includes net liquidated damages in relation to Shuweihat 2 in 2011 and Fujairah 2 in 2010. Also includes certain other operating revenue relevant to the Power & Water business.
  2. Includes gas storage plus certain other operating revenue relevant to the Oil & Gas business.

Summary

2011 was another year of strong operational performance for TAQA, with total revenues growing by 13%. There was growth in both the Power & Water and Oil & Gas divisions, from new generating capacity and higher production in the UK North Sea. However, while high oil prices buoyed performance, this was offset by weakening North American gas prices. The decline in total assets and net profit was principally due to the lower gas price environment in North America, which led to a one-off impairment following the annual revaluation of TAQA،¯s portfolio. The net impairment of AED 470 million reflected an impairment of AED 616 million, offset by a deferred tax benefit of AED 146 million.

In addition, increased taxes on oil and gas production in the UK North Sea led to a higher effective tax rate which depressed TAQA's net result.

During the year, TAQA maintained a strong level of liquidity. In December, TAQA successfully issued US$1.5 billion in 5 and 10-year bonds at extremely attractive prices, taking advantage of strong market conditions to pre-finance maturities due in Q4 2012.

As a result of this positive performance and given its confidence in TAQA's position, the Board of Directors is proposing a dividend of AED 0.10 per share, subject to approval at the Annual General Meeting on 17 April 2012.

Carl Sheldon, Chief Executive Officer of TAQA, said:

"In 2011, we had a strong operational performance across our business, successfully growing both our Power & Water and Oil & Gas segments. During the year, we brought 3,500 MW of additional power production on line at Shuweihat 2 and Fujairah 2, and commenced construction on the project to increase the capacity of our power plant in Morocco.

"In Oil & Gas, we recovered from a difficult drilling season in Canada to maintain production levels. While weak North American gas prices have affected our performance, we are focusing our investment on liquid rich assets and monetising non-core acreage to mitigate this. In the UK North Sea, we grew production by 15% and added attractive acreage to our footprint, which, in line with our strategy, lies adjacent to our existing assets for cost effective development.

"Safety remains a core focus for TAQA and I am pleased that our recordable injury rate fell by 11% during the year and that our expansion project in Morocco recorded over 1 million man-hours without a single lost-time incident.

"In this 40th anniversary year of the UAE, TAQA remains committed to Abu Dhabi's vision and values, characterised by progressive development, investment and the pursuit of the highest global standards."

Stephen Kersley, Chief Financial Officer, said:

"Despite a strong operational performance, the impact of both the impairment in North America and increased taxes in the UK North Sea can be seen in our net financial result. We are committed to managing our portfolio of assets as effectively as possible to mitigate the effect of this, through tight cost control and judicious deployment of capital to those projects with the greatest return.

"Following a successful programme of debt refinancing and restructuring, TAQA is well placed for the future. The market's recognition of TAQA's strengths can be seen in how efficiently this was achieved and the attractive pricing we secured during our US$1.5 billion bond refinancing. This has left us in a strong position with nearly AED 18 billion of available liquidity."

Financial summary: 2011 versus 2010

Total revenues for 2011 were AED 24.2 billion, 13% higher year-on-year, compared with total revenues of AED 21.4 billion in 2010.

Total Power & Water revenues (excluding supplemental fuel income but including net liquidated damages and other operating revenues) increased from AED 6.9 billion in 2010 to AED 7.4 billion in 2011. This 8% year-on-year increase was primarily due to the contribution from Fujairah 2, which was transferred to TAQA in the third quarter of 2010 and fully commissioned in January 2011, and Shuweihat 2 which began production in the second quarter 2011 and was fully commissioned in October 2011. These were partly offset by a decrease at Um Al Naar, where an amendment to the PWPA reduced capacity income from 7 December 2010.

Supplemental fuel income decreased 11% year-on-year due to lower use of alternative fuel supplies at TAQA's domestic power plants, in particular at Um Al Naar and Taweelah A1. This was offset by an increase at both Fujairah 2 and Shuweihat 2 as they were commissioned. Fuel is charged to the plants at cost, so a decline in revenues does not impact TAQA's profitability.

Total Oil & Gas revenues (including gas storage and other income) increased from AED 9.2 billion in 2010 to AED 12.0 billion for 2011. This 30% increase versus the same period last year, was driven by stronger crude oil prices and higher production in the UK North Sea, offset by weaker North American gas prices. Within this, other operating revenue of AED 887 million in 2011, was higher mainly due to trade sales in the Netherlands and higher processing income and sulphur sales in North America.

Cost of sales increased by 10% from AED 14.3 billion to AED 15.7 billion. Fuel expenses were AED 4.2 billion in 2011 compared with AED 4.8 billion in 2010 due to reduced capacity at Um Al Naar, which was partly offset by an increase at Fujairah 1 and other UAE plants. At TAQA's international fleet, an unplanned outage at Takoradi reduced the fuel cost by AED 501 million, although this was offset by a AED 381 million increase at other plants - mainly in Morocco due to higher coal prices.

Operating expenses for Power & Water (which excludes fuel costs) increased from AED 1.8 billion for 2010 to AED 2.0 billion in 2011, due to the commissioning of Fujairah 2 and Shuweihat 2. Oil & Gas expenses rose from AED 3.4 billion in 2010 to AED 3.5 billion in 2011 due to higher gas costs at in the Netherlands for trade sales and higher power, fuel and lease costs in North America. These were mitigated by a AED 450 million reduction in the UK due to crude inventory movements.

Depreciation, Depletion and Amortisation ("DD&A") expenses for Power & Water were AED 1.6 billion in 2011 compared with AED 1.2 billion in 2010, principally due to Fujairah 2 and Shuweihat 2. For Oil & Gas, the DD&A expense rose to AED 3.7 billion in 2011 from AED 3.2 billion in 2010, due to higher production at in the UK and higher DD&A rates in North America and the UK, combined with an increase in abandonment liabilities in the Netherlands.

Finance costs increased from AED 4.0 billion in 2010 to AED 4.6 billion in 2011, largely due to the addition of the project financing related to the acquisition of Fujairah 2 and Shuweihat 2.

Profit Before Tax was AED 4.1 billion in 2011, 36% higher year-on-year than AED 3.0 billion in 2010, due to higher revenues as a result of the oil price, higher production in the UK North Sea, plus the positive impact of derivatives associated with Red Oak plant in the US.

Due to the tax increase in the UK North Sea, TAQA's effective tax rate rose to 62% in 2011, compared with 38% in 2010. The tax expense of AED 2.5 billion for 2011 compares with AED 1.2 billion in 2010, and also reflects higher earnings from the UK.

Net Profit After Minority Interests decreased 27% year-on-year, totalling AED 744 billion for 2011, versus AED 1.0 billion for 2010.

TAQA's Net Debt/Capital ratio was 78% at the end of the period and Net Debt/EBITDA improved to 5.0 times for 2011, versus 6.6 times for 2010.

Financing

Total debt of AED 73.9 billion was reduced from AED 76.8 billion following a buy-back of bonds worth AED 2.2 billion and repayment of the revolving credit facility.

In April 2011, TAQA successfully extended the maturity of its CDN$1 billion revolving credit facility in Canada to 2014.

On 2 October 2011, TAQA announced it had established a 3.5 billion Malaysian Ringgit programme ($1.1 billion) as it continues to diversify its financing options. Post-period, on 5 March 2012, TAQA issued MYR650m under this programme. This was up scaled from MYR500m due to strong demand and achieved attractive pricing at a profit rate of 4.65%.In December 2011, TAQA raised US$1.5 billion in five and ten-year bonds in the international bond market at very low rates. A portion of the proceeds were used to buy back US$589 million of notes due in October 2012.

Consolidated cash on hand as at 31 December 2011 was AED 3.8 billion, compared with AED 5.5 billion at the end of 2010. TAQA had unused credit lines of AED 14.0 billion at the end of 2011, compared to AED 8.3 billion at the end of 2010, and total available liquidity of AED 17.9 billion compared to AED 13.8 billion for 2010.

Operational Review

Power & Water

TAQA's Power & Water business performance continues to generate steady, stable cash flows, with a top-quartile performance for technical availability.

Key Performance Indicators   2010 2011 % +/-
Total revenues in AED million
(excluding supplemental fuel revenue)
  6,857 7,436 8
% of overall revenues
(excluding supplemental fuel revenue)
  43% 39%  
Total generation capacity (MW) Global 15,905 15,412 3
Domestic 10,994 12,494 14
International 4,911 2,919 41
Total power production (GWh) Global 68,490 67,390 1
Domestic 39,397 48,087 22
International 29,093 19,303 33
Technical availability of power generation business (%) Global 92.5 92.4 -
Domestic 93.8 93.0 1
International 88.5 90.3 2
Water desalination capacity (MIGD) Total 787 887 13
Total water desalination (MIG) Total 195,415 220,530 13

TAQA produced 67,390 GWh of electricity and 220,530 MIG of water during 2011, generating total revenues of AED 7.4 billion for the year. The 8% increase in revenues compared to the same period last year, reflects the contribution from Fujairah 2, operational from January 2011 and Shuweihat 2 which had partial production from May 2011 and was fully operational in October 2011. Global technical availability was 92.4% for 2011.

Domestic

TAQA's domestic portfolio of assets generated 48,087 GWh of electricity and 220,530 MIG of water during 2011, reflecting the additional capacity of Fujairah 2 and Shuweihat 2. Domestic availability was 93.0%.

Supplemental fuel revenues decreased from the peaks recorded over the past 12 months as a result of less demand for back-up fuel at TAQA's UAE domestic assets.

Fujiarah 2, a 2,000 MW and 130 MIGD plant in Fujairah, was completed in July 2011 ¨C it is the second largest combined power and water plant in the world. In October, Shuweihat 2 in Abu Dhabi was completed, adding 1,500 MW of power generation and 100 MIGD of water desalination capacity.

International

TAQA's international power portfolio, which comprises of assets in Morocco, Ghana, India, Saudi Arabia and the United States, generated 19,303 GWh of power during the year. International technical availability was 90.3%, higher than the same period last year, despite an outage at Takoradi in Ghana resulting from a generator rotor ground fault. The issue was fixed within three months, half the typical time, and the plant was fully back in service by early October.

In Morocco, construction began on the expansion of the Jorf Lasfar plant, which is proceeding within budget and on schedule. Commissioning and takeover of units 5 and 6 is planned for the end of 2013 and early 2014, respectively. By 31 December 2011, over 1 million man-hours had been spent on the project without a single lost time incident.

In India, TAQA signed a Memorandum of Understanding in June with Jyoti Structures Limited (Jyoti) to explore ways to collaborate in the power sector in India. Initially, TAQA and Jyoti will pursue the expansion of TAQA's existing 250 MW power plant at Neyveli, which is expected to double in capacity through the construction of an additional 250 MW plant.

TAQA's Oil & Gas business comprises strong, well-resourced centres of excellence supporting a portfolio of assets with viable growth potential across North America, the UK North Sea and the Netherlands.

Key Performance Indicators   2010 2011 % +/-
Total revenues in AED million   9,201 11,983 30
% of overall revenues
(excl. supplemental fuel income)
  57% 61%  
Total production
(mboe/day)
Global 134.6 139.1 3
North America 88.6 88.1 1
UK 37.3 42.9 15
Netherlands 8.7 8.1 7
Average net realized price of crude oil sold
(US$ per barrel)
North America 67.82 86.11 27
UK 80.34 112.18 40
Netherlands 82.61 98.97 20
Average net realized price of natural gas sold
(US$ per thousand feet)
North America 4.21 4.02 5
UK 6.81 9.28 36
Netherlands 7.75 10.63 37

Total Oil & Gas revenues, including gas storage and other operating revenues, were AED 12.0 billion for 2011, an increase of 30% compared to 2010. This uplift was driven primarily by the increase in realised crude oil prices and higher production in the UK North Sea, offset by lower North American gas prices. Other operating revenues were boosted by gas sales in the Netherlands and higher processing income and sulphur sales in North America.

Total average global daily production for 2011 increased to 139.1 mboe/day, compared with 134.6 mboe/day in 2010, within guidance for 2011.

In October, TAQA made a strategic investment of US$46.6m for a 19.9% stake in WesternZagros, an exploration company with operations in the Kurdistan region of Iraq.

North America

Production in North America was flat year-on-year at 88.1 mboe/day. This was primarily due to the cold weather issues experienced early in the year, where a prolonged break-up period hampered drilling. However, through swift reallocation of capital to projects in less affected areas much of this shortfall was made up.

UK

Production volumes in the UK North Sea averaged 42.9 mboe/day during the year, a 15% increase compared to the same period last year and at the top of production guidance for the year, due to two key additions:

  • In July, TAQA announced first oil from its new field development in the UK North Sea, the Falcon field, following a record appraisal and development phase of just under two years.
  • Also in July, TAQA acquired an initial 31% interest in the Otter field from Total and took over as operator of the field. Otter is tied back subsea to the TAQA operated Eider platform. The acquisition of Total's remaining 50% stake in Otter was completed in Q1 2012, taking TAQA's stake to 81%.

On 15 November 2011 TAQA announced the conditional acquisition for a consideration of $54.8 million including an allocation for tax allowances of a 16.6% interest in the North Sea Cladhan oil discovery from Premier Oil plc (Premier), which Premier was expected to own following completion of its proposed acquisition of Encore Oil plc. Since 1 January 2012, Premier has completed the acquisition of Encore, and completion of the Cladhan asset acquisition by TAQA is expected shortly. The blocks are located 18 kilometres southwest of the TAQA-operated Tern platform.

Netherlands

Production in the Netherlands averaged 8.1 mboe/day, a 7% decrease compared to the same period last year, but slightly ahead of management guidance for the year. Our Peak Gas Installation facility performed well, maintaining its track record of 100% availability.

In respect of the Bergermeer Gas Storage project, following the Dutch Parliament approval of the project in Q2 2011, the Council of State suspended the final permits pending a review of the appeals. TAQA expects a final ruling on the appeals in early 2012.

TAQA continues with the preparatory activities for the project, and some 10TWh made available in the first open season has been forward sold, in anticipation of final approval of the project.

Commodity price environment

During the quarter, the oil price continued to have a favourable impact on TAQA's financial results, although this was offset by weaker North American gas prices.

The WTI oil price averaged $95.01/bbl for 2011 compared with $79.40/bbl in 2010. Prices for Brent crude increased to an average of $109.22/bbl in 2011 versus $86.16/bbl in 2010.

NYMEX gas prices for 2011 averaged $3.98/mmbtu, versus $4.37/mmbtu for 2010.

Post-period corporate developments

In January 2012, Dr Saif Al Sayari was appointed Executive Officer Energy Solutions, responsible for developing the company's alternative and technology-driven energy solutions.

Also, in January 2012, TAQA divested non-core land holdings and operating assets in North America for a total of AED 1,835 million.

On 30 January 2012, TAQA entered into two farm in agreements with a subsidiary of Fairfield Energy Limited to acquire a 50% working interest in UK North Sea licences P184, P474 and P1634 which includes the Darwin oil discovery and related exploration acreage, adjacent to the North Cormorant and Pelican fields. The transactions are subject to government and certain third party approvals and are expected to complete in the coming months.

In February 2012, TAQA completed the acquisition of Total's 81% stake in Otter field in the UK North Sea.

In March 2012, TAQA completed a MYR 650m issuance within its MYR 3.5 billion Sukuk programme at a profit rate of 4.65%, with a fully swapped rate to US$ of 5.3%.

- ENDS -

For further information:

TAQA Investor Relations, Abu Dhabi
Tanis Thacker, Head of Investor Relations
+971 2 691 4933

Mohammed Mubaideen, Investor Relations Manager
+971 2 691 4964
firstname.surname@taqaglobal.com

TAQA Media Relations, Abu Dhabi
Allan Virtanen, Head of Corporate Communications
Tel +971 2 691 4894
Mob +971 56 685 2717
firstname.surname@taqaglobal.com

About TAQA

www.taqaglobal.com

Abu Dhabi National Energy Company (TAQA) is a global energy company majority owned by the Abu Dhabi Government and listed on the Abu Dhabi Securities Exchange. Main activities include oil and gas, power generation and water desalination across four continents.

TAQA is one the largest independent power producers in the world and the majority owner of the facilities that provide 98 per cent of the water and electricity requirements in the Emirate of Abu Dhabi. TAQA's power plants are located in the United Arab Emirates, Morocco, Oman, Saudi Arabia, Ghana, India, and the United States.

With operations in Canada, the United Kingdom, the Netherlands and the United States, TAQA's oil and gas business includes exploration and production, gas storage and pipeline transportation.

Its entrepreneurial culture, along with a commitment to people, safety and the environment, has created strong foundations for the long-term sustainable growth of its business.

Follow TAQA on Twitter: www.twitter.com/taqaglobal

TAQA wins Scottish Business Award 28 Feb 2012
There was success for TAQA at the 2012 Scottish Business Awards when it was named winner of the ‘Growth Strategy of the Year’ category.

There was success for TAQA at the 2012 Scottish Business Awards when it was named winner of the ‘Growth Strategy of the Year’ category.

TAQA came out top in a very competitive field of eight companies to be presented with the accolade at an awards dinner in Edinburgh.

The Scottish Business Awards is the country's premier cross-industry business awards programme, recognising the people and companies that are changing the face of Scotland with the goods, services and innovations they provide.

"This award is a fantastic tribute to everyone associated with TAQA Bratani and our rise from being a new entrant in our industry to becoming one of the major players in the nation’s oil and gas sector," says managing director Leo Koot. "It is due first and foremost to our people and their commitment to doing things the TAQA Way."

- ENDS -

Contact Information for Media:

Allan Virtanen
TAQA Media Relations, Abu Dhabi

Tel +971 2 691 4894; Mob +971 56 685 2717
Allan.Virtanen@taqaglobal.com

About TAQA

Established in 2005, TAQA is a diversified international energy group headquartered in Abu Dhabi, the capital of the United Arab Emirates, and listed on the Abu Dhabi Securities Exchange (ADX: TAQA).

TAQA’s business is made up of three operating divisions spread across the entire energy value chain: power generation & water desalination; oil and gas exploration & production; and emerging & alternative energy technologies.

Power & Water: TAQA is one the largest independent power producers in the world and the majority owner of the facilities that provide 98% of the water and electricity requirements in Abu Dhabi. TAQA's power plants are located in the UAE, Morocco, Oman, Saudi Arabia, Ghana, India, and USA.

Oil & Gas: with operations in Canada, UK, the Netherlands, USA and Iraq, TAQA's oil and gas business includes exploration and production, underground gas storage and pipeline transportation.

Emerging & alternative energy technologies: TAQA Energy Solutions is dedicated to alternative and technology-driven energy initiatives for long-term efficient energy production and generation. 

TAQA’s vision is to deliver ‘Energy for Growth’: growth within the business; social and economic progress in the communities where TAQA operates; and increased value for our shareholders.

Over the past 40 years the UAE and Abu Dhabi have pursued a vision embodied by progressive development, investment and the highest global standards. TAQA is proud to align its strategy both domestically and globally to Abu Dhabi’s economic vision 2030, working towards sustainable economic development.

For more information about TAQA visit: www.taqaglobal.com or Twitter: @TAQAGLOBAL

TAQA completes successful issuance of MYR650 million Sukuk 26 Feb 2012
TAQA today announced that it has successfully completed a MYR650 million Sukuk (c.US$215 million) issuance, as part of its MYR3.5 billion Sukuk programme established in November 2011.

Issuance expanded from MYR500 million due to strong demand

Abu Dhabi, UAE - Abu Dhabi National Energy Company PJSC (“TAQA”), the global integrated energy company (ADX: TAQA), today announced that it has successfully completed a MYR650 million Sukuk (c.US$215 million) issuance, as part of its MYR3.5 billion Sukuk programme established in November 2011.

The issue saw strong interest from a well-diversified group of top Malaysian asset management companies and quality Islamic investors. Against an overwhelming demand, TAQA priced an additional MYR150 million and accordingly upsized the issue to MYR650 million.

The 10 year Sukuk has been raised with a profit rate of 4.65% with a full swapped rate to US dollars of 5.3%.

TAQA is the first non-financial institution in the MENA Region to complete a Ringgit Sukuk issuance.

Standard Chartered Saadiq Berhad, acted as the Lead Arranger in this transaction.

Stephen Kersley, Chief Financial Officer, said: “This successful transaction opens up a new market and debt structure for TAQA. The significant demand, attractive pricing and speed of turnaround from the Malaysian market, enhances our future financing flexibility and underlines the confidence of global markets in our business”

- ENDS -

For further information:

TAQA Investor Relations, Abu Dhabi

Tanis Thacker, Head of Investor Relations
Tel +971 2 691 4933

Mohammed Mubaideen, Investor Relations Manager
Tel +971 2691 4964
firstname.surname@taqaglobal.com

TAQA Media Relations, Abu Dhabi

Allan Virtanen, Head of Corporate Communications
Tel +971 2 691 4894
Mob +971566852717
firstname.surname@taqaglobal.com

About TAQA

TAQA is a global energy company majority owned by the Abu Dhabi Government and listed on the Abu Dhabi Securities Exchange.

Its activities include oil and gas, power generation and water desalination across five continents.

With operations in the UK, the Netherlands, North America, the company’s Oil & Gas business includes exploration and production, storage and pipelines. TAQA produces almost 137,000 barrels of oil equivalent per day as well as operating and developing extensive gas storage facilities in the Netherlands.

TAQA is one of the largest independent power producers in the world with power plants located in the United Arab Emirates, Oman, Morocco, Saudi Arabia, Ghana, India, and the United States. TAQA is the majority owner in the facilities that provide 98% of the water and electricity requirements in the Emirate of Abu Dhabi.

Established in 2005, TAQA’s entrepreneurial culture has laid the foundations for long-term sustainable growth building on its commitment to people, safety and the environment.

About TAQA’s Ringgit programme

TAQA established a 3.5 billion Malaysian Ringgit programme ($1.1 billion) in November 2011 to continue to diversify its financing options in various markets. The programme will allow TAQA to issue debt swiftly when market conditions are optimal.

In January 2012, RAM Ratings assigned a preliminary AA1 rating to TAQA’s MYR3.5 billion Islamic debt facility.

TAQA Preliminary Financial Results for FY 2011 14 Feb 2012
TAQA today reported its preliminary, unaudited financial results for the year ending 31 December 2011.

TAQA delivers robust operational performance
Gross profit up 20%, Net profit affected by one-off impairment plus increase in UK taxes

Abu Dhabi, UAE - Abu Dhabi National Energy Company PJSC (TAQA), the international energy company (ADX: TAQA), today reported its preliminary, unaudited financial results for the year ending 31 December 2011.

14 February 2012, Abu Dhabi, UAE - Abu Dhabi National Energy Company PJSC (TAQA), the international energy company (ADX: TAQA), today reported its preliminary, unaudited financial results for the year ending 31 December 2011.

Comprehensive, audited full year 2011 results are due to be published on 14 March 2012.

(AED million) FY 2010 Actual FY 2011 Preliminary % Change
Total assets 116,059 114,848 -1%
Revenues 24,401 24,360 +14%
Gross Profit 7,151 8,557 +20%
Net Profit 1,019 752 -26%
Earnings per share (fils) 17 12 -24%

TAQA recorded a strong top line performance with a 14% increase in revenues due to higher oil prices, plus growth in its Power & Water portfolio. Gross Profit increased 20% compared with 2010 despite an impairment charge taken in North America. Net Profit decreased by 26% to AED 752 million in 2011 compared to 2010. The basic earnings per share decreased from 17 fils to 12 fils. Total assets decreased by 1% to reach AED 114,848 million in 2011.

The decline in total assets and net profit was partially due to a one-off impairment charge at TAQA North, following the annual revaluation of TAQA’s portfolio. The net impairment charge of AED 528 million, or 8 fils per share, reflects an impairment of AED 706 million, offset by a deferred tax benefit of AED 178 million.

In addition, profits were affected by additional taxes on UK oil and gas producing companies which came into effect on 24 March 2011. Income tax expense for the UK was AED 1,588 million higher in 2011, compared with 2010.

Comment

Carl Sheldon, Chief Executive Officer of TAQA, said:

“TAQA’s performance during 2011 is evidence of our operational maturity and our ability to identify new, exciting opportunities for growth. Across every aspect of our business we have continued to focus on driving these efficiencies while harnessing the opportunities our portfolio offers. An excellent example of this is the Falcon Field in the UK North Sea, which we identified and brought on-stream within two years, a record for the region, adding new production to our Oil & Gas portfolio.

“While financial performance was ultimately dampened by external factors beyond our control, our vigorous focus on costs and our proven ability to exploit opportunities, combined with the steps we have already taken to secure our future growth and financing, position TAQA for a strong start to 2012.”

Corporate activity during 2011

During the 12 month period, TAQA completed the following corporate initiatives:

  • December: TAQA raised US$ 1.5 billion in five and ten-year bonds in the international bond market. A portion of the proceeds of this issuance were used to pay back US$ 589 million of notes due in October 2012.
  • October: Carl Sheldon appointed as Chief Executive Officer following H.E. Abdulla Saif Al Nuaimi’s decision to focus on his role at ADWEA.
  • May: Stephen Kersley is appointed as Chief Financial Officer following Doug Fraser’s decision to retire and return to Canada.

In addition to the above, TAQA achieved the following milestones during 2011:

Oil & Gas

  • December: 90% of the total 11TWh (1 BCM) of first season storage capacity is pre-sold at the Bergermeer Gas Storage facility in the Netherland to its three launch customers for durations of 4 – 10 years, subject to positive conclusion of regulatory appeal process.
  • November: In the UK North Sea, TAQA complimented its existing operations by acquiring adjacent North Sea assets from Premier Oil PLC.
  • October: TAQA made a strategic investment of $46.6mm in WesternZagros a Canadian based company with holdings in the Kurdistan region of Iraq. The acquisition expanded TAQA’s footprint to include oil & gas operations in the Greater MENA region.
  • May: Final Bergermeer Gas Storage permits and approvals received to construct and operate the gas storage facility. A regulatory appeal process is outstanding and is expected to be resolved in the first half of 2012.
  • Continued progress in the disposal of non-core assets in the North American portfolio, in line with the focussed strategy.

Power & Water

  • October: Completion of Shuweihat 2 plant in Abu Dhabi, adding 1,500 MW of electricity generation and 100 MIGD of desalination capacity.
  • July: Completion of Fujairah 2, a new 2,000 MW, 130 MGID plant in Fujairah.
  • July: Signed a Memorandum of Understanding with Jyoti Structures Limited (Jyoti) to explore opportunities in the power sector in India, as well as to double TAQA;s existing 250MW plant at Neyveli.
  • March: Broke ground on TAQA’s expansion project at the Jorf Lasfar plant in Morocco, which will increase capacity by 700 MW.

Post-period items

  • January: Appointment of Dr Saif Al Sayari as Executive Officer Energy Solutions responsible for developing the Company’s alternative and technology-driven energy initiatives, reporting to Carl Sheldon, CEO. The Energy Solutions business has been created as part of TAQA’s strategy to compliment its existing operations with alternative and technology-driven energy initiatives.
  • January: Two divestments totalling AED 1,835 million were agreed in North America relating to certain non-core land holdings and operating assets

Comprehensive, audited full year 2011 results are due to be published on 14 March 2012.

– ENDS –

For further information:
TAQA Investor Relations, Abu Dhabi
Tanis Thacker, Head of Investor Relations
Tel +971 2 691 4933

Mohammed Mubaideen, Investor Relations Manager
Tel +971 2 691 4964
firstname.surname@taqaglobal.com

TAQA Media Relations, Abu Dhabi
Allan Virtanen, Head of Corporate Communications
Tel +971 2 691 4894
Mob +971 56 685 2717
firstname.surname@taqaglobal.com

About TAQA

TAQA is a global energy company majority owned by the Abu Dhabi Government and listed on the Abu Dhabi Securities Exchange.

Its activities include oil and gas, power generation and water desalination across five continents.

With operations in the UK, the Netherlands, North America, the company’s Oil & Gas business includes exploration and production, storage and pipelines. TAQA produces almost 137,000 barrels of oil equivalent per day as well as operating and developing extensive gas storage facilities in the Netherlands.

TAQA is one of the largest independent power producers in the world with power plants located in the United Arab Emirates, Oman, Morocco, Saudi Arabia, Ghana, India, and the United States. TAQA is the majority owner in the facilities that provide 98% of the water and electricity requirements in the Emirate of Abu Dhabi.

Established in 2005, TAQA’s entrepreneurial culture has laid the foundations for long-term sustainable growth building on its commitment to people, safety and the environment.

TAQA Third Quarter 2011 Results 15 Nov 2011
TAQA today reported its Second Quarter 2011 operational and financial results.

Strong financial results underpinned by robust operational performance and positive oil price environment

Abu Dhabi, UAE - Abu Dhabi National Energy Company PJSC ("TAQA"), a publicly listed company on the Abu Dhabi Securities Exchange (ADX: TAQA), today reported its third quarter 2011 operational and financial results.

  Q3 2011 Q3 2011 % Change 9M 2011 9M 2010 % change
Total Assets 114,200 105,289 8% 114,200 105,289 8%
Total Revenues 6,168 5,201 19% 18,743 15,118 24%
Power & Water (1) 2,000 1,917 4% 5,575 5,041 11%
Oil & Gas (2) 3,010 1,757 71% 9,011 6,292 43%
Supplemental fuel revenue 1,158 1,527 24% 4,157 3,785 10%
Cost of sales (3,731) (3,327) 12% (11,760) (10,187) 15%
EBITDA 3,727 2,900 29% 10,670 7,987 34%
Profit Before Tax 1,513 679 123% 3,851 2,094 84%
Net profit After Minority Interests 537 218 146% 1,124 676 66%
Basic earnings per share (AED) 0.09 0.04 125% 0.19 0.11 73%
Net Debt/EBITDA (times) 4.7 5.6 26% 4.9 6.5 20%
Net debt to capital (%) 81% 82% 1% 81 82% 1%

All amounts in AED million unless otherwise stated

  1. Excludes supplemental fuel revenue but includes net liquidated damages in relation to Shuweihat 2 in 2011 and Fujairah 2 in 2010. Also includes certain Other Operating Revenue relevant to the Power & Water business.
  2. (2) Includes Gas Storage plus certain Other Operating Revenue relevant to the Oil & Gas business.

Brief summary of results

During the third quarter of 2011 TAQA generated total revenues of AED 6.2 billion, resulting in EBITDA of AED 3.7 billion and Net Profit after Minority Interests of AED 537 million - more than double the profit for the same period last year.

Key drivers for this strong performance were the impact of positive oil prices, plus the net impact of TAQA's expanded Power & Water operations, and a small increase in global oil and gas production led by TAQA's UK North Sea operations.

Comment

H.E Abdulla Saif Al Nuaimi, Vice Chairman of TAQA, said:

"TAQA's growth and exceptional operational performance is evident in this positive set of results, which reflect the continued commitment of the Board and management team in building TAQA into a world-class, diversified energy company."

Carl Sheldon, Chief Executive Officer of TAQA, said:

"Global demand for fuel and power continues to grow, with Middle Eastern markets, in particular, demonstrating attractive supply/demand dynamics. TAQA's operational excellence and experience positions us well to meet this demand. The recently announced WesternZagros deal in the Kurdish region of Iraq is an example of us growing our footprint in the IMENA region and entering new countries with attractive market dynamics, in line with our stated strategy."

"While delivering our growth strategy in the medium and long-term is the priority for TAQA, I am particularly pleased with our quarterly and nine month performance, which has been excellent on both a financial and operational level."

Stephen Kersley, Chief Financial Officer of TAQA, said:

"Once again, these results demonstrate the benefit we derive from TAQA's diversified business model. With continued strong revenue growth and careful cost control, the third quarter characterises TAQA's performance for 2011 so far."

"Equally, we continue to manage our finances prudently. While our cash position remains strong and we have comfortable levels of undrawn credit facilities, we continue to watch the markets closely to ensure we prudently manage our re-financing obligations coming due in October 2012."

Financial summary: Q3 2011 versus Q3 2010

Total revenues for Q3 2011 were AED 6.2 billion, 19% higher year-on-year, compared with total revenues of AED 5.2 billion in Q3 2010.

Total Oil & Gas revenues (including gas storage and other income) increased from AED 1.8 billion to AED 3.0 billion for Q3 2011. This 71% increase, versus the same period last year, was driven by stronger crude oil prices, plus higher production in the UK North Sea.

Total Power & Water revenues (excluding supplemental fuel income but including net liquidated damages) increased from AED 1.9 billion in Q3 2010 to AED 2 billion in Q3 2011. This 4% year-on-year increase was primarily due to the contribution from Fujairah 2, which was transferred to TAQA in the third quarter of 2010 and fully commissioned in January 2011, and Shuweihat 2 which began production in the second quarter 2011 and is expected to be fully commissioned by the end of November.

Supplemental fuel income decreased 24% year-on-year due to lower use of alternative fuel supplies at TAQA's domestic power plants. Fuel is charged to the plants at cost, so a decline in revenues does not impact TAQA's profitability.

Cost of sales increased 12% from AED 3.3 billion to AED 3.7 billion. Within this, fuel expenses and gas storage costs were in line with revenues received. Operating expenses (which excludes fuel and gas storage costs) increased from AED 866 million for Q3 2010 to AED 1.4 billion in Q3 2011. However, this increase reflects the impact of inventory movements in the UK and Dutch North Seas. Underlying operational expenses were in line with TAQA's budget despite operating in a more competitive market where overall operational costs are increasing.

Depreciation, depletion and amortisation increased 24%, reflecting TAQA's increased asset base, including Fujairah 2 and Shuweihat 2, plus higher production at TAQA's UK North Sea fields.

Profit Before Tax was AED 1.5 billion, 123% higher year-on-year, due to higher revenues as a result of the oil price, higher production in the UK North Sea plus the positive impact of derivatives and foreign exchange.

Net Profit After Minority Interests increased 146% year-on-year, totalling AED 537 million for Q3 2011, versus AED 218 million for Q3 2010.

TAQA's Net Debt/Capital ratio was 81% at the end of the third quarter reflecting higher total debt due to the transfer of the revenue-generating assets (Fujairah 2 and Shuweihat 2), plus decreased equity resulting from foreign exchange movements. Net Debt/EBITDA improved to 4.7 times for Q3 2011, versus 5.6 times at the end of Q3 2010.

Operational highlights

Power & Water

TAQA's Power & Water business performance continues to generate steady, stable cash flows, with a top-quartile performance for technical availability.

Key Performance Indicators   Q3 2010 Q3 2011 % change
Total revenues in AED million
(excluding supplemental fuel revenue)
  2,000 1,917 4%
% of overall revenues
(excluding supplemental fuel revenue)
  40% 52% 12%
Total generation capacity (MW) Global 16,334 16,903 3%
Domestic 12,494 10,775 16%
International 3,840 6,128 37%
Total power production (GWh) Global 20,514 16,750 22%
Domestic 16,865 12,878 31%
International 3,649 3,872 6%
Technical availability of power generation business (%) Global 96% 97% 1%
Domestic 96% 99% 3%
International 91% 90% 1%
Water desalination capacity (MIGD) Total 884 784 13%
Total water desalination (MIG) Total 57,272 47,047 22%

TAQA produced 20,513 GWh of electricity and 57,272 MIG of water during Q3 2011, generating total revenues of AED 2 billion for the third quarter. The 4% increase in revenues compared to the same quarter last year reflects the contribution from Fujairah 2, operational from January 2011 and Shuweihat 2 which had partial production from May 2011. Global technical availability was 96% for the third quarter of 2011, once again reflecting the excellent performance of TAQA's power assets.

Domestic

TAQA's domestic portfolio of assets generated 16,865 GWh of electricity and 57,272 MIG of water during the third quarter of 2011, reflecting the additional capacity of Fujairah 2 and a partial contribution from Shuweihat 2.

The first unit of the Shuweihat 2 plant was fully operational in July 2011. The second unit of the plant commenced production in July 2011 and is expected to reach full production by the end of November 2011.

Supplemental fuel revenues decreased from the peaks recorded over the past 12 months as a result of slightly less demand for back-up fuel at TAQA's UAE domestic assets.

International

TAQA's international power portfolio, which comprises of assets in Morocco, Ghana, India, Saudi Arabia and the USA, generated 3,649 GWh of power during the third quarter. International technical availability was 91%, a slight increase compared to the same period last year despite an outage at Takoradi in Ghana resulting from a generator rotor ground fault. The issue has now been fixed and the plant was fully back in service in early October.

In Morocco, the expansion of the Jorf Lasfar plant is proceeding within budget and on schedule. Commissioning and takeover of units 5 and 6 is planned for the end of 2013 and early 2014, respectively.

In India, TAQA signed a Memorandum of Understanding in June with Jyoti Structures Limited (Jyoti) to explore ways to collaborate in the power sector in India. Initially, TAQA and Jyoti will pursue the expansion of TAQA's existing 250 MW power plant at Neyveli, which is expected to double in capacity through the construction of an additional 250 MW plant.

Oil & Gas

TAQA’s Oil & Gas business comprises strong, well-resourced centres of excellence supporting a portfolio of assets with viable growth potential across North America, the UK North Sea and the Netherlands.

Key Performance Indicators   Q3 2010 Q3 2011 % change
Total revenues in AED million   3,010 1,757 71%
% of overall revenues
(excluding supplemental fuel income)
  60% 48% 12%
Total production (mboe/day) Global 138.5 136.8 1%
North America 87.4 88.2 1%
UK 43.5 40.2 8%
Netherlands 7.6 8.4 10%
Average net realized price of crude oil sold North America 82.01 65.15 26%
UK 114.81 77.24 49%
Netherlands 102.40 92.18 11%
Average net realized price of natural gas sold (US$ per thousand feet) North America 4.14 3.70 12%
UK 9.50 6.71 42%
Netherlands 10.74 7.29 47%

Total Oil & Gas revenues, including gas storage and other operating revenues, were AED 3.0 billion for Q3 2011, an increase of 71% compared to Q3 2010. This uplift was driven primarily by the increase in realised crude oil prices and higher production in the UK North Sea.

Total average global daily production for Q3 2011 marginally increased to 138.5 mboe/day, compared with 136.8 mboe/day in Q3 2010, within guidance for FY 2011.

North America

Production in North America was flat year-on-year primarily as a result of the cold weather issues experienced early in the year.

UK

Production volumes in the UK North Sea averaged 43.5 mboe/day in the third quarter, an 8% increase compared to the same period last year due to two key additions.

In July, TAQA announced first oil from its new field development in the UK North Sea, the Falcon field, following a record appraisal and development phase of just under two years.

Also in July, TAQA completed of the first phase of its acquisition of the Otter field and at the same time has taken over as operator. The field is tied back subsea to the TAQA operated Eider platform. This is the first phase of the transaction which was signed between Total and TAQA in October 2010, which will eventually result in TAQA taking ownership of Total's entire equity stake of 81% in production licenses for two blocks.

Netherlands

Production in the Netherlands averaged 7.6 mboe/day, a 10% decrease compared to the same period last year but within management guidance for the year.

Regarding the Bergermeer Gas Storage project, following the Dutch Parliament approval of the project in Q2 2011, the Council of State suspended the final permits pending a review of the appeals. TAQA expects a final ruling on the appeals in early 2012.

TAQA continues with the preparatory activities for the project, including cushion gas injection, contract awards and the 2011 open season for long-term capacity.

During the quarter, the oil price continued to have a favourable impact on TAQA's financial results.

WTI oil price averaged $89.54/bbl for Q3 2011, compared with $76.96/bbl in the same period last year. Prices for Brent crude increased to an average of $112.09/bbl in Q3 2011, versus $76.21/bbl in Q3 2010.

The North American natural gas prices remained consistent year-on-year, with NYMEX gas prices for Q3 2011 averaging $4.06/mmbtu, versus $4.24/mmbtu for the equivalent period in 2010.

Post-period corporate developments

In October TAQA made three significant announcements:

  • On 2 October, TAQA announced it had established a 3.5 billion Malaysian Ringgit programme ($1.1 billion) as it continues to diversify its financing options. The programme will allow TAQA to issue debt swiftly when market conditions are optimal.
  • Secondly, on 17 October, TAQA announced a strategic investment agreement with WesternZagros Resources Ltd. Under the terms of this agreement, TAQA will purchase shares for a total of CDN$46.6 million or 19.9% of the company. The proceeds from the private placement will be used towards WesternZagros's 2011/2012 capital and operating program in Kurdish region of Iraq, in line with TAQA،¯s stated strategy to start building its Oil & Gas footprint in the IMENA region.
  • Finally, on 26 October, Carl Sheldon was appointed Chief Executive Officer of the company. Carl was previously the General Manager for TAQA since October 2009 and is a member of TAQA's Board of Directors.

In November, TAQA announced the intention to acquire a 16.6% non-operated working interest in Blocks 210/29a and 210/ 30a in the Cladhan area of the UK Northern North Sea for a consideration of $54.8 million. The blocks are located 18 kilometers southwest of the TAQA-operated Tern platform, TAQA has also agreed to farm-in to Blocks 28/5, 29/1d and 28/10a located in the Central North Sea, which includes the Coaster prospect.

- ENDS -

For further information:
TAQA Investor Relations, Abu Dhabi
Tanis Thacker, Head of Investor Relations
+971 2 691 4933

Mohammed Mubaideen, Investor Relations Manager
+971 2 691 4964
firstname.surname@taqaglobal.com

About TAQA

www.taqaglobal.com

Abu Dhabi National Energy Company (TAQA) is a global energy company majority owned by the Abu Dhabi Government and listed on the Abu Dhabi Securities Exchange. Main activities include their oil and gas business, power generation and water desalination across four continents.

TAQA is one the largest independent power producer in the world and the majority owner of the facilities that provide 98 per cent of the water and electricity requirements in the Emirate of Abu Dhabi. TAQA's power plants are located in the United Arab Emirates, Morocco, Oman, Saudi Arabia, Ghana, India, and the United States.

With operations in Canada, the United Kingdom, the Netherlands and the United States, TAQA's oil and gas business includes exploration and production, gas storage and pipeline transportation.

Its entrepreneurial culture, along with a commitment to people, safety and the environment, has created strong foundations for the long-term sustainable growth of their business.

Follow TAQA on Twitter: www.twitter.com/taqaglobal

Carl Sheldon Appointment as TAQA CEO 26 Oct 2011
Abu Dhabi, United Arab Emirates – The Abu Dhabi National Energy Company PJSC (TAQA), a publicly listed company on the Abu Dhabi Securities Exchange (ADX: TAQA), has appointed Carl Sheldon

Abu Dhabi, United Arab Emirates – The Abu Dhabi National Energy Company PJSC (TAQA), a publicly listed company on the Abu Dhabi Securities Exchange (ADX: TAQA), has appointed Carl Sheldon, Chief Executive Officer of the company. He succeeds H.E. Abdulla Saif Al Nuaimi, who stepped down as TAQA’s Chief Executive Officer in July 2011 to focus on his role as director general of Abu Dhabi Water and Electricity Authority (ADWEA).

H.E Hamad Al Hurr Al Suwaidi, Chairman of the TAQA board, commented: “Carl has been a vital asset to the business during the past two years as TAQA’s General Manager. Carl will continue to lead the company in the right direction to deliver value to our shareholders. The board is confident in Carl’s continued success .”

Mr. Sheldon will remain member of the board of directors of TAQA.

About TAQA

Abu Dhabi National Energy Company (TAQA) is a global energy company majority owned by the Abu Dhabi Government and listed on the Abu Dhabi Securities Exchange. Main activities include their oil and gas business, power generation and water desalination across four continents.
TAQA is one the largest independent power producer in the world and the majority owner of the facilities that provide 98 per cent of the water and electricity requirements in the Emirate of Abu Dhabi. TAQA’s power plants are located in the United Arab Emirates, Morocco, Oman, Saudi Arabia, Ghana, India, and the United States.
With operations in Canada, the United Kingdom, the Netherlands and the United States, TAQA’s oil and gas business includes exploration and production, gas storage and pipeline transportation.
Their entrepreneurial culture, along with a commitment to people, safety and the environment, has created strong foundations for the long-term sustainable growth of their business.

For further information please contact:

Allan Virtanen
TAQA Media Relations, Abu Dhabi
Tel +971 2 691 4894; Mob +971 56 685 2717
Allan.Virtanen@taqaglobal.com

Mohammed Mubaideen
Investor relations Manager
+971 2 691 4964

TAQA Invests C$46.6 Million in WesternZagros 17 Oct 2011
Abu Dhabi, United Arab Emirates – The Abu Dhabi National Energy Company PJSC (“TAQA”), a publicly listed company on the Abu Dhabi Securities Exchange (ADX: TAQA), is pleased to announce a strategic investment agreement (the “Agreement”) with WesternZagros Resources Ltd

Abu Dhabi, United Arab Emirates – The Abu Dhabi National Energy Company PJSC (“TAQA”), a publicly listed company on the Abu Dhabi Securities Exchange (ADX: TAQA), is pleased to announce a strategic investment agreement (the “Agreement”) with WesternZagros Resources Ltd. ("WesternZagros" or “the Company”). Under the Agreement, TAQA will purchase, through a private placement, 74 million common shares in the Company at CDN$0.63 per share for gross proceeds of CDN$46,620,000. When this private placement is completed, TAQA will own approximately 19.9% of the Company’s issued and outstanding common shares.

Carl Sheldon, General Manager of TAQA, said “This investment in WesternZagros reflects our focus on developing TAQA’s footprint in the MENA (Middle East-North Africa) region. TAQA brings technical and operational expertise and a proven track record in developing challenging oil and gas projects, while WesternZagros has already built successful operations in the Kurdistan region of Iraq. We believe that the fit between these complementary strengths will yield the potential for significant added value through future developments.

WesternZagros’s Chief Executive Officer, Simon Hatfield adds, “This landmark agreement represents a significant leap forward for us. TAQA is an excellent strategic investor for WesternZagros given their proven track record, their support for our direction and their deep knowledge of our operating region. We are excited about the opportunities we are pursuing in the next twelve months, including further appraisal of the Sarqala and Kurdamir discoveries, and exploration drilling at Mil Qasim. We remain confident that our conservative, step-wise approach to realizing the full potential of our exceptional exploration assets will deliver results for our shareholders in the future."

Under the terms of the Agreement, a representative from TAQA will join WesternZagros’s Board of Directors. In addition, WesternZagros has granted certain rights to TAQA to participate for its pro-rata share in future equity issuances by the Company. The Shares issued under the Agreement will be subject to a hold period until June 30, 2012.

The proceeds from the private placement will be used towards WesternZagros’s 2011/2012 capital and operating program. The Agreement is subject to certain customary conditions and regulatory approvals, including the approval of the TSX Venture Stock Exchange. The closing is expected to occur on or about October 31, 2011.

About WesternZagros Resources Ltd.

WesternZagros is an international natural resources company engaged in acquiring properties and exploring for, developing and producing crude oil and natural gas in Iraq. WesternZagros, through its wholly-owned subsidiaries, holds two Production Sharing Contracts with the Kurdistan Regional Government in the Kurdistan Region of Iraq. WesternZagros’ shares trade in Canada on the TSX Venture Exchange under the symbol “WZR”.

About TAQA

Abu Dhabi National Energy Company (TAQA) is a global energy company majority owned by the Abu Dhabi Government and listed on the Abu Dhabi Securities Exchange. Main activities include their oil and gas business, power generation and water desalination across four continents.

TAQA is one the largest independent power producer in the world and the majority owner of the facilities that provide 98 per cent of the water and electricity requirements in the Emirate of Abu Dhabi. TAQA’s power plants are located in the United Arab Emirates, Morocco, Oman, Saudi Arabia, Ghana, India, and the United States.

With operations in Canada, the United Kingdom, the Netherlands and the United States, TAQA’s oil and gas business includes exploration and production, gas storage and pipeline transportation.

Their entrepreneurial culture, along with a commitment to people, safety and the environment, has created strong foundations for the long-term sustainable growth of their business.

For further information please contact:

Allan Virtanen
TAQA Media Relations, Abu Dhabi

Tel +971 2 691 4894; Mob +971 56 685 2717
Allan.Virtanen@taqaglobal.com

TAQA's lawsuit dismissal alert 29 Sep 2011
TAQA, Abu Dhabi National Energy Company, today announces the dismissal of the US lawsuit brought by former employee Peter Barker-Homek

Abu Dhabi, UAE - TAQA, Abu Dhabi National Energy Company, today announces the dismissal of the US lawsuit brought by former employee Peter Barker-Homek against TAQA, TAQA New World Inc and TAQA General Manager, Carl Sheldon.

The Opinion and Order, issued on September 28th by U.S. District Court Judge John Corbett O’Meara grants the Defendants’ motions to dismiss. The decision follows a hearing before Judge O’Meara in Michigan in June.

Contact Information for Media:
Allan Virtanen
TAQA Media Relations, Abu Dhabi
Tel +971 2 691 4894; Mob +971 56 685 2717
Allan.Virtanen@taqaglobal.com

TAQA Second Quarter 2011 Results 10 Aug 2011
TAQA today reported its Second Quarter 2011 operational and financial results.

Strong quarterly performance, Net Profit After Minority Interests of AED435 million

Strong liquidity and cash position with AED 4.0 billion in cash & cas

Abu Dhabi, UAE - Abu Dhabi National Energy Company PJSC (“TAQA”), a publicly listed company on the Abu Dhabi Securities Exchange (ADX: TAQA), today reported its Second Quarter 2011 operational and financial results.

  Q2 2011 Q2 2010 % change H1 2011 H12010 % change
Total assets 117,176 91,834 28% 117,176 91,834 28%
Total revenues 7,069 5,141 38% 12,575 9,917 27%
Power & Water (1) 1,870 1,608 17% 3,538 3,084 14%
Oil & Gas (2) 3,125 2,026 53% 6,038 4,575 32%
Supplemental fuel revenue 2,074 1,507 38% 2,999 2,258 33%
Cost of sales 4,613 3,687 25% 8,029 6,860 17%
EBITDA 3,660 2,498 47% 6,943 5,087 36%
Profit Before Tax 1,377 549 151% 2,338 1,415 65%
Net profit After Minority Interests 435 171 154% 587 458 28%
Basic earnings per share (AED) 0.072 0.028 157% 0.097 0.075 29%
Net Debt/EBITDA (times) 4.9 5.7 14% 5.1 5.6 8%
Net debt to capital (%) 79% 81% 2% 79% 81% 2%

All amounts in AED million unless otherwise stated

(1) Excludes supplemental fuel revenue and includes net liquidated damages in relation to Shuweihat 2

(2) Includes Gas Storage and Oth

Summary of results

TAQA posted a strong operational and financial performance for Q2 2011, benefitting from higher oil prices and a quarterly increase in UK production, along with higher Power & Water revenue from the Fujairah 2 plant. Combined with a steady cost control, this resulted in a Net Profit After Minority Interests of AED 435 million.

In addition to a positive quarterly performance, TAQA has made progress on its key growth projects in Morocco, the Netherlands, Ghana and India.
TAQA’s cash position and liquidity remains strong with over AED 4.0 billion in cash and cash equivalents, plus AED 11.7 billion in undrawn facilities, as of 30 June 2011.

Comment

Carl Sheldon, General Manager of TAQA, said:

“TAQA’s performance during the second quarter of this year has been strong – both operationally and financially. A consistent and solid operational performance combined with a more favourable commodity pricing has delivered a net result for the first six months of 2011 of which we can be proud.

“Quarterly performance aside, we remain firmly committed to our longer term vision for growth across our key markets. We have made clear that our future will be largely driven by the organic growth opportunities we identify and harness in our existing footprint. Our asset base is already growing as a result of the success in our North American and UK North Sea drilling programmes and all other growth projects have made pleasing progress this quarter. In particular, construction started this year at Jorf Lasfar plant in Morocco for the 700 MW expansion.

This combination of a positive quarterly performance, and continued investment in TAQA’s future, gives me confidence as we move through an exciting period in the company’s development.

Stephen Kersley, Chief Financial Officer of TAQA, said:

"During the quarter, steady production in our Oil & Gas business has enabled TAQA to capture the benefits of a higher commodity price environment, while carefully controlling operational expenditure. This was supported by higher contributions from the Power & Water business due to contributions from Fujairah 2. The result was an increase in gross profit which, in turn, had a direct and positive impact on our bottom line.

“Consistent delivery against our internal targets continues to enhance our overall financial position. TAQA has good available liquidity and a strong cash position, leaving us with ample headroom to continue investing in our organic growth projects and the future of the company.”

Financial Summary

Total revenues for Q2 2011 were AED 7.1 billion, 38% higher year-on-year, compared with total revenues of AED 5.1 billion in Q2 2010.

Total Oil & Gas revenues (including gas storage and other income) increased from AED 2.0 billion to AED 3.1 billion for Q2 2011. This 54% increase versus the same period last year was primarily driven by the increase in crude oil prices, plus higher production in the UK North Sea.

Total Power & Water revenues, excluding supplemental fuel income, increased from AED 1.6 billion in Q2 2010 to AED 1.9 billion in Q2 2011. This 17% year-on-year increase was primarily due to the contribution from Fujairah 2, which was transferred to TAQA in the third quarter of 2010 and fully commissioned in January 2011.

Supplemental fuel income increased 38% year-on-year due to higher use of alternative fuel supplies at TAQA’s domestic power plants.

Other operating revenue increased due to higher transportation revenues in Canada and the Netherlands.

Cost of sales increased 25% from AED 3.7 billion to AED 4.6 billion. Within this, fuel expenses increased in line with supplemental fuel revenues. Operating expenses increased by 27%, while depreciation, depletion and amortisation increased 21% reflecting TAQA’s increased asset base.

Profit before Tax was AED 1.4 billion, 151% higher year-on-year, due to higher revenues as a result of the oil price, plus tight control over operating expenses.

Net Profit After Minority Interests increased 154% year-on-year, totalling AED 435 million for Q2 2011, versus AED 171 million for Q2 2010.

Total debt and net debt increased year-on-year due to the transfer of interests at Fujairah 2 and Shuweihat 2. However, TAQA’s Net Debt/Capital ratio decreased to 79%. Net Debt/EBITDA reduced to 4.9 times for Q2 2011, versus 5.7 times at the end of Q2 2010.

Operational Highlights

Power & Water

TAQA has grown to become the sixth-largest global independent power producer. Its Power & Water business performance continues to generate steady, stable cash flows, with a top-quartile performance for technical availability of power.

Key Performance Indicators   Q1 2011 Q1 2010 %
change
Total revenues in AED million (excluding supplemental fuel revenue)   1,870 1,608 16%
% of overall revenues
(excl. supplemental fuel income)
  38% 44% 6%
Total generation capacity (MW) Global 16,334 14,903 10%
Domestic 12,494 8,775 42%
International 3,840 6,128 37%
Total power production (GWh) Global 16,215 15,125 7%
Domestic 12,576 11,435 10%
International 3,639 3,690 1%
Technical availability of power generation business (%) Global 96% 97% 1%
Domestic 97% 99% 2%
International 91% 90% 1%
Water desalination capacity (MIGD) Total 884 654 35%
Total water desalination (MIG) Total 53,280 54,582 2%

TAQA produced 16,215 GWh of electricity and 53,280 MIG of water during Q2 2011, generating total revenues of AED 1.9 billion for the second quarter. The 17% increase in revenues compared to the same quarter last year reflects the contribution from Fujairah 2, operational from January 2011. Global technical availability was 96% for the second quarter of 2011, in line with the excellent performance of TAQA’s power assets in previous quarters.

Domestic

During the summer months, TAQA’s domestic Power & Water assets experienced an increase in demand for their services due to the seasonal effects of higher temperatures in the region.
Throughout this period of high demand, TAQA’s domestic power plants generated 12,576 GWh of power and desalinated 53,280 MIG of water. Technical availability was high at 97%, reflecting the quality of TAQA’s domestic power plants.

Fujairah 2, TAQA’s newest plant, ran at 98% technical availability, generated 2,046 GWh of electricity and produced 5,143 MIG of desalinated water during the second quarter.

Completion of the first of two phases at Shuweihat 2, a 1,500 MW and 100 MIGD plant, was originally scheduled for June but was delayed to mid-July. The first unit (750 MW, 50 MIGD) is now operational and the second unit (750 MW, 50 MIGD) is expected to be completed in October 2011. TAQA received liquidated damages of AED 60 million during Q2 2011 in relation to the slight delay to completion of the first unit. Fujairah 2, a 2,000 MW and 130 MIGD plant located in the UAE, achieved full commercial completion in January 2011, contributing revenues during the quarter for the first time.

International

TAQA’s international power portfolio, which comprises of assets in Morocco, Ghana, India, Saudi Arabia and the USA, generated 3,639 GwH of power during the second quarter. International technical availability was 91%, a slight increase compared to the same period last year.

In Morocco, the Jorf Lasfar plant has continued to perform at a high level of technical availability during the quarter, generating 2,633 GWh of electricity. The Jorf Lasfar 700 MW expansion project continued to progress to schedule with construction commencing on the major civil works for the project earlier this year. Commissioning and takeover of units 5 & 6 is planned for the end of 2013 and early 2014, respectively.

In Ghana, TAQA’s rolling maintenance programme continued with two planned inspections during the quarter, plus three unplanned outages. Two of these were resolved, with one ongoing, for which the fault has been identified and the replacement machinery ordered. The outage has had some impact on technical availability for the plant and is expected to be fully resolved by October

Oil & Gas

TAQA’s Oil & Gas business comprises strong, well-resourced centers of excellence supporting a portfolio of assets with viable growth potential across North America, the UK North Sea and the Netherlands.

Key Performance Indicators   Q1 2011 Q1 2010 %
change
Total revenues in AED million   3,125 2,026 54%
% of overall revenues (excl. supplemental fuel income)   62% 56% 6%
Total production (mboe/day) Global 135.9 127.5 7%
North America 88.0 87.7 -
  UK 40.1 31.6 27%
  Netherlands 7.8 8.2 5%
Average net realized price of crude oil sold (US$ per barrel) North America 94.19 66.04 43%

UK

118.69 78.74 51%
  Netherlands 109.11 79.86 37%
Average net realized price of gas sold (US$ per thousand feet) Global 4.23 4.09 3%
Domestic 9.95 5.67 75%
International 10.93 7.05 55%

Total Oil & Gas revenues, including gas storage and other operating revenues, were AED 3.1 billion for Q2 2011, an increase of 54% compared to Q2 2010. This uplift was driven primarily by the increase in realized crude oil prices and higher production in the UK North Sea.

Total average global daily production for Q2 2011 increased 7% to 135.9 mboe/day, compared with 127.5 mboe/day in Q2 2010 and within guidance for FY 2011.

North America

Production in North America was slightly below expectations, yet remained consistent at 88 mboe/d. This was due to the harsher-than-normal winter, which caused delays in bringing new projects on-stream. Despite this, operational expenses in North America remained flat.

During the second quarter, TAQA implemented a planned bi-annual shut down at the East Crossfield Gas Plant in Alberta, allowing for regular vessel inspections and general plant repairs that are not possible while the plant is operational. The shutdown ran from 29 April to 26 June, slightly longer than expected due to additional maintenance time and capital invested in upgrades, repairs and expansion of the plant process systems.After the close of the quarter, at the end of April, TAQA began a planned bi-annual shut down at the East Crossfield Gas Plant in Alberta, which is scheduled to last for one month.The shutdown allows for regular vessel inspections and general plant repairs that are not possible while the plant is operational.

UK

Production volumes in the UK North Sea were 40.1 mboe/day in the first quarter, a 27% increase compared to the same period last year. This increase is primarily a result of more efficient operations, plus water injection issues in the comparable period for Q2 2010.

TAQA’s drilling programme at its Tern platform in the UK North Sea continued during the quarter. Post-quarter, subsea pipeline work and tie-in for Falcon was completed post-quarter with the well opening on 15 July.

Netherlands

Production in the Netherlands averaged 7.8 mboe/day, a slight decrease compared to the same period last year.

TAQA continued to progress the Bergermeer Gas Storage project during Q2 2011 with the announcement that all required statutory approvals and permits to construct and operate the facility have been signed by the appropriate authorities. This followed the Dutch Parliament’s approval of the project and recognition of Bergermeer Gas Storage as essential for the Netherlands’ security of supply. Post-quarter, the Dutch Council of State has subsequently stipulated that early construction work at the site must wait until final appeals have been heard. While disappointed about the delay, TAQA remains confident of a positive outcome of the appeals process.

Commodity pricing environment

Oil prices increased favorably during the quarter. WTI oil price averaged $102.34/bbl for Q2 2011 compared with $78.05/bbl in Q2 2010. Prices for Brent crude increased to an average of $116.99/bbl in Q2 2011 versus $79.41/bbl for the same period last year.

Meanwhile, North American natural gas prices remained consistent year-on-year, with NYMEX gas prices for the quarter averaging $4.38/mmbtu, versus $4.35/mmbtu for Q2 2010.

Significant Activities in the Quarter

Corporate update

Between April and June 2011, TAQA announced two changes to its senior management team, as follows:

On 19 May TAQA announced the appointment of Stephen Kersley to the role of CFO, with more than 20 years’ experience in the oil and gas industry with Shell, following Doug Fraser’s decision to return to Canada. On 28 June TAQA announced that H.E. Abdulla Saif Al Nuaimi, decided to step down effective 1 July from his executive positions at TAQA to allow him to concentrate full time on his role as Director General of the Abu Dhabi Water and Electricity Authority. General Manager, Carl Sheldon, is now leading TAQA and continuing to oversee the company’s strategic direction and global operations.

Additionally, in June, TAQA secured a one-year extension to its existing CAD $1 billion revolving credit facility effectively extending the agreement to May 2014.

Post-period corporate developments

On 4 July, TAQA announced the completion of the first phase of its acquisition of the Otter field and at the same time has taken over as operator. The field is tied back subsea to the TAQA operated Eider platform. This is the first phase of the transaction which was signed between Total and TAQA in October 2010, which will eventually result in TAQA taking ownership of Total’s entire equity stake of 81% in production licenses for the two blocks.

On 18 July, TAQA announced first oil from its new field development in the UK North Sea, the Falcon field, following a record appraisal and development phase of just under two years.

On 21 July, TAQA signed a Memorandum of Understanding with Jyoti Structures Limited (Jyoti) to explore ways to collaborate in the power sector in India. Initially, TAQA and Jyoti will pursue the expansion of TAQA’s existing 250 MW power plant at Neyveli, which is expected to double in capacity through the construction of an additional 250 MW plant.

- ENDS -

For further information:

TAQA Investor Relations, Abu Dhabi

Tanis Thacker, Head of Investor Relations and Corporate Communications
+971 2 691 4933

Mohammed Mubaideen, Investor Relations Manager
+971 2 691 4964

firstname.surname@taqaglobal.com

Capital MS&L

Dubai - Maram Alkadhi on +971 4 367 6160

London ¨C Claire Maloney / Anna Davies on +44 207 307 5330

firstname.surname@capitalmsl.com

About TAQA

www.taqaglobal.com

TAQA is a global energy company majority owned by the Abu Dhabi Government and listed on the Abu Dhabi Securities Exchange.

Its activities include oil and gas, power generation and water desalination across five continents. With operations in the UK, the Netherlands and North America, the company's oil and gas business includes exploration and production, storage and pipelines. It produces almost 137,000 barrels of oil equivalent per day in the North Sea and North America, as well as operating and developing extensive gas storage facilities in the Netherlands.

TAQA is the sixth largest independent power producer in the world. Its power plants are located in the United Arab Emirates, Morocco, Saudi Arabia, Ghana, India, and the United States. TAQA is the majority owner in the facilities that provide 98% of the water and electricity requirements in the Emirate of Abu Dhabi.

Established in 2005, TAQA's entrepreneurial culture has laid the foundations for long-term sustainable growth building on its commitment to people, safety and the environment.

Follow TAQA on Twitter: www.twitter.com/taqaglobal

TAQA CEO steps down to focus on ADWEA role 28 Jun 2011
Abu Dhabi, UAE - The Abu Dhabi National Energy Company PJSC (“TAQA”), a publicly listed company on the Abu Dhabi Securities Exchange (ADX: TAQA), today announced that its Chief Executive Officer, H.E. Abdulla Saif Al Nuaimi,

Abu Dhabi, UAE - The Abu Dhabi National Energy Company PJSC (“TAQA”), a publicly listed company on the Abu Dhabi Securities Exchange (ADX: TAQA), today announced that its Chief Executive Officer, H.E. Abdulla Saif Al Nuaimi, has decided to step down effective 1 July from his executive positions at TAQA to allow him to concentrate full time on his role as Director General of the Abu Dhabi Water and Electricity Authority (‘ADWEA’). H.E. Al Nuaimi will continue in his role as Vice-Chairman of TAQA’s board of directors.

TAQA’s General Manager, Carl Sheldon, who was recently appointed to TAQA’s Board of Directors, will lead TAQA and will continue to oversee the company’s strategic direction and global operations.

H.E Hamad Al Hurr Al Suwaidi, Chairman of TAQA, commented:

“H.E. Abdulla Saif Al Nuaimi has been an excellent leader for TAQA during his time as Chief Executive Officer and we are very pleased that he will continue as the company’s Vice Chairman. I wish him the very best in his role as Director General of ADWEA.

“I am proud of what TAQA has achieved over the last 12 months, in particular the recruitment and appointment of such high calibre senior executives. Under the leadership of Carl Sheldon, who will take immediate and full charge of the day-to-day affairs of TAQA, I am confident that we will see this success continued.”

Carl Sheldon, General Manager, commented:

“I would like to thank Abdulla for the major contribution he has made while CEO of TAQA as we have continued to optimise opportunities from our diversified portfolio of oil & gas and power assets. I will miss him, but we are delighted that he will remain our Vice Chairman and we value the insights he will be able to offer both TAQA and ADWEA."

- END -

For further information:

TAQA Investor Relations, Abu Dhabi
Tanis Thacker, Head of Investor Relations and Corporate Communications
+971 2 691 4933

Mohammed Mubaideen, Investor Relations Manager
+971 2 691 4964
firstname.surname@taqaglobal.com

Capital MS&L
Maram Alkadhi on +971 4 367 6160
firstname.surname@capitalmsl.com

NOTES TO EDITORS

Abu Dhabi National Energy Company (TAQA)

Abu Dhabi National Energy Company (TAQA) is a global energy company majority owned by the Abu Dhabi Government and listed on the Abu Dhabi Securities Exchange. Our main activities include our oil and gas business, power generation and water desalination across four continents.

We are the sixth-largest independent power producer in the world and the majority owner of the facilities that provide 98% of the water and electricity requirements in the Emirate of Abu Dhabi. Our power plants are located in the United Arab Emirates, Oman, Morocco, Saudi Arabia, Ghana, India, and the United States.

With operations in the UK, the Netherlands, the United States and Canada, our oil and gas business includes exploration and production, gas storage and pipeline transportation.

In the Netherlands our established gas storage business includes operating the Alkmaar Peak Gas Installation (PGI). With our partner EBN, an independent company with the Dutch State as its sole shareholder, we are also developing the Bergermeer Gas Storage facility. This will make a major contribution to the security of gas supply to Northwest Europe, and provide a strong base for the Northwest European Gas Hub.

Our entrepreneurial culture, along with a commitment to people, safety and the environment, has created strong foundations for the long-term sustainable growth of our business.

TAQA CFO to return to Canada; Successor Appointed 19 May 2011
TAQA would like to announce that Doug Fraser, Chief Finance Officer (CFO), is leaving the company to return to Canada.

Abu Dhabi, UAE - The Abu Dhabi National Energy Company PJSC (“TAQA”), a publicly listed company on the Abu Dhabi Securities Exchange (ADX: TAQA), would like to announce that Doug Fraser, Chief Finance Officer (CFO), is leaving the company to return to Canada. Doug announced his intentions earlier this year and the company has used its time to identify the right successor.

Stephen Kersley has been appointed as the CFO, and will take up his duties from 22 May 2011. Stephen's appointment as CFO comes after many years of wide-ranging experience at Shell. He brings more than 20 years of corporate finance, strategic planning and management experience to TAQA, having recently served as Vice President – Finance. Stephen will be based in the company’s corporate headquarters in Abu Dhabi, United Arab Emirates and will provide input and financial leadership to the company and have responsibility for the development and execution of the financial strategy.

H.E. Abdulla Saif Al Nuaimi, Chief Executive Officer and Managing Director of TAQA, said:

“Over the past three years, Doug has made a significant contribution to TAQA’s financial management and investor relations. For some time, Doug has made clear his wish to return to Canada, to spend more time with his family. We are grateful to Doug for his service and wish him well in all his future endeavours.”

Carl Sheldon, General Manager, commented:

“We are very appreciative of Doug's contribution to TAQA and we wish him well for the future. We have taken the time to find the right replacement and are pleased to have found someone with Stephen’s knowledge and experience. His expertise and track record at Shell will be a significant asset to TAQA as we continue to deliver the company's strategy and realise our full potential."

Doug Fraser, outgoing Chief Financial Officer, commented:

"It was a very difficult decision to leave and I have enjoyed my time at TAQA, particularly working with my colleagues. My plan is to return home to Canada to be closer to my family, which is a better fit for my goals and aspirations at this stage in my life. I believe TAQA has a bright future and I wish my colleagues all the best."

Stephen Kersley, incoming Chief Financial Officer, commented:

“TAQA has grown tremendously over the last few years, building a robust global energy business. I look forward to working with the team to help take the business through the next stage of its development.”

Doug will remain with the company until 30 June 2011 allowing sufficient time for a seamless transition.

- END -

NOTES TO EDITORS

Abu Dhabi National Energy Company (TAQA)

Abu Dhabi National Energy Company (TAQA) is a global energy company majority owned by the Abu Dhabi Government and listed on the Abu Dhabi Securities Exchange. Our main activities include our oil and gas business, power generation and water desalination across four continents.

We are the sixth-largest independent power producer in the world and the majority owner of the facilities that provide 98% of the water and electricity requirements in the Emirate of Abu Dhabi. Our power plants are located in the United Arab Emirates, Morocco, Saudi Arabia, Ghana, India, and the United States.

With operations in the UK, the Netherlands, the United States and Canada, our oil and gas business includes exploration and production, gas storage and pipeline transportation.

In the Netherlands our established gas storage business includes operating the Alkmaar Peak Gas Installation (PGI). With our partner EBN, an independent company with the Dutch State as its sole shareholder, we are also developing the Bergermeer Gas Storage facility. This will make a major contribution to the security of gas supply to Northwest Europe, and provide a strong base for the Northwest European Gas Hub.

Our entrepreneurial culture, along with a commitment to people, safety and the environment, has created strong foundations for the long-term sustainable growth of our business.

Contact Information for Media:

Allan Virtanen
TAQA Media Relations, Abu Dhabi
Tel +971 2 691 4894; Mob +971 56 685 2717
Allan.Virtanen@taqaglobal.com

TAQA First Quarter 2011 Results 11 May 2011
TAQA today reported its First Quarter 2011 operational and financial results.

Total revenues increased 15% to AED 5.5 billion

EBITDA increased 27% to AED 3.3 billion

Solid operational performance plus progress on major growth projects

Abu Dhabi, UAE - Abu Dhabi National Energy Company PJSC (،°TAQA،±), a publicly listed company on the Abu Dhabi Securities Exchange (ADX: TAQA), today reported its First Quarter 2011 operational and financial results.

  Q1 2011 Q1 2010 %
change
Total assets 115,755 94,133 23%
Total revenues 5,506 4,776 15%
Power & Water (1) 1,663 1,475 13%
Oil & Gas (2) 2,918 2,550 14%
Supplemental fuel revenue 925 751 23%
Cost of sales (3,416) (3,173) 8%
EBITDA 3,283 2,589 27%
Profit Before Tax 961 866 11%
Net profit After Minority Interests (3) 152 287 47%
Basic earnings per share (AED) 0.03 0.05  
Net Debt/EBITDA (times) 5.4 5.5 2%
Net debt to capital (%) 79% 80% 1%

All amounts in AED million unless otherwise stated

(1) Excludes supplemental fuel revenue

(2) Includes Oil Storage and Other Operating Revenue

(3) Reflects the impact of increased tax charges in the UK North Sea

Summary

Improved commodity prices, higher oil and gas production and increased power and water revenues due to the commissioning of Fujairah 2 resulted in a solid financial performance for TAQA during the first quarter of 2011. Overall TAQA's total revenues increased 15% year-on-year while tight cost control resulted in a 27% increase in EBITDA to reach AED 3.3 billion.

TAQA's Profit Before Tax was 11% higher year-on-year, dampened by the effect of foreign exchange losses along with lower derivative gains. Net Profit After Minority Interests was AED 152 million, versus AED 287 million in Q1 2010, due to an increase in taxes for operations in the UK North Sea.

TAQA has continued to progress its major organic growth projects with two key developments. Firstly, at the end of the quarter TAQA signed the contract for the construction of two additional power production units in Morocco, a major milestone in taking the project into construction.

Secondly, TAQA continued to progress the Bergermeer Gas Storage project. There is broad support in the Dutch parliament and all required statutory approvals and permits to construct and operate the Bergermeer Gas Storage facility in the Netherlands are expected to be received this month.

Comment

H.E. Abdulla Saif Al-Nuaimi, Chief Executive Officer and Managing Director of TAQA, said:

°TAQA has made a solid operational start to 2011, with strong performance from our Power & Water business and a higher contribution from our Oil & Gas assets due to a combination of improved commodity pricing and increased production. These positive results also reflect our increased footprint, where new assets ¨C such as Fujairah 2 ¨C are beginning to contribute additional revenues. We continue to be focussed on operational excellence and efficiency right across our business to ensure we deliver the maximum value possible.،±

Carl Sheldon, General Manager of TAQA, said:

°We remain fully committed to our focussed strategy that will enable us to continue building TAQA into a global energy company. As evidence of this, our major organic growth projects in the Netherlands and Morocco have reached significant milestones, while those in Ghana and India have made good progress. In particular, the expected receipt of permits in the Netherlands for operating and constructing Bergermeer in May has enabled us to this week launch the open season for longer-term capacity and start planning the next stage in this flagship project¯s development.±

Financial Summary

Total revenues for Q1 2011 were AED 5.5 billion, 15% higher year-on-year, compared with total revenues of AED 4.8 billion in Q1 2010.

Total Oil & Gas revenues (including gas storage and other income) increased from AED 2.6 billion to AED 3.0 billion for Q1 2011. This 14% increase was primarily driven by the increase in crude oil prices, partially offset by lower North American natural gas prices.

Total Power & Water revenues, excluding supplemental fuel income, increased from AED 1.5 billion in Q1 2010 to AED 1.7 billion in Q1 2011. This 13% increase was primarily driven by the contribution from Fujairah 2, which was transferred to TAQA in the third quarter of 2010 and fully commissioned in January 2011. Supplemental fuel income increased 23% year-on-year due to higher use of additional fuel supplies at TAQA's domestic power plants.

Cost of sales increased 8% from AED 3.2 billion to AED 3.5 billion. Within this, operational expenses, excluding fuel and gas storage expenses, reduced 3%. Depreciation, depletion and amortisation increased 16% reflecting TAQA's increased asset base.

Profit before Tax was 11% higher year-on-year, dampened by a loss on foreign exchange plus lower gains on derivatives.

In mid-March the UK government announced changes to the tax regime for the UK North Sea which were backdated to 01 January 2011. This contributed to a 53% year-on-year increase in tax, negatively impacting Net Profit After Minority Interests which totalled AED 152 million, versus AED 287 million for the same period in 2010.

Total debt and net debt increased year-on-year due to the transfer of interests at Fujairah 2 and Shuweihat 2. However, TAQA's Net Debt/Capital ratio decreased to 79%. Net Debt/EBITDA reduced to 5.4 times for Q1 2011, versus 5.5 times at the end of Q1 2010.

Operational Highlights

Power & Water

TAQA has grown to become the sixth-largest global independent power producer. Its Power & Water business performance continues to generate steady, stable cash flows, with a top-quartile performance for technical availability of power.

Key Performance Indicators   Q1 2011 Q1 2010 %
change
Total revenues in AED million   2,918 2,550 14%
% of overall revenues
(excl. supplemental fuel income)
  64% 63% 1%
Total generation capacity (MW) Global 14,834 13,903 7%
Domestic 10,994 8,775 25%
International 3,840 3,691 4%
Total power production (Gwh) Global 10,709 10,585 1%
Domestic 7,314 6,894 6%
International 3,394 3,691 8%
Technical availability of power generation business (%) Global 90% 89% 1%
Domestic 90% 87% 1%
International 89% 97% 1%
Water desalination capacity (MIGD) Total 784 654 20%
Total water desalination (MIG) Total 53,380 49,369 8%

TAQA produced 10,709 GWh of electricity and 53,380 MIG of water during Q1 2011, generating total revenues of AED 1.7 billion. The 13% increase in revenues reflects the first quarter of contribution from Fujairah 2. Global technical availability was 90% for the first quarter of 2011.

Domestic

TAQA implemented planned maintenance activities on its domestic assets during the winter period, when demand for power is typically lower. These important and planned activities result in a short-term increase in maintenance costs and reduced technical availability during the period, but are essential for the long-term efficiency of these high quality assets.

Fujairah 2, a 2,000 MW and 130 MIGD plant located in the UAE, achieved full commercial completion in January 2011, contributing revenues during the quarter for the first time.

Shuweihat 2, a 1,500 MW and 100 MIGD plant is currently under construction and is expected to be commissioned by the end of 2011.

International

TAQA's international power portfolio, which comprises of assets in Morocco, Ghana, India, Saudi Arabia and USA, generated 3,394 GwH of power during the first quarter of 2011.

International technical availability was impacted by scheduled maintenance at Takoradi in Ghana, plus an unscheduled outage on Unit 2 in Morocco due to a transformer bushing failure which has since been resolved.

In Morocco, the Jorf Lasfar 700 MW expansion project continued to progress on schedule and on budget. At the end of the quarter, TAQA signed a formal contract with the Office National de l'Electricit¨¦ (ONE) for the construction of two new production units. TAQA has appointed a Mitsui-Daewoo consortium to design and build the units, and supply all required materials and equipment. Commissioning and takeover of units 5 & 6 is planned for December 2013 and April 2014, respectively.

In Ghana, scheduled major inspection and fuel flexibility project was successfully completed at Takoradi, and the plant is now capable of operating on either light crude oil or natural gas. TAQA is also progressing with expansion plans for the Takoradi combined cycle conversion project, and has short-listed EPC contractors.

In India, TAQA continues to make progress in the development of the expansion project for the Neyveli plant. TAQA has obtained Terms of Reference clearance from the Indian government for the Neyveli expansion project, and is preparing detailed project report and environmental management plans.

Oil & Gas

TAQA's Oil & Gas business comprises strong, well-resourced centers of excellence supporting a portfolio of assets with viable growth potential.

Key Performance Indicators   Q1 2011 Q1 2010 %
change
Total revenues in AED million   2,918 2,550 14%
% of overall revenues
(excl. supplemental fuel income)
  64% 63% 1%
Total production
(mboe/day)
Global 138.8 136.7 2%
North America 87.3 88.1 1%
UK 42.3 39.4 7%
Netherlands 9.1 9.3 2%
Average net realized price of crude oil sold
(US$ per barrel)
North America 78.88 69.65 13%
UK 105.55 76.95 37%
Netherlands 91.64 73.92 24%
Average net realized price of gas sold
(US$ per thousand feet)
North America 4.12 5.21 21%
UK 8.02 5.95 35%
Netherlands 9.63 7.87 22%

Total Oil & Gas revenues, including gas storage and other operating revenues, totaled almost AED 3.0 billion for Q1 2011, an increase of nearly AED 400 million compared to Q1 2010. This 14% uplift was driven primarily by the increase in realized crude oil prices and higher crude oil production in the UK North Sea. It was partly offset by lower North American natural gas prices.

Total average global daily production for Q1 2011 increased 2% to 138.8 mboe/day, compared with136.7 mboe/day in Q1 2010 and within guidance for FY 2011.

North America

While crude oil production increased, natural gas volumes decreased in North America. Total production levels were 87.3 mboe/day in the first quarter, a slight reduction compared to production volumes in the first quarter of 2010. The primary reason for this was an unusually cold winter and challenging weather conditions which both delayed completion of newly drilled wells and also required additional maintenance work on existing wells.

After the close of the quarter, at the end of April, TAQA began a planned bi-annual shut down at the East Crossfield Gas Plant in Alberta, which is scheduled to last for one month. The shutdown allows for regular vessel inspections and general plant repairs that are not possible while the plant is operational.

UK>

Production volumes in the UK North Sea were 42.3 mboe/day in the first quarter, a 7% increase compared to the same period last year.

At the end of March, TAQA signed a Heads of Agreement with Valiant, operator of the Causeway field, for the export of crude via the North Cormorant production platform. Causeway will be the first third party field to tie-back to the North Cormorant platform and production is expected to commence in 2012.

TAQA also continued to make progress during the quarter in developing the Falcon field, which is on schedule to come online later this year.

Netherlands

Production levels in the Netherlands were 9.1 mboe/day and TAQA's PGI gas storage facility recorded 100% availability for the period.

Netherlands are expected to be received this month.

Bergermeer Gas Storage operations are expected to start in 2013 with full commercial operations in 2014. Bergermeer Gas Storage will provide the Northwest European gas market with 4.1 billion cubic metres (BCM) (46 TWh) of seasonal storage, thereby almost doubling the Netherlands' total storage capacity.

As an open access gas storage facility, Bergermeer Gas Storage will offer a majority of its total storage capacity to the market, with up to 11.3 TWh being offered for periods of four to 10 years as part of the open season launched this week at the Flame Gas Conference in Amsterdam. This longer-term capacity is intended to be awarded to the launching customers in November 2011. The remaining available capacity will be auctioned on an annual basis with the first auction taking place close to the start of commercial operations.

Commodity pricing environment

Oil prices moved favourably during the quarter. WTI oil price averaged $94.45/bbl for Q1 2011 compared with $78.88/bbl in Q1 2010. Prices for Brent crude increased to an average of $105.71/bbl in Q1 2011 versus $68.43/bbl for the same period last year.

Meanwhile, North American natural gas prices declined year-on-year, with Henry Hub gas prices for the quarter averaged $4.20/mmbtu, down from $4.99/mmbtu for Q1 2010.

Corporate update

In January 2011, TAQA disposed of its Marubeni TAQA Caribbean assets in line with its strategy to focus on developing TAQA's power and water footprint in the greater MENA region.

Post-period corporate developments

On 19 April 2011, TAQA hosted its Annual General Meeting (AGM) during which a new Board was appointed and shareholders approved a dividend distribution of 10 fils per share. For full details please visit: www.taqaglobal.com

- ENDS -

For further information:

TAQA Investor Relations, Abu Dhabi

Tanis Thacker, Head of Investor Relations and Corporate Communications
+971 2 691 4933

Mohammed Mubaideen, Investor Relations Manager
+971 2 691 4964
firstname.surname@taqaglobal.com

Capital MS&L

Dubai - Maram Alkadhi on +971 4 367 6160

London ¨C Claire Maloney / Anna Davies on +44 207 307 5330

firstname.surname@capitalmsl.com

About TAQA

www.taqaglobal.com

TAQA is a global energy company majority owned by the Abu Dhabi Government and listed on the Abu Dhabi Securities Exchange.

Its activities include oil and gas, power generation and water desalination across five continents. With operations in the UK, the Netherlands and North America, the company's oil and gas business includes exploration and production, storage and pipelines. It produces almost 137,000 barrels of oil equivalent per day in the North Sea and North America, as well as operating and developing extensive gas storage facilities in the Netherlands.

TAQA is the sixth largest independent power producer in the world. Its power plants are located in the United Arab Emirates, Morocco, Saudi Arabia, Ghana, India, and the United States. TAQA is the majority owner in the facilities that provide 98% of the water and electricity requirements in the Emirate of Abu Dhabi.

Established in 2005, TAQA's entrepreneurial culture has laid the foundations for long-term sustainable growth building on its commitment to people, safety and the environment.

Follow TAQA on Twitter: www.twitter.com/taqaglobal

Notice Of Results For Abu Dhabi National Energy Company PJSC 8 May 2011
TAQA announced today that it will release its Q1 2011 Financial Results for the period to 31 March 2011 before market open on Wednesday 11 May, 2011.

TAQA to announce Q1 2011 Results on 11 May, 2011

Conference call and webcast details below

Abu Dhabi, UAE – The Abu Dhabi National Energy Company PJSC, a publicly listed company on the Abu Dhabi Securities Exchange (ADX: TAQA), announced today that it will release its Q1 2011 Financial Results for the period to 31 March 2011 before market open on Wednesday 11 May, 2011. In conjunction with the financial results release there is a scheduled conference call and audio webcast at 16:00 hrs (UAE time) on Wednesday 11 May, 2011.

The conference call will be hosted by the Company’s Chief Executive Officer, H.E. Abdulla Saif Al-Nuaimi; General Manager, Carl Sheldon; and the Chief Financial Officer, Mr. Doug Fraser.

Announcement: Q1 2011 Financial Results Conference Call

Date: Wednesday 11 May, 2011

Time: 16:00 (UAE time), 13.00 (UK time), 08.00 (Eastern Standard Time)

UAE dial-in Number: 800 044 0446

International dial-in Number: + 44 (0)20 3140 0668

Confirmation Code: 518067#

Participants will be asked to quote the above code when dialing into the conference.

Please note that a link to the webcast can be found on the TAQA website. The webcast facility will not allow you to ask questions during the question and answer session.

For those who cannot listen to the live call, an instant telephonic replay service will be available for seven days on the following number:

International replay: +44 (0)20 3140 0698

Passcode: 377258#

An archive sound file of the conference call will also be available shortly after the call on the "Investor Relations" section of the Company's website, www.taqaglobal.com, in addition to a transcript of the call.

- Ends -

Contact Details:

Tanis Thacker
+971 2 661 4933
tanis.thacker@taqaglobal.com

Mohammed Mubaideen
+971 2 691 4964
Mohammed.Mubaideen@taqaglobal.com

Anna Davies, Capital MSL
+44 207 307 5346
Anna.davies@capitalmsl.com

Notes to editors

TAQA is a global energy company majority owned by the Abu Dhabi Government and listed on the Abu Dhabi Securities Exchange.

Its activities include oil and gas, power generation and water desalination across five continents. With operations in the UK, the Netherlands and North America, our oil and gas business includes exploration and production, storage and pipelines. It produces almost 137,000 barrels of oil equivalent per day in the North Sea and North America, as well as operating and developing extensive gas storage facilities in the Netherlands.

TAQA is the 6th largest independent power producer in the world. Its power plants are located in the United Arab Emirates, Morocco, Saudi Arabia, Ghana, India, and the United States. TAQA is the majority owner in the facilities that provide 98% of the water and electricity requirements in the Emirate of Abu Dhabi.

Established in 2005, TAQA’s entrepreneurial culture has laid the foundations for long-term sustainable growth building on its commitment to people, safety and the environment.

TAQA Fourth Quarter and Full Year Financial Results 2010 16 Mar 2011
Abu Dhabi, UAE - Abu Dhabi National Energy Company PJSC (“TAQA”), a publicly listed company on the Abu Dhabi Securities Exchange (ADX: TAQA), today reported its Fourth Quarter and Full Year 2010 financial results.

Revenues increased 27% to AED 21.4 billion, resulting in EBITDA of AED 10.4 billion

Net Profit exceeded AED 1.0 billion

Proposed dividend of AED 0.10 per share

Abu Dhabi, UAE - Abu Dhabi National Energy Company PJSC ("TAQA"), a publicly listed company on the Abu Dhabi Securities Exchange (ADX: TAQA), today reported its Fourth Quarter and Full Year 2010 financial results.

  Q4 2010 Q4 2009 % change FY 2010 FY 2009 % change
Total assets (AED million) 116,059 91,845 26% 116,059 91,845 26%
Total revenues (AED million) 6,283 91,845 44% 21,401 16,855 27%
Power & Water (AED million) (1) 1,801 1,582 14% 6,781 6,150 10%
Oil & Gas (AED million)(2) 2,924 2,222 36% 9,277 7,322 27%
Cost of sales (AED million) (4,063) (3,576) 14% (14,250) (12,672) 12%
EBITDA (AED million) 2,748 2,160 27% 10,402 7,951 31%
Net profit (AED million) 343 (84) n/a 1,019 182 460%
Basic earnings per share (AED) 0.06 (0.01) n/a 0.17 0.03 466%
Debt/EBITDA 6.49 6.74 4% 6.86 7.33 31%
Net debt to capital (%) 80% 81% 1% 80% 81% 31%

(1) Excludes supplemental fuel and includes net liquidated damages relating to delays at Fujairah

(2) Includes Oil Storage and Other Operating Revenue

(3) Includes reversal of impairment of reserves, totalling AED 416 for FY 2010, versus an impairment of AED 538 in FY 2009

Summary

The positive commodity pricing environment combined with increased power production delivered a 27% year-on-year increase in revenues. Cost of sales benefitted by AED 416 million from the reversal of a previous oil and gas asset impairment resulting from a successful oil and gas drilling programme in North America.

TAQA recorded EBITDA of AED 10.4 billion and Net Profit After Tax of AED 1.0 billion. Earnings per Share was AED 0.17 for the full year.

As a result of this positive performance and given its confidence in TAQA's position, the Board of Directors is proposing a dividend of AED 0.10 per share, subject to approval at the Annual General Meeting on 19 April 2011.

Comment

H.E. Abdulla Saif Al-Nuaimi, Chief Executive Officer and Managing Director of TAQA, said:

"2010 was an excellent year for TAQA -- not only did we record strong financial and operational performance, but we also made significant headway in realigning the business to a more focussed strategy which targets long-term value.

"We have added high-quality, earnings-accretive assets to our global footprint over the course of the year. Alongside these additions, we have conducted a strategic review of our international portfolio and have identified and prioritised the best opportunities for value creation. Furthermore, we have taken steps to improve our organisational structure by strengthening our headquarters in Abu Dhabi. The net result is an organisation which offers real organic growth potential.

"The continued support of the Emirate of Abu Dhabi, our pipeline of organic projects and a strong financial position fill me with confidence for 2011 and beyond."

Carl Sheldon, General Manager of TAQA, said:

"TAQA's operational performance is evident in our financial results for the year. Overall, oil and gas production finished the year at the high end of our original guidance, while revenues were simultaneously boosted by better oil and gas pricing. The consistent reliability of our high-performing power and water facilities has once again provided a stable backbone to TAQA's overall results. Combined with discipline in operational expenditures and the success of our drilling programs in North America and the UK North Sea, our operational efficiency has enabled us to deliver strong EBITDA and Net Profit."

Financial Summary

Profit & Loss

Total revenues for 2010 were AED 21.4 billion, 27% higher year-on-year, compared with total revenues of AED 16.9 billion in 2009. Fourth quarter revenues were AED 6.3 billion, an increase of 44% compared to the fourth quarter of 2009.

Total Oil & Gas revenues increased from AED 7.3 billion to AED 9.3 billion for the full year. This was primarily driven by an increase in realized commodity prices throughout 2010.

Total Power & Water revenues, excluding supplemental fuel income, increased from AED 6.2 billion in 2009 to AED 6.8 billion in 2010. This includes net liquidated damages resulting from the delay in the completion of Fujairah 2 and reflects the first full year of revenues from the expansion at Taweelah A1, which was completed during 2009.

Cost of sales increased 12% from AED 12.7 billion to AED 14.3 billion. Within this, operational expenses, excluding fuel expenses, increased at a slower rate than revenues and assets. The success of our drilling programme in North America resulted in a reversal of previous impairment provisions made in 2009.

Net Profit After Tax for the year totalled AED 1.0 billion, reflecting improved operational performance, reversal of the 2009 impairment provision, liquidated damages received from the delay in commissioning the Fujairah 2 plant and investment income from Sohar Aluminium.

During 2010, TAQA implemented three risk management programs with the objectives of reducing earnings volatility resulting from exposure to global commodity pricing, reducing overall interest costs and better aligning liabilities in currency terms to the underlying cash flows of the business.

Balance sheet

Prudent financial management remains a key priority for TAQA's management. TAQA's Net Debt/Capital ratio decreased to 80%, and Net Debt/EBITDA reduced to 6.9 times for FY 2010, despite the additional debt added to TAQA's balance sheet during 2010 related to the transfer from ADWEA of the high-quality, cash-generating plants Fujairah 2 and Shuweihat 2.

During the year, TAQA completed two successful refinancings: a CDN$1.0 billion facility in May, relating to our Canadian business; plus a US$3.0 billion revolving credit facility in December. Both were over-subscribed.

In December 2010, TAQA was awarded an 'A Stable' credit rating from Standard & Poors, complementing its existing A3 rating from Moody's Investor Services.

Operational Highlights

Power & Water

TAQA has grown to become the sixth-largest global independent power producer. Its Power & Water business performance continues to generate steady, stable cash flows, with a top-quartile performance for technical availability of power.

Key Performance Indicators   FY 2010 FY 2009 %
change
Total revenues in AED million   6,781 6,150 10%
% of overall revenues
(excluding supplemental fuel revenue)
  42% 46% 4%
Total generation capacity (MW) Global 15,905 13,729 16%
Domestic 10,994 8,533 29%
International 4,911 5,196 5%
Total power production (Gwh) Global 68,189 65,012 5%
Domestic 39,397 37,629 5%
International 28,793 27,383 5%
Technical availability of power generation business (%) Global 93.5% 94.4% 1%
Domestic 94.3% 95.9% 2%
International 91.3% 88.2% 3%
Water desalination capacity (MIGD) Total 787 654 20%
Total water desalination (MIG) Total 165,402 207,226 20%

(1) Excludes supplemental fuel and includes net liquidated damages relating to delays at Fujairah 2

TAQA produced 68,189 GWh of electricity and 165,402 MIG of water during 2010. This, combined with net liquidated damages received in relation to Fujairah 2, generated total revenues of AED 6.8 billion.

Technical availability at TAQA's domestic power utilities was 94.3%, with its international portfolio recording 91.3%. An average technical availability of 93.5% across the global asset base, underlines the high quality of the assets and their operational efficiency.

Fuel revenues were AED 5.3 billion in 2010, compared to AED 3.4 billion in 2009 due to higher use of back up fuel in 2010 in the domestic subsidiaries and higher power generation at Red Oak. There was a corresponding increase in fuel costs recorded for the same reason.

Domestic

Fujairah 2, a 2,000 MW and 130 MIGD power and water facility from ADWEA. Fujairah 2 has been in operation since January 2011.

In December, ADWEA transferred to TAQA a 54% interest in the Shuweihat 2 power and water plant, adding 1,500 MW and 100 MIGD to TAQA's portfolio once construction is complete at the end of 2011.

International

In December, TAQA's Jorf Lasfar Energy Company in Morocco completed the tender for the Engineering, Procurement and Construction contract for its 700 MW expansion project. The contract was awarded to the preferred qualified bidder, Mitsui Daewoo.

In May, TAQA signed a Memorandum of Understanding in Ghana with the Volta River Authority for the expansion of the Takoradi plant, which is expected to add 110 MW of efficient, combined-cycle electricity generation, extending the plant capacity to 330 MW.

In June, TAQA acquired a 40% equity stake from ADWEA in the Sohar Aluminium Company in Oman, which includes a 1,000 MW captive power plant. The effective date of ownership was 1 January, 2010. This high quality operation contributed significantly to net income in 2010 and provides an entry point for TAQA into the Sultanate of Oman.

In the USA, TAQA transitioned its partnership for TAQA Gen-X to Morgan Stanley, one of the world's leading commodity traders.

Oil & Gas

TAQA's Oil & Gas business comprises strong, well-resourced centers of excellence supporting a portfolio of assets with viable growth potential.

Key Performance Indicators   FY 2010 FY 2009 %
change
Total revenues in AED million   9,277 7,322 27%
% of overall revenues
(excluding supplemental fuel revenue)
  58% 54% 4%
Total production
(mboe/day)
Global 134.6 134.8 -
North America 88.6 89.9 1%
UK 37.3 38.2 2%
Netherlands 8.7 6.8 29%
Average net realized price of crude oil sold
(US$ per barrel)
North America 68.33 55.82 22%
UK 80.34 60.54 33%
Netherlands 82.61 61.62 34%
Average net realized price of gas sold
(US$ per thousand feet)
North America 4.24 4.06 4%
UK 58.27 54.55 7%
Netherlands 50.85 49.00 4%
Water desalination capacity (MIGD) Total 787 654 20%
Total water desalination (MIG) Total 165,402 207,226 20%

Total Oil & Gas full year revenues, including gas storage and other operating revenues, totalled AED 9.3 billion, an increase of AED 2.0 billion compared to AED 7.3 billion in 2009. This 27% increase was driven primarily by the increase in crude oil and natural gas prices in 2010.

Total global production for 2010 was 134.6 mboe/day with a reserve replacement ratio of 176%.

North America

Production levels in North America remained strong at 90.3 mboe/day in the fourth quarter and 88.6 mboe/day for 2010.

TAQA acquired interests in West Central Alberta during the second half of 2010 adding 6.1 mboe/day of liquid rich gas in addition to the strategic Bearberry gas processing facility.

TAQA also launched the development of a large oil project in the Central Alberta Cardium field with early results exceeding expectations.

UK

Production volumes in the UK North Sea were 36.1 mboe/day in the fourth quarter and averaged 37.3 mboe/day for the full year of 2010.

During the year, TAQA completed the North Cormorant and mobile drilling campaigns in the UK North Sea, adding nearly 14,000 boe/day in new production plus the Falcon field discovery, which is expected to come on-stream during 2011.

In September, TAQA celebrated its first anniversary as Duty Holder of Cormorant Alpha, North Cormorant, Tern and Eider. It also successfully completed four planned shutdowns in the UK North Sea totalling 60,000 man-hours on time, on budget and with no health or safety incidents.

Also in September, TAQA acquired an 81% stake in production licenses for two blocks in the Otter Field Development Area, adding approximately 6,000 boe/day at completion.

Netherlands

Production levels increased in the Netherlands to 8.7 mboe/day, an increase of 29% year-on-year, which is largely attributed to the restarting of production at the Rijn oil field following a three-year re-commissioning programme.

TAQA increased its equity in the flagship Bergermeer Gas Storage project from 36% to 60% in August. During 2010 the project progressed through to the final permitting stage and is expected to start construction in 2011.

TAQA's Oil & Gas business benefitted from a positive pricing environment during 2010.

WTI oil price averaged $85.21/bbl for Q4 2010 and $79.40/bbl throughout the year up from an average of $61.65/bbl for 2009. Prices for Brent crude increased to an average of $88.01/bbl in Q4 2010 and $83.48/bbl for the year up from $75.54/bbl in Q4 2009 and $73.59 bbl on average in 2009. Henry Hub gas prices for the quarter averaged $3.79/mmbtu, down from $4.37/mmbtu for Q4 2009. For the full year Henry Hub gas prices averaged $4.37/mmbtu, compared with $3.94/mmbtu in 2009.

Corporate updates

For a full list of corporate updates during 2010, please refer to TAQA's preliminary results at:

http://www.taqa.ae/en/news385.html

Post-period corporate developments

In January 2011, TAQA announced the disposal of Marubeni TAQA Caribbean assets in line with our strategy to focus on developing TAQA's power & water footprint in the greater MENA region.

- ENDS -

For further information:

TAQA Investor Relations, Abu Dhabi

Tanis Thacker, Head of Investor Relations and Corporate Communications
+971 2 691 4933

Mohammed Mubaideen, Investor Relations Manager
+971 2 691 4964
firstname.surname@taqaglobal.com

Capital MS&L

Dubai - Maram Alkadhi on +971 4 367 6160

London ¨C Claire Maloney / Anna Davies on +44 207 307 5330

firstname.surname@capitalmsl.com

About TAQA

www.taqaglobal.com

TAQA is a global energy company majority owned by the Abu Dhabi Government and listed on the Abu Dhabi Securities Exchange.

Its activities include oil and gas, power generation and water desalination across four continents. With operations in the UK, the Netherlands and North America, our oil and gas business includes exploration and production, storage and pipelines. It produces approximately 134,000 barrels of oil equivalent per day in the North Sea and North America, as well as operating and developing extensive gas storage facilities in the Netherlands.

Its power plants are located in the United Arab Emirates, Morocco, Saudi Arabia, Ghana, India, and the United States. TAQA is the majority owner in the facilities that provide 98% of the water and electricity requirements in the Emirate of Abu Dhabi.

Established in 2005, TAQA's entrepreneurial culture has laid the foundations for long-term sustainable growth building on its commitment to people, safety and the environment.

Follow TAQA on Twitter: www.twitter.com/taqaglobal

TAQA Preliminary Financial Results for FY 2010 9 Feb 2011
Optimisation and selective acquisition strategies deliver significantly improved full year profit
Successful refinancing reaffirms strength of financial position

Abu Dhabi, UAE - Abu Dhabi National Energy Company PJSC (“TAQA”), a

Optimisation and selective acquisition strategies deliver significantly improved full year profit
Successful refinancing reaffirms strength of financial position

Abu Dhabi, UAE - Abu Dhabi National Energy Company PJSC ("TAQA"), a publicly listed company on the Abu Dhabi Securities Exchange (ADX: TAQA), today reported its preliminary, unaudited financial results for the year ending 31 December 2010.

These preliminary results are subject to changes that may result from the final determination of certain accounting estimates. Comprehensive, audited full year 2010 results are due to be published on 16 March 2011.

  FY Actual 2009 FY 2010 Preliminary % change
Revenues (AED million) 16,855 21,349 27%
Total assets (AED million) 91,845 115,549 27
Net profit after minority interests
(AED million)
182 937 415%
Earnings per share (fils) 3 15 413%

Comment

H.E. Abdulla Saif Al-Nuaimi, CEO & MD of TAQA, said:
"2010 has been a year of focus for TAQA and we have, as a result, delivered substantial improvement in financial performance. We have worked hard to harness efficiency and opportunity within our footprint while simultaneously adding to it with valuable and complementary transactions during 2010. The net result is a boost to the bottom line and EPS for the period.

"While the economic environment remains somewhat challenging, the more positive commodity pricing environment resulted in a strong final half to the year. Combined with our rapid and tightly priced completion of necessary refinancing during 2010, we have started 2011 with confidence and conviction."

Corporate activity during 2010
During the 12 month period, TAQA completed the following corporate initiatives:

  • March: Moody's Investors Services downgraded TAQA's corporate credit rating from Aa2 to A3 (stable). All Abu Dhabi government related issuers were downgraded while the Government stated TAQA "plays an important role in the Emirate's energy policy."
  • April: H.E. Abdulla Saif Al-Nuaimi appointed Managing Director & Chief Executive Officer, further strengthening the TAQA management team.
  • April: TAQA swapped $1.0 billion of its 2013 fixed rate bonds into floating rate to optimize the company's exposure to floating interest rates.
  • May: CDN $1.0 billion revolving credit facility secured by TAQA NORTH. This facility replaced the existing CDN $1.325 facility due to expire in 2011.
  • August: Jan Willem van Hoogstraten appointed as Managing Director of TAQA Energy to manage TAQA's Netherlands operations.
  • October: David Cook appointed as Executive Officer and Head of Upstream to lead TAQA's global upstream division following more than 20 years experience with BP, TNK-BP, and Amoco.
  • December: 'A' rating received from Standard & Poor's reflecting extensive review of TAQA's strategy and business plan as well as the expected level of government support from the Emirate of Abu Dhabi.
  • December: US$ 3.0 billion revolving credit facility secured for general corporate purposes, replacing the existing US$ 3.15 billion revolving credit facility. The facility from 20 banks comprises US$ 2.0 billion in a three year revolving credit tranche and US$ 1.0 billion in a five year revolving tranche.
  • December: Abu Dhabi Water and Electricity Authority (ADWEA) transferred its 7% ownership stake in Tesla Motors to TAQA.
  • December: Steven L. Phillips appointed as General Counsel for TAQA's worldwide corporate activities, based in TAQA's corporate headquarters in Abu Dhabi, UAE.

In addition to the above, TAQA achieved the following milestones during 2010:
Oil & Gas

  • July: Approval granted to the Bergermeer Gas Storage project to increase the reservoir pressure from 35 bars to 80 bars, thus increasing the allowable volume of cushion gas in the facility.
  • August: Completed acquisition of selected Suncor Energy Oil and Gas Partnership assets by TAQA North for a total consideration of CDN $285 million.
  • August: Agreements signed for the transfer of a 24% stake in the Bergermeer Gas Storage project previously owned by Dyas B.V. and Petro-Canada Netherlands B.V. to TAQA, taking TAQA's ownership of the project from 36% to 60%.
  • September: Signed a Sale and Purchase Agreement (SPA) relating to TOTAL's entire equity stake of 81% in production licences for two blocks in the UK North Sea, with the potential to add approximately 8,000 boe/day.
  • October: TAQA awarded three licences in the UK North Sea from the UK's Department of Energy and Climate Change (DECC).
  • November: Crude oil production was successfully started from the Rijn field offshore the Netherlands, which TAQA acquired in 2007. TAQA applied recent advances in technology to restart the Rijn field, 12 years after being shut down.

Power & Water

  • June: Agreement signed with the Abu Dhabi Water and Electricity Authority (ADWEA) for the transfer of a 40% stake in Sohar Aluminium Company.
  • July: ADWEA transferred 90% of its interest in the Fujairah 2 power and water plant to TAQA, giving TAQA a 54% interest in the facility. Fujairah 2 achieved full completion in January 2011.
  • December: ADWEA transferred 90% of its ownership interest in the Shuweihat 2 power and water plant to TAQA, giving TAQA a 54% interest in the facility. The plant is currently under construction and expected to be commissioned by the end of 2011.

Post-period items

  • January 2011: Disposal of Marubeni TAQA Caribbean assets in line with strategy to focus on developing TAQA?¯s power and water footprint in the greater MENA region.

-ENDS-

For further information:

TAQA Investor Relations, Abu Dhabi

Tanis Thacker, Head of Investor Relations
+971 2 691 4933

Mohammed Mubaideen, Investor Relations Manager
+971 2 691 4964
firstname.surname@taqaglobal.com

Capital MS&L
Dubai - Maram Alkadhi on +971 4 367 6160
London ¨C Anna Davies / Sarah Decottegnie on + 44 207 306 5346 / +44 207 255 5197
firstname.surname@capitalmsl.com

About TAQA

TAQA is a global energy company majority owned by the Abu Dhabi Government and listed on the Abu Dhabi Securities Exchange.
Its activities include oil and gas, power generation and water desalination across five continents. With operations in the UK, the Netherlands and North America, our oil and gas business includes exploration and production, storage and pipelines. It produces almost 137,000 barrels of oil equivalent per day in the North Sea and North America, as well as operating and developing extensive gas storage facilities in the Netherlands.
TAQA is the 6th largest independent power producer in the world. Its power plants are located in the United Arab Emirates, Morocco, Saudi Arabia, Ghana, India, and the United States. TAQA is the majority owner in the facilities that provide 98% of the water and electricity requirements in the Emirate of Abu Dhabi.
Established in 2005, TAQA's entrepreneurial culture has laid the foundations for long-term sustainable growth building on its commitment to people, safety and the environment.

TAQA appoints Ken Boyle as Group Vice President of Human Resources 7 Feb 2011
Abu Dhabi, UAE - Abu Dhabi National Energy Company PJSC (“TAQA”), a publicly listed company on the Abu Dhabi Securities Exchange (ADX: TAQA), today announced that it has appointed Ken Boyle as Group Vice President (GVP) of Human Resources.

Abu Dhabi, UAE - Abu Dhabi National Energy Company PJSC (“TAQA”), a publicly listed company on the Abu Dhabi Securities Exchange (ADX: TAQA), today announced that it has appointed Ken Boyle as Group Vice President (GVP) of Human Resources.

Ken will be assuming the GVP role for TAQA's worldwide Human Resources activities including strategy development, recruitment, talent management, compensation & benefits, and the integration and alignment of Human Resource processes. He will be based in TAQA's corporate headquarters in Abu Dhabi, UAE, reporting to Carl Sheldon, General Manager.

Previously, Ken worked for BP as Vice President of Human Resources for the Middle East and Pakistan and Vice President of Human Resources for the North Sea and Norway. Ken’s appointment at BP followed 13 years at Rolls Royce in various Human Resource roles. Ken is a Companion of the Chartered Institute of Personnel and Development.

H.E. Abdulla Saif Al Nuaimi, Chief Executive Officer and Managing Director of TAQA, said: "The appointment of Ken is a significant one and we are very pleased to appoint someone of his experience to TAQA. Ken is an ideal fit for TAQA having spent the majority of his career in senior HR positions and has a strong grasp of the international energy industry thanks to his time at BP. We all look forward to welcoming him to our corporate headquarters in Abu Dhabi."

Ken Boyle said of his new role at TAQA: “I am delighted to be joining TAQA at such an exciting time in the Company’s development. My experience in the energy sector attracted me to TAQA and I am looking forward to contributing to the future of this dynamic company.”

- ENDS -

For further information:

Contact Information for Media:
Allan Virtanen
TAQA Media Relations, Abu Dhabi
Tel +971 2 691 4894; Mob +971 56 685 2717
Allan.Virtanen@taqaglobal.com

Capital MSL
UAE – Campbell Hood / Maram Alkadhi on +971 4 367 6160

UK - Nick Bastin / Anna Davies on + 44 207 307 5330
firstname.surname@capitalmsl.com

About TAQA

TAQA is a global energy company majority owned by the Abu Dhabi Government and listed on the Abu Dhabi Securities Exchange.
Its activities include oil and gas, power generation and water desalination across five continents. With operations in the UK, the Netherlands and North America, our oil and gas business includes exploration and production, storage and pipelines. It produces almost 137,000 barrels of oil equivalent per day in the North Sea and North America, as well as operating and developing extensive gas storage facilities in the Netherlands.
TAQA is the 6th largest independent power producer in the world. Its power plants are located in the United Arab Emirates, Morocco, Saudi Arabia, Ghana, India, and the United States. TAQA is the majority owner in the facilities that provide 98% of the water and electricity requirements in the Emirate of Abu Dhabi.
Established in 2005, TAQA’s entrepreneurial culture has laid the foundations for long-term sustainable growth building on its commitment to people, safety and the environment.

TAQA Appoints General Counsel 28 Dec 2010
TAQA today announced that it has appointed Steven L. Phillips as General Counsel.

Abu Dhabi, UAE – The Abu Dhabi National Energy Company PJSC (TAQA), a publicly listed company on the Abu Dhabi Securities Exchange (ADX: TAQA), today announced that it has appointed Steven L. Phillips as General Counsel.

Steven will be assuming the General Counsel role for TAQA’s worldwide corporate activities and will oversee the legal departments of the Company’s operational subsidiaries. He will be based in TAQA’s corporate headquarters in Abu Dhabi, UAE.

H.E. Abdulla Saif Al Nuaimi, Chief Executive Officer and Managing Director of TAQA, said: “Steven has played an important role for us since joining in 2007 and I look forward to welcoming him to our corporate headquarters in Abu Dhabi where his global energy experience will be extremely valuable in his new role of group General Counsel.”

Prior to this new role, Steven was General Counsel for TAQA New World, Inc. in Ann Arbor, Michigan. Steven previously worked for CMS Enterprises Company in Asia and North America from May 1996 through to the acquisition by TAQA of a significant portion of CMS Enterprises’ international power generation assets in 2007.
His principal role at CMS Enterprises Company was the acquisition, development, financing and disposition of energy infrastructure companies and assets, across North America, Asia, North Africa and the Middle East.

Steven also worked for Morrison and Foerster LLP, from October 1981 to April 1996, joining as an associate following graduation from University California, Hastings College of the Law, and moving up to the role of partner. Steven is a Member of the California State Bar Association.

ENDS

Contact Information for Media:
Allan Virtanen
TAQA Media Relations, Abu Dhabi
Tel +971 2 691 4894; Mob +971 56 685 2717
Allan.Virtanen@taqaglobal.com

TAQA Investor Relations

Mohammed Mubaideen
Investor Relations Manager
+971 2 691 4964
mohammed.mubaideen@taqaglobal.com

NOTES TO EDITORS

About TAQA

TAQA is a global energy company majority owned by the Abu Dhabi Government and listed on the Abu Dhabi Securities Exchange.
Our activities include oil and gas, power generation and water desalination across five continents. With operations in the UK, the Netherlands and North America, our oil and gas business includes exploration and production, storage and pipelines. We produce over 137,000 barrels of oil equivalent per day in the North Sea and North America, as well as operating and developing extensive gas storage facilities in the Netherlands.
Our power plants are located in the United Arab Emirates, Morocco, Saudi Arabia, Ghana, India, the Caribbean and the United States. TAQA is the majority owner in the facilities that provide 98% of the water and electricity requirements in the Emirate of Abu Dhabi.
Established in 2005, our entrepreneurial culture has laid the foundations for long-term sustainable growth building on our commitment to people, safety and the environment.

TAQA Secures US$ 3.0 Billion Revolving Credit Facility 21 Dec 2010
TAQA today announced that it has secured a US$ 3.0 billion revolving credit facility.

Abu Dhabi, UAE – The Abu Dhabi National Energy Company PJSC (TAQA), a publicly listed company on the Abu Dhabi Securities Exchange (ADX: TAQA), today announced that it has secured a US$ 3.0 billion revolving credit facility. The facility will be used for general corporate purposes and will replace its existing US$ 3.15 billion revolving credit facility, signed in August 2008.

Commenting on the news, Doug Fraser, Chief Financial Officer of TAQA, said:
“ We saw a high level of interest in the syndication of the revolving credit facility from banks around the world resulting in the facility being oversubscribed. The strong interest has allowed us to keep pricing tight and maintain flexibility. All in all, this is a highly successful refinancing process which allows us to extend the bank facility for another three to five years at very attractive pricing.”

The US$ 3.0 billion facility from 20 banks comprises US$ 2.0 billion in a three year revolving credit tranche and US$ 1.0 billion in a five year revolving tranche.

The bookrunners of the facility were The Bank of Tokyo-Mitsubishi UFJ Ltd. (BTMU), BNP Paribas, Citi, HSBC, The Royal Bank of Scotland PLC and Standard Chartered Bank. Initial Mandated Lead Arrangers were Bank of America Merrill Lynch and Sumitomo Mitsui Banking Corporation. The remaining banks in the syndication were: DnB NOR Bank, Intesa Sanpaolo, Natixis, Société Générale, WestLB, Nomura, Europe Arab Bank, Maybank, Bank of Taiwan, Chang Hwa Bank and Commercial Bank (Taipei), Taiwan Co-op Bank and United Taiwan Bank. BTMU have also acted as Coordinator and Facility Agent.

- ENDS -

Contact Information for Media:

Allan Virtanen
TAQA Media Relations, Abu Dhabi
Tel +971 2 691 4894; Mob +971 56 685 2717
Allan.Virtanen@taqaglobal.com

TAQA Investor Relations

Mohammed Mubaideen
Investor Relations Manager
+971 2 691 4964
mohammed.mubaideen@taqaglobal.com

NOTES TO EDITORS

About TAQA

TAQA is a global energy company majority owned by the Abu Dhabi Government and listed on the Abu Dhabi Securities Exchange.
Our activities include oil and gas, power generation and water desalination across five continents. With operations in the UK, the Netherlands and North America, our oil and gas business includes exploration and production, storage and pipelines. We produce over 137,000 barrels of oil equivalent per day in the North Sea and North America, as well as operating and developing extensive gas storage facilities in the Netherlands.
Our power plants are located in the United Arab Emirates, Morocco, Saudi Arabia, Ghana, India, the Caribbean and the United States. TAQA is the majority owner in the facilities that provide 98% of the water and electricity requirements in the Emirate of Abu Dhabi.
Established in 2005, our entrepreneurial culture has laid the foundations for long-term sustainable growth building on our commitment to people, safety and the environment.

TAQA receives A rating from Standard & Poor’s 19 Dec 2010
TAQA announced that it has been confirmed as receiving an A rating from Standard & Poor’s.

Abu Dhabi, UAE – The Abu Dhabi National Energy Company PJSC (TAQA), a publicly listed company on the Abu Dhabi Securities Exchange (ADX: TAQA), today announced that it has been confirmed as receiving an A rating from Standard & Poor’s. The A rating follows an extensive review of TAQA’s strategy and business plan as well as the expected level of government support from the Emirate of Abu Dhabi. TAQA is also rated A3 by Moody's Investor Service.

Commenting on the news, Doug Fraser, Chief Financial Officer of TAQA, said:

“We are pleased to announce that we have reactivated our relationship with Standard & Poor’s. Our strong credit story has been reaffirmed by the A rating awarded today.

- ENDS -

Contact Information for Media:

Allan Virtanen
TAQA Media Relations, Abu Dhabi
Tel +971 2 691 4894; Mob +971 56 685 2717
Allan.Virtanen@taqaglobal.com

TAQA Investor Relations

Mohammed Mubaideen

Investor Relations Manager
+971 2 691 4964
mohammed.mubaideen@taqaglobal.com

NOTES TO EDITORS

About TAQA

TAQA is a global energy company majority owned by the Abu Dhabi Government and listed on the Abu Dhabi Securities Exchange.

Our activities include oil and gas, power generation and water desalination across five continents. With operations in the UK, the Netherlands and North America, our oil and gas business includes exploration and production, storage and pipelines. We produce over 137,000 barrels of oil equivalent per day in the North Sea and North America, as well as operating and developing extensive gas storage facilities in the Netherlands.

Our power plants are located in the United Arab Emirates, Morocco, Saudi Arabia, Ghana, India, the Caribbean and the United States. TAQA is the majority owner in the facilities that provide 98% of the water and electricity requirements in the Emirate of Abu Dhabi.

Established in 2005, our entrepreneurial culture has laid the foundations for long-term sustainable growth building on our commitment to people, safety and the environment.

TAQA Third Quarter and Nine Month 2010 Financial Results 10 Nov 2010
Increased revenues due to higher commodity prices. Third quarter net profit of AED 218 million

TAQA Third Quarter and Nine Month 2010 Financial Results

 TAQA Third Quarter and Nine Month 2010 Financial Results

Increased revenues due to higher commodity prices

Third quarter net profit of AED 218 million

Abu Dhabi, UAE - Abu Dhabi National Energy Company PJSC ("TAQA"), a publicly listed company on the Abu Dhabi Securities Exchange (ADX: TAQA), today reported its financial and operational results for the third quarter and first nine months of 2010.

 

Q3 2010

Q3 2009

% change

Nine- Month 2010

Nine- Month 2009

% change

Revenues (AED million)

5,201

3,898

پ£33%

15,118

12,478

پ£21%

Power & Water

(excl. supplemental fuel income)

1,906

1,620

پ£18%

4,979

4,568

پ£9%

Oil & Gas

1,768

1,496

پ£18%

6,354

5,100

پ£25%

Cost of sales (AED million)

(3,327)

(2,790)

پ£19%

(10,187)

(9,096)

پ£12%

EBITDA (AED million)

2,794

1,895

پ£47%

7,654

5,791

پ£32%

Net profit (AED million)

218

90

پ£142%

676

266

پ£154%

Basic earnings per share (fils)

0.04

0.02

پ£142%

0.11

0.04

پ£157%

Net debt to capital (%)

81%

82%

پ¥1%

81%

82%

پ¥1%

Summary

Higher supplemental fuel income, plus a more positive commodity pricing environment and higher oil and gas production, saw a 33% increase in revenues. Excluding supplemental fuel income, underlying operational revenues increased 18%. Combined with the contribution from TAQAپfs stake in Sohar, this resulted in a 142% increase in net profit for the quarter.

Comment

H.E. Abdulla Saif Al-Nuaimi, CEO & MD of TAQA, said:

پgOnce again our results demonstrate our progress against our strategic objectives. TAQAپfs global portfolio has yielded a strong financial performance and a continued increase in revenues, which combined with careful management has resulted in another quarterly uplift in net profit.

I feel confident that TAQAپfs portfolio and footprint will continue to yield positive results to the benefit of our shareholders in the months and years to come.پh

Carl Sheldon, General Manager of TAQA, said:

پgOver the course of the last three months, in response to the more positive commodity pricing environment and as a result of our asset optimisation work and acquisitions, we have increased production in our Upstream assets. Combined with stable revenues from our Power & Water portfolio, this has resulted in a strong increase in our top line.

پgWe continue to add to our footprint in the UK North Sea, with the acquisition of the Otter field from TOTAL and the award of licences from the UKپfs Department of Energy and Climate Change in the latest licensing round. This licence acreage, strategically located adjacent to existing infrastructure, positions us well for future growth, as does our drilling programme in North America.پh

Financial Summary

Total revenues for the third quarter were AED 5.2 billion in 2010, 33% higher year-on-year, compared with total revenues of AED 3.9 billion for the same period in 2009. This is partially due to a large increase in supplemental fuel income, as a result of higher use of back up fuel in the domestic subsidiaries over the summer months, plus higher revenues at Red Oak in North America.

Excluding supplemental fuel income and liquidated damages from the late delivery of Fujairah 2, underlying operational revenues increased 8%, reflecting slightly increased production from TAQA Bratani, plus more favourable prices in crude oil and natural gas. Higher production at TAQA Energy reflects the inclusion of production from DSM, which TAQA acquired in October 2009.

Power & Water revenues increased by 18% quarter-on-quarter, largely reflecting increased generation capacity at Taweelah A1 and liquidated damages of AED 311 million received as a result of a delay in the completion of the Fujairah 2 plant. However, over the nine month period, revenue increased from AED 4.6 billion to AED 4.7 billion, which can be attributed to expansion at Taweelah.

Cost of sales increased from AED 2.8 billion in Q3 2009 to AED 3.3 billion in Q3 2010, reflecting fuel expenses which relate directly to the supplemental fuel income.

The year-on-year increase in net income also reflects the share of income from the Sohar aluminum plant, effective 01 January 2010, and liquidated damages received in relation to a delay in completion of the Fujairah 2 plant.

Operational Highlights

Power & Water

Key Performance Indicators

 

Q3 2010

Q3 2009

% change

Total revenues in AED million

(excluding supplemental fuel income)

 

1,906

1,620

پ£18%

% of overall revenues

 

52%

52%

-

Total generation capacity (MW)

Global

16,903

13,903

پ£22%

Domestic

10,775

8,775

پ£23%

International

6,128

5,128

پ£20%

Total power production (Gwh)

Global

16,749

16,401

پ£2%

Domestic

12,877

12,722

پ£1%

International

3,871

3,678

پ£5%

Technical availability of power generation business (%)

Global

97.2%

97.3%

-

Domestic

98.1%

99.1%

پ¥1%

International

93.4%

89.6%

پ£4%

Water desalination capacity (MIGD)

 

784

654

پ£20%

Total water desalination (MIG)

 

47,046

55,356

پ¥15%

Total revenues from Power & Water increased by 18% to AED 1.9 billion for the quarter.

Technical availability at TAQAپfs domestic power utilities exceeded 98%, with its international portfolio recording 93%. With an average technical availability of 97% across the portfolio, this underlines the high quality nature of the assets and their efficient operation.

Total power generation during the quarter increased by 2% relative to the same quarter in 2009.

During the third quarter, ADWEA transferred 90% of their interest in the Fujairah 2 plant to TAQA, giving TAQA a 54% interest in the facility. Due to a delay in the completion of the Fujairah 2 plant, TAQA received net liquidated damages of AED 311 million, recorded under revenues. Fujairah 2 is now expected to be complete by the end of 2010.

Key Performance Indicators

 

Q3 2010

Q3 2009

% change

Total revenues in AED million

 

1,768

1,496

پ£18%

% of overall revenues

(excl. supplemental fuel income)

 

48%

48%

-

Total production

(mboe/day)

Global

136.8

132.6

پ£3%

TAQA NORTH

88.2

88.4

-

TAQA Bratani

40.2

39.7

پ£1%

TAQA Energy

8.4

4.5

پ£87%

Average net realized price of crude oil sold

(US$ per barrel)

TAQA NORTH

$65.15

$58.51

پ£11%

TAQA Bratani

$77.24

$45.01

پ£72%

TAQA Energy

-

-

 

Average net realized price of gas sold

(US$ per thousand feet)

TAQA NORTH

$3.70

$2.96

پ£25%

TAQA Bratani

$6.71

$4.93

پ£36%

TAQA Energy

$7.29

$6.70

پ£9%

Oil and gas revenues in Q3 2010 were AED 1.8 billion, an increase of AED 0.3 billion compared to AED 1.5 billion in 2009. This 18% increase was driven primarily by the increase in crude oil and natural gas prices and higher volumes from the DSM assets acquired in October 2009. The increase was partly offset by higher royalty payments.

WTI oil price averaged $76.08/bbl in the quarter up from $68.52 in Q3 2009. Prices for Brent Crude increased from an average of $75.31/bbl in Q3 2009 to $78.10/bbl in Q3 2010. Henry Hub gas prices for the quarter averaged $4.27/mcf, up from $3.17/mcf for Q3 2009.

Production levels at TAQA NORTH remained strong at 88.2 mboe/day in the third quarter of 2010. TAQA NORTH continued to enjoy success with its horizontal drilling program at the Bakken fields in Saskatchewan and the northern United States. Additionally, recent test results on the first two wells in TAQA NORTHپfs Cardium oil play have exceeded expectations. The Cardium wells are part of a ten well delineation program that could ultimately lead to the drilling of several additional horizontal oil wells over a five year period.

In the Horn River Basin in Canada, TAQA plans to build an all weather road, a pipeline and drill two horizontal wells. The wells will be tested for an extended period to evaluate the production characteristics of the shale on TAQA's land. Success of this program may lead to a further drilling.

Production volumes at TAQA Bratani were consistent with the third quarter of 2009 at 40.2 mboe/day.

In September, TAQA Bratani signed a sale and purchase agreement relating to TOTALپfs entire equity stake of 81% in production licences for two blocks (P.226 Block 210/15a and P.1021 Block 210/20d) in the Otter Field Development Area. Otter lies adjacent to TAQA Brataniپfs existing North Sea interests and is a sub-sea tieback to the TAQA Bratani operated Eider Platform.

At TAQA Energy has increased its shareholding in the Bergermeer Gas Storage project to 60% after acquiring a 24% stake previously owned by Dyas B.V. and Petro-Canada Netherlands B.V. Dutch State participant EBN holds a 40% stake in the project.

TAQA Energy is also planning to restart oil production at the Rijn field in the Netherlands in November 2010. The Rijn oil field was discovered in 1982 in block P15 40 kilometres offshore Rotterdam and oil production came onstream in 1985. After more than a decade of production, the oil facilities were shut down in 1998.

However, following advances in technology, TAQA Energy plans to re-commission the Rijn field. The project consists of workovers on five oil wells, five water injection wells and an upgrade of the offshore P15-C processing facilities.

In October 2010, TAQA appointed David Cook as Executive Officer and Head of Upstream to lead TAQAپfs global upstream division. David joins TAQA following more than 20 years with BP, TNK-BP, and Amoco. In his new role, David will report directly to H.E. Abdulla Saif Al-Nuaimi, CEO and MD, and Carl Sheldon, General Manager, and will be based at the Groupپfs corporate headquarters in Abu Dhabi.

In late October 2010, the UKپfs Department of Energy and Climate Change (DECC) announced the awards for the 26th Seaward Licensing Round. This is the first round of licensing in which TAQA participated and the Company was successful in three of its five bids. Two of the awards are located in the Northern North Sea, Block 211/26c immediately east of Cormorant and Blocks 211/26d and 3/1b southwest of Pelican. The third award, a joint bid with Nippon, TAQAپfs partner in Brae, is northwest of the North Brae field.

In early November, TAQA announced that it has mandated The Bank of Tokyo-Mitsubishi UFJ, Ltd., BNP Paribas, Citi, HSBC, The Royal Bank of Scotland PLC and Standard Chartered Bank to arrange a US$ 3.0 billion revolving credit facility. The facility will be used for general corporate purposes and will replace the existing US$ 3.15 billion revolving credit facility signed in August 2008.

- ENDS -

For further information:

TAQA Investor Relations, Abu Dhabi

Tanis Thacker, Head of Investor Relations

+971 2 691 4933

Mohammed Mubaideen, Investor Relations Manager

+971 2 691 4964

firstname.surname@taqaglobal.com

Capital MS&L

Dubai - Maram Alkadhi on +971 4 367 6160

London - Nick Bastin / Sarah Decottegnie on + 44 7931 500 066 / +44 77944 21514

firstname.surname@capitalmsl.com

About TAQA

TAQA is a global energy company majority owned by the Abu Dhabi Government and listed on the Abu Dhabi Securities Exchange.

Its activities include oil and gas, power generation and water desalination across five continents. With operations in the UK, the Netherlands and North America, our oil and gas business includes exploration and production, storage and pipelines. It produces almost 137,000 barrels of oil equivalent per day in the North Sea and North America, as well as operating and developing extensive gas storage facilities in the Netherlands.

Its power plants are located in the United Arab Emirates, Morocco, Saudi Arabia, Ghana, India, the Caribbean and the United States. TAQA is the majority owner in the facilities that provide 98% of the water and electricity requirements in the Emirate of Abu Dhabi.

Established in 2005, TAQAپfs entrepreneurial culture has laid the foundations for long-term sustainable growth building on its commitment to people, safety and the environment

TAQA Appoints Executive Officer and Head of Upstream 25 Oct 2010
TAQA announced that it has appointed David Cook as Executive Officer and Head of Upstream to lead TAQA’s global upstream division

Abu Dhabi, UAE – The Abu Dhabi National Energy Company PJSC (TAQA), a publicly listed company on the Abu Dhabi Securities Exchange (ADX: TAQA), today announced that it has appointed David Cook as Executive Officer and Head of Upstream to lead TAQA’s global upstream division.

David joins TAQA following more than 20 years with BP, TNK-BP, and Amoco. Most recently he was Vice President for BP Russia, and also sat on the Board of Directors for three BP–Rosneft joint ventures. Prior to his last role, David worked in various global roles for BP, based in North America, Russia, and the UK. David holds a PhD in Geological Sciences from Michigan State University.

In his new role as Executive Officer and Head of Upstream, David will report directly to H.E. Abdulla Saif Al-Nuaimi, CEO and MD, and Carl Sheldon, General Manager, and will be based at the Group’s corporate headquarters in Abu Dhabi. TAQA’s crude oil and natural gas production averaged more than 132,000 barrels of oil equivalent per day in the first half of 2010, representing more than half of the Group’s revenues for the period. The upstream portfolio had approximately 574 million barrels of oil equivalent of proven and probable reserves at 31 December 2009.

H.E. Abdulla Saif Al-Nuaimi, Chief Executive Officer and Managing Director of TAQA, said: “I am delighted that David is joining us as an Executive Officer and the Head of Upstream. He has extensive experience across the financial, commercial and operational aspects of the upstream sector, and his insight and leadership will prove invaluable as we continue to invest in our global upstream portfolio.”

- ENDS -

CONTACT TAQA:

Tanis Thacker
Head of Corporate Communications and Investor Relations
+971 2 691 4933
tanis.thacker@taqaglobal.com

TAQA Media Relations

Allan Virtanen
Group Corporate Communications Advisor
+ 31 64 61 47 448
allan.virtanen@taqaglobal.com

TAQA Investor Relations

Mohammed Mubaideen
Investor Relations Manager
+971 2 691 4964
mohammed.mubaideen@taqaglobal.com

NOTES TO EDITORS

About TAQA

TAQA is a global energy company majority owned by the Abu Dhabi Government and listed on the Abu Dhabi Securities Exchange.

Our activities include oil and gas, power generation and water desalination across five continents. With operations in the UK, the Netherlands and North America, our oil and gas business includes exploration and production, storage and pipelines. We produce over 132,000 barrels of oil equivalent per day in the North Sea and North America, as well as operating and developing extensive gas storage facilities in the Netherlands.

Our power plants are located in the United Arab Emirates, Morocco, Saudi Arabia, Ghana, India, the Caribbean and the United States. TAQA is the majority owner in the facilities that provide 98% of the water and electricity requirements in the Emirate of Abu Dhabi.

Established in 2005, our entrepreneurial culture has laid the foundations for long-term sustainable growth building on our commitment to people, safety and the environment.

About David Cook

Mr. David Cook was appointed Executive Officer and Head of Upstream for the Abu Dhabi National Energy Company (TAQA) in October 2010.
Prior to his appointment, David was Vice-President, BP Russia. In that role, he was responsible for all of BP’s E&P operational activities in Russia outside of TNK-BP, as well as all aspects of BP’s business relationship with Rosneft and oversight of BP Russia’s Business Services and Security. He also sat on the Board of Directors for three BP – Rosneft joint ventures.
David began his career with Amoco as a geophysicist. After completion of his PhD in Geological Sciences in 1988 from Michigan State University, his early career was in exploration and production operations in the United States, Canada, Eastern Europe and the former Soviet Republics.
In 1993 David was appointed Exploration Manager based in Sakhalin, Russia, where he ran the local exploration and business development activities for Amoco. Upon his return to the United States in 1995, Dave worked as Executive Staff for Amoco’s International Exploration business for one year before taking on a production operations leadership role the US Gulf of Mexico. He then joined to Amoco’s Corporate and Strategic Planning group in Chicago (USA) in 1997.
In 1999, as part of BP (Amoco), David led the E&P Growth Portfolio Performance Management group in London, with accountability for a broad international portfolio. In mid-2000, Dave became BP’s US Gulf of Mexico Deepwater Commercial Manager.
Returning to Russia in 2003, David joined TNK-BP as the Executive Vice-President of Planning and Performance Management. He left that role in 2005, returning to the United States as the Commercial Director for BP’s Russia Offshore businesses.
In 2007 BP transitioned the Russia Offshore business to Moscow, and David returned to Russia as Vice President and Commercial Director, before taking a general management role as Vice-President, BP Russia in 2008.

TAQA Second Quarter and First Half 2010 Financial Results 9 Aug 2010
TAQA Second Quarter and First Half 2010 Financial Results Total revenues increased by 17% year-on-year
Net Profit of AED 458 million for the first half

TAQA Second Quarter and First Half 2010 Financial Results

Total revenues increased by 17% year-on-year

Net Profit of AED 458 million for the first half

9thhAbu Dhabi National Energy Company PJSC (“TAQA”), a publicly listed company on the Abu Dhabi Securities Exchange (ADX: TAQA), today reported its financial and operational results for the second quarter and first half of 2010.

 

Q2 2010

Q2 2009

% change

H1 2010

H1 2009

% change

Revenues (AED million)

5,141

4,380

▲17%

9,917

8,580

▲16%

Power & Water

(excl. supplemental fuel income)

1,598

1,557

▲3%

3,073

2,948

▲4%

Upstream & Midstream

2,036

1,759

▲16%

4,586

3,604

▲27%

Cost of sales (AED million)

3,687

3,169

▲16%

6,860

6,306

▲9%

EBITDA (AED million)

2,343

2,006

▲17%

4,860

3,896

▲25%

Net profit (AED million)

171

136

▲26%

458

176

▲160%

Basic earnings per share (fils)

2.8

2.2

▲27%

7.5

2.9

▲159%

Net debt to capital (%)

80.4%

83.4%

▼3.0%

80.4%

83.4%

▼3.0%

Summary

TAQA’s total revenues increased by 17% during Q2 2010, due to higher supplemental fuel income, improved performance in the domestic Power & Water business and stable contributions from the international Power & Water business. The Upstream and Midstream businesses also benefited from the increase in commodity prices, which offset slightly lower production.

Comment

H.E. Abdulla Saif Al-Nuaimi, CEO & MD of TAQA, said:

“The quarter under review demonstrates the progress we are making in delivering against our strategic objectives. The balance of our portfolio of assets worldwide has once again produced robust financial performance. Total revenues have continued the upward trend which commenced at the end of 2009, benefiting from a more positive commodity pricing environment. This context, combined with incremental earnings from the Sohar acquisition, resulted in a significant improvement to net profit overperiod; a positive progression that creates further value for our stakeholders.

While asset optimization and organic growth form the cornerstones of our strategy, we remain opportunistic and open to bolt-on acquisitions which consolidate our geographic footprint, fit naturally with our core competencies and offer the potential to increase our financial returns. Two acquisitions made during the second quarter 2010 - a portion of Suncor Energy’s assets in Alberta, Canada, and the transfer of ADWEA’s holding in Sohar Aluminium Company - are an excellent fit”

Carl Sheldon, General Manager of TAQA, said:

“We have worked hard over the quarter to continue to refine our operating capability; resulting in improvements to technical availability in our Power & Water business and the ability to once again benefit from the uplift in energy pricing within our considerable Upstream footprint. This Upstream contribution has been achieved despite lower production levels resulting from our maintenance program on assets in the UK North Sea and reduced 2009 drilling activity in Canada in response to low North American gas prices.

The expansion of power generation capacity from our domestic Power & Water portfolio, notably as we capture the full effect of the expansion of the Taweelah A1 facility for the first time, has resulted in an 11% increase in power generation when compared to the same period in 2009. Our Power & Water portfolio, comprising both international and domestic assets, exhibited average technical availability of 97% during the quarter. This operational excellence continues to form the backbone of stability in the company’s cash flow generation.”

Financial Summary

Revenues from the sale of electricity and water during the second quarter increased 3% year-on-year to AED 1.6 billion. The marginal increase was due to the expansion of Taweelah A1 which was commissioned at the end of Q2 2009.

Upstream and Midstream revenues in Q2 2010 were AED 2.0 billion, an increase of AED 0.2 billion compared to AED 1.8 billion in Q2 2009. This 16% increase was driven primarily by the increase in crude oil and natural gas liquid prices plus revenue from DSM assets acquired in October 2009.

The year-on-year increase in net profit can be attributed to greater capacity in our Power & Water business combined with more favourable commodity pricing in our oil and gas businesses. Additionally, the transfer of the Sohar aluminium plant with an effective date of 1 January 2010 added AED 90 million to our net profit.

Over the past three months TAQA maintained its net debt to capital position at 80%.

Operational Highlights

Power & Water

<>

Key Performance Indicators

 

Q2 2010

Q2 2009

% change

Total revenues in AED million

(excluding supplemental fuel income)

 

1,598

1,557

&#9650;3%

% of overall revenues

 

44%

47%

&#9660;3%

Total generation capacity (MW)

Global

14,903

13,903

&#9650;7%

Domestic

8,775

8,775

-

International

6,128

5,128

&#9650;20%

Total power production (Gwh)

Global

15,125

13,558

&#9650;12%

Domestic

11,435

9,994

&#9650;14%

International

3,690

3,652

&#9650;1%

Technical availability of power generation business (%)

Global

97.1%

97.4%

&#9660;0.3%

Domestic

98.8%

98.7%

&#9650;0.1%

International

89.9%

92.0%

&#9660;2.1%

Water desalination capacity (MIGD)

 

654

654

-

Total water desalination (MIG)

 

54,581

52,904

&#9650;3%

Total revenues from Power &amp; Water increased 3% year-on-year to AED 1.6 billion, reflecting the greater power generation capacity of TAQA’s domestic portfolio. The expansion of power generation capacity from our domestic portfolio, notably capturing the full effect of the expansion of the Taweelah A1 facility for the first time, provides a 12% increase in power generation when compared to the same period in 2009.

During Q2 2010 the domestic power plants operated at an average of 98.8% technical availability, while TAQA’s international plants recorded 89.9% availability giving an overall average of 97.1% across the group.

In June ADWEA transferred its 40% equity stake in Oman’s Sohar Aluminium Company to TAQA. The aluminium smelter and accompanying 1,000 MW power plant gives TAQA access to a new market and complements its existing MENA footprint.

Upstream and Midstream

Key Performance Indicators

 

Q2 2010

Q2 2009

% change

Total revenues in AED million

 

2,036

1,759

&#9650;16%

% of overall revenues

(excl. supplemental fuel income)

 

56%

53%

&#9650;3%

Total production

(mboe/day)

Global

127.5

138.2

&#9660;8%

TAQA North

87.7

92.8

&#9660;5%

TAQA Bratani

31.6

40.2

&#9660;21%

TAQA Energy

8.2

5.2

&#9650;58%

Average net realized price of crude oil sold

(US$ per barrel)

TAQA North

$66.04

$53.12

&#9650;24%

TAQA Bratani

$78.74

$55.15

&#9650;43%

TAQA Energy

$79.86

$38.53

&#9650;107%

Average net realized price of gas sold

(US$ per thousand feet)

TAQA North

$4.09

$3.45

&#9650;19%

TAQA Bratani

$5.67

$6.02

&#9660;6%

TAQA Energy

$7.05

$8.19

&#9660;14%

Upstream and Midstream revenues increased 16% compared to Q2 2009, largely reflecting the changes in the oil price at TAQA NORTH and in Europe. Both prices were strong throughout the second quarter 2010, averaging US$ 78.05/bbl for WTI and US$ 79.41/bbl for Brent. North American natural gas prices also showed an improvement over the second quarter of 2009, with NYMEX natural gas averaging US$ 4.35/mmbtu for the quarter.

TAQA NORTHH

Production volumes at TAQA Bratani were 31,600 boe/day in the second quarter, down 21% from the first quarter of 2010 due primarily to a 28-day planned shutdown at the Tern Alpha platform. Additionally, TAQA experienced water injection issues at the Cormorant Alpha and North Cormorant platforms which have since been resolved.

The North Cormorant drilling campaign has been completed and drilling on the Pelican field continued throughout the quarter with two wells now complete. The tie-in of the first well is expected in the third quarter.

At TAQA Energy, the Bergermeer Gas Storage project was granted approval in July to increase the reservoir pressure from 35 bars to 80 bars, thus increasing the allowable volume of cushion gas in the facility. The project is waiting for final permitting before commencing the construction phase.

The Rijn Oil project, in which TAQA holds a 38.3% interest, is on track for first oil in September. This project is expected to add approximately 2,500 bbl/day of gross production (950 bbl/day net).

Key corporate developments during Q2 2010

On 28 of April 2010, TAQA announced the appointment of H.E. Abdulla Saif Al-Nuaimi as Chief Executive Office, further strengthening the management team.

In April, TAQA swapped $1.0 billion of its 2013 fixed rate bonds into floating rate. This was done to optimize the company’s exposure to floating interest rates.

On 23 May 2010, TAQA announced that TAQA NORTH successfully completed the refinancing of a CDN$1.325 billion revolving credit facility. The new facility is a CDN$1.0 billion three year revolving credit facility funded by a syndicate of eight banks.

- ENDS -

For further information:

TAQA Investor Relations, Abu Dhabi

Tanis Thacker, Head of Investor Relations

+971 2 691 4933

Mohammed Mubaideen, Investor Relations Manager

+971 2 691 4964

firstname.surname@taqaglobal.com

Capital MS&amp;L

Dubai - Maram Alkadhi on +971 4 367 6160

LondonNick Bastin / Anna Davies on + 44 7931 500 066 / +44 7789 637 174

firstname.surname@capitalmsl.com

About TAQA

TAQA is a global energy company majority owned by the Abu Dhabi Government and listed on the Abu Dhabi Securities Exchange.

Our activities include oil and gas, power generation and water desalination across five continents. With operations in the UK, the Netherlands and North America, our oil and gas business includes exploration and production, storage and pipelines. We produce almost 128,000 barrels of oil equivalent per day in the North Sea and North America, as well as operating and developing extensive gas storage facilities in the Netherlands.

Our power plants are located in the United Arab Emirates, Morocco, Saudi Arabia, Ghana, India, the Caribbean and the United States. TAQA is the majority owner in the facilities that provide 98% of the water and electricity requirements in the Emirate of Abu Dhabi.

Established in 2005, our entrepreneurial culture has laid the foundations for long-term sustainable growth building on our commitment to people, safety and the environment.

TAQA announces appointment of new Managing Director in the Netherlands 6 Jul 2010
Abu Dhabi, UAE – The Abu Dhabi National Energy Company PJSC (TAQA), a publicly listed company on the Abu Dhabi Securities Exchange (ADX: TAQA) today announced that Jan Willem van Hoogstraten has been appointed as Managing Director of TAQA Energy BV effective 1 September 2010.

Abu Dhabi, UAE – The Abu Dhabi National Energy Company PJSC (TAQA), a publicly listed company on the Abu Dhabi Securities Exchange (ADX: TAQA) today announced that Jan Willem van Hoogstraten has been appointed as Managing Director of TAQA Energy BV effective 1 September 2010.

The role will see Jan Willem van Hoogstraten managing TAQA’s Netherlands operations, as well as having a seat on the TAQA Group Management Board. Jan Willem van Hoogstraten will be replacing Paul van Gelder who is moving to Dutch-based gas infrastructure company – Gasunie – as CEO after heading up TAQA’s European operations for the past three years.

Jan Willem van Hoogstraten has worked for TAQA Energy since January 2008 as Project Director for the TAQA operated Bergermeer Gas Storage project in the Netherlands.

"I am delighted to welcome Jan Willem van Hoogstraten to the TAQA leadership team in his new role as Managing Director. His experience of our flagship Bergermeer Gas Storage project and of the Dutch energy industry make him the ideal candidate to develop our business in the Netherlands. I wish him much success in the future", says TAQA CEO H.E. Abdulla Saif Al-Nuaimi.

- ENDS -

CONTACT TAQA:

TAQA Media Relations

Allan Virtanen
Group Corporate Communications Advisor
+ 31 64 61 47 448
allan.virtanen@taqaglobal.com

NOTES TO EDITORS

About TAQA

TAQA is a global energy company majority owned by the Abu Dhabi Government and listed on the Abu Dhabi Securities Exchange.

Our activities include oil and gas, power generation and water desalination across five continents. With operations in the UK, the Netherlands and North America, our oil and gas business includes exploration and production, storage and pipelines. We produce almost 135,000 barrels of oil equivalent per day in the North Sea and North America, as well as operating and developing extensive gas storage facilities in the Netherlands.

Our power plants are located in the United Arab Emirates, Morocco, Saudi Arabia, Ghana, India, the Caribbean and the United States. TAQA is the majority owner in the facilities that provide 98% of the water and electricity requirements in the Emirate of Abu Dhabi.

Established in 2005, our entrepreneurial culture has laid the foundations for long-term sustainable growth building on our commitment to people, safety and the environment.

Jan Willem van Hoogstraten

Jan Willem van Hoogstraten was appointed Director of the €2.2 bln Bergermeer Gas Storage project in January 2008. Prior to joining TAQA, Jan Willem served as Drilling, Production and Commercial Manager at Wintershall (BASF) for 11 years.

Jan Willem started his career at Shell International and worked in a variety of well engineering roles between 1989 and 1997. During this time he worked in Scotland, Nigeria, Indonesia and England.

Jan Willem obtained a Master’s degree (MSc) in Petroleum Engineering from Delft University of Technology in 1989.

Jan Willem was born in Tripoli, Libya in 1965. He is a Dutch national and has five children.

TAQA Acquires Equity Stake in Oman's Sohar Aluminium Company 30 Jun 2010
Abu Dhabi, UAE – The Abu Dhabi National Energy Company PJSC (TAQA), a publicly listed company on the Abu Dhabi Securities Exchange (ADX: TAQA) today announced the signing of an agreement with its majority shareholder, the Abu Dhabi Water and Electricity Authority (ADWEA) for the transfer to TAQA of a 40% stake in Sohar Aluminium Company (SAC).

Abu Dhabi, UAE – The Abu Dhabi National Energy Company PJSC (TAQA), a publicly listed company on the Abu Dhabi Securities Exchange (ADX: TAQA) today announced the signing of an agreement with its majority shareholder, the Abu Dhabi Water and Electricity Authority (ADWEA) for the transfer to TAQA of a 40% stake in Sohar Aluminium Company (SAC).

The purchase price of this stake is approximately US$400 million and the final terms are to be agreed between TAQA and ADWEA. Completion of the transfer is subject to certain conditions and third party consents.

SAC produces 360,000 tonnes of aluminium per annum at purities of p1020 and above. SAC also owns and operates a state of the art 1,000 MW combined cycle captive power plant. SAC is a joint venture between the Oman Oil Company, ADWEA and Rio Tinto Alcan.

H.E. Abdulla Saif Al-Nuaimi, Chief Executive Officer and Managing Director of TAQA, said: "The acquisition of these facilities at Sohar demonstrates our strategy of delivering stable cash flows and sustained long term growth. Our track record in power generation means that we are well placed to add value to such an energy intensive business as aluminium. This is a high quality operation and is not only expected to increase TAQA’s cash flow, but provides entry for us into the Sultanate of Oman.”

- ENDS -

CONTACT TAQA:

TAQA Investor Relations, Abu Dhabi

Tanis Thacker, Head of Investor Relations
+971 2 691 4933

Mohammed Mubaideen, Investor Relations Manager
+971 2 691 4964

TAQA Media Relations

Allan Virtanen
+ 31 64 61 47 448
allan.virtanen@taqaglobal.com

NOTES TO EDITORS

About TAQA

TAQA is a global energy company majority owned by the Abu Dhabi Government and listed on the Abu Dhabi Securities Exchange.

Our activities include oil and gas, power generation and water desalination across five continents. With operations in the UK, the Netherlands and North America, our oil and gas business includes exploration and production, storage and pipelines. We produce almost 138,000 barrels of oil equivalent per day in the North Sea and North America, as well as operating and developing extensive gas storage facilities in the Netherlands.

Our power plants are located in the United Arab Emirates, Morocco, Saudi Arabia, Ghana, India, the Caribbean and the United States. TAQA is the majority owner in the facilities that provide 98% of the water and electricity requirements in the Emirate of Abu Dhabi.

Established in 2005, our entrepreneurial culture has laid the foundations for long-term sustainable growth building on our commitment to people, safety and the environment.

About Sohar Aluminium

Sohar Aluminium, located at the Sohar Port in Oman, produces 360,000 tonnes of aluminium per annum at purities of p1020 and above and has the world's longest single potline at 1.2km long. The smelter also boasts an onsite carbon facility and produces and rods its own anodes to ensure maximum efficiency and availability to the smelter.

Sohar Aluminium is served by a comprehensive infrastructure which reflects its stature as a global leader in aluminium production. Its facilities include one of the world’s fastest growing ports and a power plant and smelter which utilise the latest technology and employ the best practices.

The Sohar Aluminium Power Plant is a 1,000 MW combined-cycle, captive power plant and consists of four gas turbines and two steam turbines. The facility also includes a desalination facility and a seawater pumping station. The power plant has achieved high levels of efficiency, reliability and availability of power whilst ensuring low emissions, operating costs and environmental impact.

TAQA Q1 2010 Financial Results 23 May 2010
Abu Dhabi, UAE - Abu Dhabi National Energy Company PJSC (“TAQA”), a publicly listed company on the Abu Dhabi Securities Exchange (ADX: TAQA), today announced the successful refinancing of a CDN$1.325 billion revolving credit facility by its wholly-owned subsidiary TAQA NORTH.
 
TAQA Q1 2010 Financial Results
12 May 2010
Abu Dhabi National Energy Company PJSC (“TAQA”), a publicly listed company on the Abu Dhabi Securities Exchange (ADX: TAQA), today reported its first quarter 2010 financial results.

Abu Dhabi, UAE - Abu Dhabi National Energy Company PJSC (“TAQA”), a publicly listed company on the Abu Dhabi Securities Exchange (ADX: TAQA), today reported its first quarter 2010 financial results.

Summary

TAQA benefitted from an increase in commodity prices which resulted in a 38% year on year increase in Upstream and Midstream revenues in the quarter. This solid performance was supported by stable revenues in the Power & Water business. Combined with flat cost of sales, this resulted in a significant increase in net profit after minority interests.

Comment

Carl Sheldon, General Manager of TAQA, said

“We have seen a marked improvement in revenues and profit for the first quarter of 2010, as our Upstream operations have benefited from the recovery in commodity prices. At the same time, our Power & Water business has continued to deliver stable revenues and cash flow and has operated at a high level of technical availability.

Operationally, during the first quarter of 2010, we have continued to focus on the optimisation of our assets, particularly in TAQA NORTH where we have conducted a well by well review, as well as drilling three new wells in the Horn River Basin.

We continue to make excellent progress with our organic growth projects, including signing an MOU with the Ghanaian Government for the expansion of Takoradi, and selecting a preferred EPC bidder for the expansion of Jorf Lasfar in Morocco.

Following the close of the quarter, we have welcomed H.E. Abdulla Saif Al-Nuaimi to the team with his appointment as Chief Executive Officer. His experience, both as a Board member of TAQA and in his other roles for major Abu Dhabi based companies, will be a tremendous asset to TAQA and our shareholders.”

H.E. Abdulla Saif Al-Nuaimi, CEO & MD of TAQA, said:

“We can see the inherent robustness of TAQA’s model coming through in this quarter’s performance, as our Upstream business was able to capture the rebound in global commodity prices to add to the solid foundation of our Power & Water businesses. I am looking forward to working closely with Carl and the team to create further value for the benefit of all our stakeholders.”

Financial Summary

Three month revenues from the sale of electricity and water were AED 1.5 billion, a 6% increase compared with AED 1.4 billion in Q1 2009. The increase was primarily due to the expansion of Taweelah A1 which was commissioned in June 2009.

Oil and gas revenues in Q1 2010 were AED 2.2 billion, an increase of AED 0.6 billion compared to AED 1.6 billion in Q1 2009. This 39% increase was driven primarily by the increase in commodity prices, revenue from the DSM assets acquired in October 2009 and by strengthening of CAD and EUR against AED.

The large increase in net profit and basic earnings per share can be primarily attributed to the improvement in commodity prices.

During the quarter TAQA also made headway in reducing its net debt to capital position which hasbeen reduced to 80% from 85% in the same quarter of 2009.

Operational Highlights

Power & Water

Total revenues from Power & Water increased by 6%, to AED 1.5 billion, reflecting the greater power generation capacity of the domestic portfolio.

During Q1 2010 the domestic power plants operated at an average of 86.8% technical availability, while TAQA’s international plants recorded 97.2% availability giving an overall average of 88.8% across the group.

In addition, TAQA continued to make progress on value-enhancing projects. During the quarter, the Company has completed the tender for the EPC contractor for the Jorf Lasfar plant expansion and selected a preferred bidder. The project expansion of 700 MW remains on track for commissioning in 2013 and 2014.

In Ghana, TAQA signed a Memorandum of Understanding with the Government of Ghana in relation to a proposed 100 MW expansion of the Takoradi plant.

Upstream and Midstream

Upstream and Midstream revenues increased 38% compared to Q1 2009, largely reflecting the improvement in crude oil and natural gas prices, plus additional capacity from the DSM assets acquired in late 2009, and favourable currency movements.

TAQA NORTH focussed on asset optimisation during Q1 2010, with well-by-well property reviews yielding previously unrecognised opportunities in the form of high return, quick to execute, small scale projects. In addition, TAQA NORTH experienced historically high reliability due to preventative maintenance, better operating procedures and a relatively mild winter. This led to a production efficiency of 97% versus 93% last year.

Three Horn River Basin wells were successfully drilled with two tested before the end of the winter drilling season. Preliminary results are promising and complete results are expected in mid-2010.

TAQA Energy’s production was boosted year on year due to the acquisition of DSM Energy. Well workover candidates are being evaluated with the aim to offset natural declines in production.

In terms of gas storage, the cold winter in Europe resulted in increased usage of European gas storage facilities and PGI Alkmaar performed well, producing two-thirds of its capacity.

Bergermeer Gas Storage has achieved a key milestone, with the Netherlands Ministry of Economic Affairs issuing a State Permitting Plan, taking the project to the final stage in the permitting process. Engineering work is on schedule and pipeline engineering is ahead of schedule.

TAQA Bratani found success with its North Sea drilling program in making an oil discovery north-east of its Tern field. The exploration well was drilled in Block 210/25 of production license P296, approximately eight kilometres north-east of the TAQA Bratani operated Tern Alpha platform. Development planning is underway to bring this well on production. The field could potentially be developed as a single-well subsea tieback to the Tern Alpha platform.

Key corporate developments

Q1 2010

On 4th March, Moody’s Investors Services downgraded TAQA’s corporate credit rating from Aa2 to A3 (stable). This was as a result of a change in Moody’s ratings criteria that apply to government related issuers as a whole. All Abu Dhabi government related issuers were downgraded. The support for TAQA from the Government of Abu Dhabi remains unchanged. As the Government stated in their press release following the Moody’s announcement, TAQA "plays an important role in the Emirate's energy policy."

Post period developments

At TAQA’s Annual General Meeting on 20th April, TAQA’s shareholders approved a dividend of 10 fils per share to be paid on 19 May 2010.

On 28 April 2010, TAQA announced it has further strengthened its leadership team with the appointment of H.E. Abdulla Saif Al-Nuaimi as Chief Executive Officer, retaining a role on the TAQA Board of Directors (please see www.taqaglobal.com for the full press release).

- ENDS -

For further information:

TAQA Investor Relations, Abu Dhabi

Tanis Thacker, Head of Investor Relations
+971 2 691 4933

Mohammed Mubaideen, Investor Relations Manager
+971 2 691 4964

Capital MS&L

Dubai - Maram Alkadhi on +971 4 367 6160
London - Nick Bastin / Anna Davies on + 44 7931 500 066 / +44 7789 637 174
firstname.surname@capitalmsl.com

About TAQA

TAQA is a global energy company majority owned by the Abu Dhabi Government and listed on the Abu Dhabi Securities Exchange.

Our activities include oil and gas, power generation and water desalination across five continents. With operations in the UK, the Netherlands and North America, our oil and gas business includes exploration and production, storage and pipelines. We produce almost 135,000 barrels of oil equivalent per day in the North Sea and North America, as well as operating and developing extensive gas storage facilities in the Netherlands.

Our power plants are located in the United Arab Emirates, Morocco, Saudi Arabia, Ghana, India, the Caribbean and the United States. TAQA is the majority owner in the facilities that provide 98% of the water and electricity requirements in the Emirate of Abu Dhabi.

Established in 2005, our entrepreneurial culture has laid the foundations for long-term sustainable growth building on our commitment to people, safety and the environment.

TAQA Completes Refinancing with a CDN$ 1.0 Billion Revolving Facility 23 May 2010
Abu Dhabi, UAE - Abu Dhabi National Energy Company PJSC (“TAQA”), a publicly listed company on the Abu Dhabi Securities Exchange (ADX: TAQA), today announced the successful refinancing of a CDN$1.325 billion revolving credit facility by its wholly-owned subsidiary TAQA NORTH.

Abu Dhabi, UAE - Abu Dhabi National Energy Company PJSC (“TAQA”), a publicly listed company on the Abu Dhabi Securities Exchange (ADX: TAQA), today announced the successful refinancing of a CDN$1.325 billion revolving credit facility by its wholly-owned subsidiary TAQA NORTH.

The new facility is a CDN$1.0 billion three-year revolving credit facility funded by a syndicate of eight Canadian banks.&nbsp; The facility was over-subscribed, leading to the Company accepting the higher limit of its $700 million to $1 billion target established at the beginning of the refinancing process. The company will be initially drawing CDN$875 million from the new facility.

Canadian Imperial Bank of Commerce and the Toronto Dominion Bank acted as the Co-lead Arrangers and Joint Bookrunners in this transaction.&nbsp; Scotia Bank was the Co-Syndication Agent.

- ENDS -

For further information:

TAQA Investor Relations, Abu Dhabi

Tanis Thacker, Head of Investor Relations
+971 2 691 4933

Mohammed Mubaideen, Investor Relations Manager
+971 2 691 4964

Capital MS&amp;L
London - Nick Bastin / Anna Davies on + 44 7931 500 066 / +44 7789 637 174
firstname.surname@capitalmsl.com

About TAQA

TAQA is a global energy company majority owned by the Abu Dhabi Government and listed on the Abu Dhabi Securities Exchange.
Our activities include oil and gas, power generation and water desalination across five continents. With operations in the UK, the Netherlands and North America, our oil and gas business includes exploration and production, storage and pipelines. We produce almost 135,000 barrels of oil equivalent per day in the North Sea and North America, as well as operating and developing extensive gas storage facilities in the Netherlands.
Our power plants are located in the United Arab Emirates, Morocco, Saudi Arabia, Ghana, India, the Caribbean and the United States. TAQA is the majority owner in the facilities that provide 98% of the water and electricity requirements in the Emirate of Abu Dhabi.
Established in 2005, our entrepreneurial culture has laid the foundations for long-term sustainable growth building on our commitment to people, safety and the environment.

Notice of results for Abu Dhabi National Energy Company PJSC (“TAQA”) 10 May 2010
ABU DHABI, UAE – The Abu Dhabi National Energy Company PJSC, a publicly listed company on the Abu Dhabi Securities Exchange (ADX: TAQA), announced today that it will release its Q1 2010 Financial Results for the period to 31 March 2010 before market open on Wednesday, 12 May 2010. In conjunction with the financial results release there is a scheduled conference call and audio webcast at 16:00 hrs (UAE time) on Wednesday, 12 May, 2010.
  • TAQA to announce Q1 2010 results on 12 May, 2010
  • Conference call and webcast details below

ABU DHABI, UAE – The Abu Dhabi National Energy Company PJSC, a publicly listed company on the Abu Dhabi Securities Exchange (ADX: TAQA), announced today that it will release its Q1 2010 Financial Results for the period to 31 March 2010 before market open on Wednesday, 12 May 2010. In conjunction with the financial results release there is a scheduled conference call and audio webcast at 16:00 hrs (UAE time) on Wednesday, 12 May, 2010.

The conference call will be hosted by the Company’s Chief Executive Officer, H.E. Abdulla Saif Al-Nuaimi; General Manager, Carl Sheldon; and the Chief Financial Officer, Mr. Doug Fraser.

Announcement: Q1 2010 Financial Results Conference Call
Date: Wednesday, 12 May, 2010
Time: 16:00 (UAE time), 13.00 (UK time), 08.00 (Eastern Standard Time)
UAE dial-in Number: 800 044 0170
International dial-in Number: + 44 (0)20 7075 1520
Confirmation Code: 226506#

Participants will be asked to quote the above code when dialing into the conference.

Please note that a link to the webcast can be found on the website. The webcast facility will not allow you to ask questions during the question and answer session.

For those who cannot listen to the live call, an instant telephonic replay service will be available for seven days on the following number:

International replay: +44 (0)20 3364 5943
Passcode: 266510#

An archive sound file of the conference call will also be available shortly after the call on the "Investor Relations" section of the Company's website, www.taqaglobal.com, in addition to a transcript of the call.

- Ends -

Contact Details:

Tanis Thacker
+971 2 661 4933
tanis.thacker@taqaglobal.com

Mohammed Mubaideen
+971 2 691 4964
Mohammed.Mubaideen@taqaglobal.com

Anna Davies, Capital MS&amp;L
+44 207 307 5346
Anna.davies@capitalmsl.com

Notes to editors:

About The Abu Dhabi National Energy Company PJSC (TAQA) TAQA is a global energy company majority owned by the Abu Dhabi Government and listed on the Abu Dhabi Securities Exchange.

Our activities include oil and gas, power generation and water desalination across five continents. With operations in the UK, the Netherlands and North America, our oil and gas business includes exploration and production, storage and pipelines. We produce almost 135,000 barrels of oil equivalent per day in the North Sea and North America, as well as operating and developing extensive gas storage facilities in the Netherlands.

Our power plants are located in the United Arab Emirates, Morocco, Saudi Arabia, Ghana, India, the Caribbean and the United States. TAQA is the majority owner in the facilities that provide 98% of the water and electricity requirements in the Emirate of Abu Dhabi.

Established in 2005, our entrepreneurial culture has laid the foundations for long-term sustainable growth building on our commitment to people, safety and the environment.

TAQA Continues to Strengthen Leadership Team 28 Apr 2010
Abu Dhabi, UAE – The Abu Dhabi National Energy Company PJSC (TAQA), a publicly listed company on the Abu Dhabi Securities Exchange (ADX: TAQA) today announced that H.E. Abdulla Saif Al-Nuaimi has been appointed Chief Executive Officer (CEO) of the company with immediate effect. Carl Sheldon will continue as General Manager of TAQA.
  • H.E. Abdulla Saif Al-Nuaimi appointed Chief Executive Officer (CEO) and retains role on the TAQA Board of Directors
  • Top executive management structure consists of Abdulla Saif Al-Nuaimi and Carl Sheldon, who stays as General Manager

Abu Dhabi, UAE – The Abu Dhabi National Energy Company PJSC (TAQA), a publicly listed company on the Abu Dhabi Securities Exchange (ADX: TAQA) today announced that H.E. Abdulla Saif Al-Nuaimi has been appointed Chief Executive Officer (CEO) of the company with immediate effect. Carl Sheldon will continue as General Manager of TAQA.

TAQA’s Executive Committee currently comprising Abdulla Saif Al-Nuaimi, Salem Al-Sayaari and Carl Sheldon will be replaced by a top executive management structure consisting of Abdulla Saif Al-Nuaimi and Carl Sheldon.

The leadership appointments will build on the strategic expertise and industry experience already in place with Abdulla Saif Al-Nuaimi continuing in his role as a member of the TAQA Board of Directors, which he has held since 2005.

H.E. Hamad Al-Hurr Al-Suwaidi, Chairman of the TAQA Board of Directors, commented: “I am very pleased that Abdulla has agreed to take on the role of CEO; I believe that with executive representation on the Board to help drive forward the company’s strategy, and through the combined expertise of Abdulla and Carl working together running the business, the outlook is exceptionally positive for TAQA.”

H.E. Abdulla Saif Al-Nuaimi, newly appointed CEO, commented: “I am delighted to be taking on the role of CEO. In late 2009 we signalled a change in strategic direction moving on from an acquisition led growth strategy to one focused on optimising and integrating our asset base which Carl has already made significant headway in achieving. I am looking forward to working with him to ensure that we execute the opportunities within our existing portfolio to the benefit of all of our key stakeholders. These are exciting times for TAQA with our diversified portfolio of assets, opportunities for organic growth, experienced management team and active capital expenditure programmes we are well positioned for long term sustainable growth.”

- ENDS -

CONTACT TAQA:

TAQA Media Relations

Sucharita Sethi
+ 31 65 46 90 303
sucharita.sethi@taqaglobal.com

Allan Virtanen
+ 31 64 61 47 448
allan.virtanen@taqaglobal.com

Reem Al Midwahi
+ 971 2 6914940
reem.almidwahi@taqaglobal.com

TAQA Investor Relations

Tanis Thacker
+971 2 691 4933
tanis.thacker@taqaglobal.com

Mohammed Mubaideen
+971 2 691 4964
mohammed.mubaideen@taqaglobal.com

NOTES TO EDITORS

About TAQA

TAQA is a global energy company majority owned by the Abu Dhabi Government and listed on the Abu Dhabi Securities Exchange.

Our activities include oil and gas, power generation and water desalination across five continents. With operations in the UK, the Netherlands and North America, our oil and gas business includes exploration and production, storage and pipelines. We produce almost 135,000 barrels of oil equivalent per day in the North Sea and North America, as well as operating and developing extensive gas storage facilities in the Netherlands.

Our power plants are located in the United Arab Emirates, Morocco, Saudi Arabia, Ghana, India, the Caribbean and the United States. TAQA is the majority owner in the facilities that provide 98% of the water and electricity requirements in the Emirate of Abu Dhabi.

Established in 2005, our entrepreneurial culture has laid the foundations for long-term sustainable growth building on our commitment to people, safety and the environment.

H.E. Abdulla Saif Al-Nuaimi has been a member of the TAQA Board of Directors since 2005. His Excellency is also Director of the Privatisation Directorate of the Abu Dhabi Water and Electricity Authority (ADWEA), Deputy Managing Director of the Abu Dhabi Water and Electricity Company (ADWEC) and Chairman of Gulf Power Company.

Carl Sheldon was previously TAQA’s Legal Counsel and Deputy General Manager. Prior to joining TAQA, he was Partner at Allen &amp; Overy LLP where his main focus was the energy sector. He also ran the firm’s German and U.S. operations. Carl is a qualified lawyer admitted to practice in the state of New York and in England. Carl is a US national and holds an MA from Cambridge University.

TAQA Full Year 2009 Financial Results 17 Mar 2010
Abu Dhabi, UAE - Abu Dhabi National Energy Company PJSC (“TAQA”), a publicly listed company on the Abu Dhabi Securities Exchange (ADX: TAQA), today reported its Fourth Quarter and Full Year 2009 financial results.

TAQA Fourth Quarter and Full Year 2009 Financial Results

Stable Power Water business helped offset volatile commodity prices in Upstream business

Progress made in integrating and optimising recently acquired assets

Positioned to take advantage of organic growth opportunities

Board recommends a dividend of 10 fils per share

 

Abu Dhabi, UAE - Abu Dhabi National Energy Company PJSC (“TAQA”), a publicly listed company on the Abu Dhabi Securities Exchange (ADX: TAQA), today reported its Fourth Quarter and Full Year 2009 financial results.

 

Key highlights for the full year 2009:

  • Total revenue was AED 16.9 billion, flat compared with AED 16.8 billion for 2008. Decreased upstream revenues for the year were due to a decline in realized crude oil and natural gas prices. This was partially offset by additional revenue from TAQA’s North Sea assets acquired in December 2008, the full year impact of the expansion of Taweelah B, which was commissioned in October 2008, new production at Fujairah 1 from March 2009 and the inclusion of the Red Oak tolling contract acquired in December 2008.
  • Cost of sales were AED 12.7 billion in 2009, an increase of 26% over AED 10.1 billion in 2008, primarily due to AED 1.7 billion of costs related to TAQA’s northern North Sea assets acquired in December 2008.
  • Included in the Cost of Sales is an impairment provision of AED 538 million (net of a reversal of previous impairments) relating to the oil and gas assets at TAQA Bratani and TAQA NORTH.
  • EBITDA was AED 7.4 billion for 2009, versus EBITDA of AED 9.4 billion in the same period in 2008.
  • Net profit, after minority interests, was AED 182 million compared with AED 1.8 billion in 2008 while basic earnings per share was 3.6 fils for the period, compared with 36 fils for the same period in 2008.
  • Net debt to capital (including minority interests) was 81%, a decrease from 84% at the end of 2008 and 82% at the end of Q3 2009.

 

Comment

Carl Sheldon, General Manager of TAQA, said

“This has been a challenging 12 months for TAQA but I am proud of our achievements. Having grown and diversified our portfolio over the preceding years, we benefited from strong performance from our Power Water business, partially offsetting the lower commodity prices in our Upstream activities.

We are now implementing the next stage of our growth strategy by identifying and executing the organic opportunities our portfolio offers. We started this in 2009 and have already seen results throughout the business, such as the Jorf Lasfar expansion project, Bergermeer Gas Storage and the optimisation of our recently-acquired North Sea wells.

We have strong foundations for 2010: our diversified portfolio of assets; opportunities for organic growth; experienced management team; reliable cash flows; and strong liquidity. With these factors in mind, I am confident in the outlook for the next 12 months and beyond.”

Financial Results

(AED millions)

Operational Highlights

Power Water

  • TAQA’s international and domestic Power and Water business contributed 46% of total revenues during 2009.
  • As at 31 December 2009, TAQA’s Power Water operations represent total global generation capacity (gross) of 13,729 MW.
  • During 2009, total power production was 65,012 Gwh, an increase of 36% over 2008. Total power production comprised 37,629 Gwh in the domestic market and 27,383 Gwh internationally.
  • TAQA’s total water desalination for the period was 207,266 MIG an increase of 8% over 2008, with an installed capacity of 654 MIGD.
  • Technical availability of the power generation businesses averaged 94% compared with 93% in 2008. The average availability of the domestic plants was 96% and the international average availability was 88%.

Upstream and Midstream

  • Upstream activity generated revenues of AED 7.3 billion (including gas storage and other revenue), 54% of total revenues.
  • Total production was 134,898 barrels of oil equivalent per day (mboe/day) in 2009, split between TAQA NORTH (89,906 boe/day), TAQA Bratani (38,221 boe/day) and TAQA Energy (6,771 boe/day), and is up from 114,100 boe/day in 2008.
  • TAQA Bratani has shown the greatest production increase, with production growing from 13,700 boe/day to 38,221 boe/day, an increase of 179% over 2008, largely due to the increased production from the assets acquired in December 2008.
  • TAQA NORTH production declined by 4% due to decreased capital investment as a result of lower gas prices.
  • In 2009, Brent crude averaged US$51/bbl and WTI averaged US$50/bbl, versus US$76 and US$75 respectively in 2008. Similarly, Nymex Henry Hub gas prices averaged US$3.50/mmbtu in 2009, versus US$7. 50 in 2008 .
  • Average net realized price of crude oil sold was US$55.82 per barrel for TAQA NORTH and US$60.54 per barrel for TAQA Bratani.
  • Average net realized price for natural gas sold was US$4.06 per thousand cubic feet (mcf) for TAQA NORTH, US$5.64 per mcf for TAQA Bratani and US$8.00 per mcf for TAQA Energy.

Key highlights for the fourth quarter of 2009:

  • Total revenue reached AED 4.4 billion compared with AED 3.7 billion for the same period in 2008, an increase of 16% due a recovery in crude oil prices and the inclusion of the northern North Sea assets.
  • TAQA recorded a net loss, after minority interests, of AED 84 million compared with a net profit of AED 232 million in the same quarter in 2008, due to an impairment charge of AED 538 million (AED 214 million after-tax).
  • EBITDA of AED 1.6 billion for Q409 was flat compared with AED 1.6 billion in the same period in 2008.

Significant activities in Q4 2009

In relation to the Bergermeer Gas Storage project, the consortium and Gazprom confirmed the final investment decision on the project in October. The consortium will invest €800 million in the construction and design of the gas storage facility. TAQA is the operator and holds a 36% interest in the project. Bergermeer Gas Storage is expected to become north west Europe’s largest commercial underground gas storage facility and will contribute to the development of the Netherlands into a main gas hub.

 

In October, TAQA Energy closed a transaction to purchase 100% of the share capital of DSM Energie Holding B.V. (DSM Energy) for €285 million, spanning both its upstream and midstream portfolios. TAQA Energy acquired non-operated interests in the pipeline company Noordgastransport B.V. (NGT), three other pipelines and 20 producing oil and gas fields in the Dutch North Sea. Furthermore, the assets provide TAQA Energy with additional daily production of approximately 5,000 barrels of oil equivalent (2008 average) of which 85% is natural gas.

 

Also in October, TAQA Bratani brought its first new North Sea oil well on stream. The well was drilled from the TAQA Bratani operated North Cormorant platform and was completed safely, on time and within budget.

On 4 March, Moody’s Investors Services downgraded TAQA’s corporate credit rating from Aa2 (review for downgrade) to A3 (stable). This was as a result of a change in Moody’s ratings criteria that apply to government related issuers as a whole. All Abu Dhabi government related issuers were downgraded. The support for TAQA from the Government of Abu Dhabi remains unchanged. As the Government stated in their press release following the Moody’s announcement, TAQA "plays an important role in the Emirate's energy policy."

 

During a meeting of the Board of Directors on 16 March 2010, the board recommended a dividend of 10 fils per share. This dividend is subject to shareholder approval at the company’s Annual General Meeting to be held on 20 April 2010.

- ENDS -

For further information:

TAQA Investor Relations, Abu Dhabi

Tanis Thacker, Head of Investor Relations

+971 2 691 4933

Mohammed Mubaideen, Investor Relations Manager

+971 2 691 4964

Capital MSL

Dubai - Maram Alkadhi on +971 4 367 6160

 

London - Nick Bastin / Claire Maloney on + 44 7931 500 066 / +44 7770 958 479

firstname.surname@capitalmsl.com

About Abu Dhabi National Energy Company PJSC (TAQA)

TAQA is a global energy company majority owned by the Abu Dhabi Government and listed on the Abu Dhabi Securities Exchange.

 

Our activities include oil and gas, power generation and water desalination across five continents. With operations in the UK, the Netherlands and Canada, our oil and gas business includes exploration, production, storage and pipelines. We produce almost 135,000 boe/d in the North Sea and Canada, as well as operating and developing extensive gas storage facilities in the Netherlands.

Our power plants are located in the United Arab Emirates (UAE),
TAQA Full Year 2009 Preliminary Financial Results 14 Mar 2010
ABU DHABI, UAE – The Abu Dhabi National Energy Company PJSC, a publicly listed company on the Abu Dhabi Securities Exchange (ADX: TAQA), announced today that it will release its Full Year 2009 Financial Results for the period to 31 December 2009 before market open on Wednesday, 17 March 2010. In conjunction with the financial results release there is a scheduled conference call and audio webcast at 16:00 hrs (UAE time) on Wednesday, 17 March, 2010.
  • TAQA to announce Full Year results on 17 March, 201
  • Conference call and webcast details below

ABU DHABI, UAE – The Abu Dhabi National Energy Company PJSC, a publicly listed company on the Abu Dhabi Securities Exchange (ADX: TAQA), announced today that it will release its Full Year 2009 Financial Results for the period to 31 December 2009 before market open on Wednesday, 17 March 2010. In conjunction with the financial results release there is a scheduled conference call and audio webcast at 16:00 hrs (UAE time) on Wednesday, 17 March, 2010.

The conference call will be hosted by the Company’s General Manager, Carl Sheldon; and the Chief Financial Officer, Mr. Doug Fraser.

Announcement: Full Year 2009 Financial Results Conference Call
Date: Wednesday, 17 March, 2010
Time: 16:00 (UAE time), 12.00 (UK time), 07.00 (Eastern Standard Time)
UAE dial-in Number: 800 044 0170
International dial-in Number: + 44 (0)20 7075 1520
Confirmation Code: 107501#

Participants will be asked to quote the above code when dialing into the conference.

Please note that a link to the webcast can be found on the website. The webcast facility will not allow you to ask questions during the question and answer session.

For those who cannot listen to the live call, an instant telephonic replay service will be available for seven days on the following number:

International replay: +44 (0)20 3364 5943
Passcode: 262650#

An archive sound file of the conference call will also be available shortly after the call on the "Investor Relations" section of the Company's website, www.taqaglobal.com, in addition to a transcript of the call.

- Ends -

Contact Details:

TAQA
Mohammed Mubaideen
+971 2 691 4964
Mohammed.Mubaideen@taqaglobal.com

London
Anna Davies, Capital MS&amp;L
+44 207 307 5346
Anna.davies@capitalmsl.com

Notes to editors:

About The Abu Dhabi National Energy Company PJSC (TAQA)
TAQA is a global energy company majority owned by the Abu Dhabi Government and listed on the Abu Dhabi Securities Exchange.
Our activities include oil and gas, power generation and water desalination across five continents. With operations in the UK, the Netherlands and Canada, our oil and gas business includes exploration and production (E&amp;P) and storage and pipelines. We produce almost 135,000 boe/d in the North Sea and Canada, as well as operating and developing extensive gas storage facilities in the Netherlands.
Our power plants are located in the United Arab Emirates (UAE), Morocco, Saudi Arabia, Ghana, India, the Caribbean and the United States. TAQA is the majority owner in the facilities that provide 98% of the water and electricity requirements in the Emirate of Abu Dhabi.
Established in 2005, our entrepreneurial culture has laid the foundations for long-term sustainable growth building on our commitment to people, safety and the environment.
TAQA carries an A3 credit rating from Moody’s

TAQA Announces Ratings Change by Moody’s 4 Mar 2010
Abu Dhabi, UAE - The Abu Dhabi National Energy Company PJSC (TAQA), a publicly listed company on the Abu Dhabi Securities Exchange (ADX: TAQA), today announced that Moody’s Investors Service has downgraded its corporate credit rating of TAQA from Aa2 (review for downgrade) to A3 (stable).

Abu Dhabi, UAE - The Abu Dhabi National Energy Company PJSC (TAQA), a publicly listed company on the Abu Dhabi Securities Exchange (ADX: TAQA), today announced that Moody’s Investors Service has downgraded its corporate credit rating of TAQA from Aa2 (review for downgrade) to A3 (stable).

The support for TAQA from the Government of Abu Dhabi on which the Moody’s credit rating has always been based remains unchanged. Moody's have changed their ratings criteria that apply to government related issuers as a whole and have accordingly downgraded the ratings for all Abu Dhabi government related issuers, including TAQA.

The only TAQA obligations that could be specifically affected as result of the ratings change relate to arrangements under which TAQA Bratani Limited is required to provide security for the decommissioning costs associated with its UK platforms in the Northern North Sea. Since their acquisition in December 2008, the estimated future decommissioning costs of these platforms have been provided for in TAQA’s financial statements.

Carl Sheldon, TAQA General Manager said: “The fundamentals of our business and our strong relationship with the Abu Dhabi Government remain unchanged following Moody's action. Our business model and financial position are strong and robust. At A3, our rating remains a solid investment grade and we expect to continue to enjoy ready access to financial markets in the future. We have the financial flexibility to satisfy our capital requirements and remain well positioned for long term future growth.”

- ENDS -

CONTACT TAQA:

TAQA Investor Relations

Abu Dhabi
Tanis Thacker
+971 2 691 4933
tanis.thacker@taqaglobal.com

Mohammed Mubaideen
+971 2 691 4964
Mohammed.Mubaideen@taqaglobal.com

TAQA Media Relations

Abu Dhabi
Chaza Eskandar 
+971 2 691 4962
ceskandar@taqaglobal.com

Europe
Allan Virtanen
+ 31 64 61 47 448
allan.virtanen@taqaglobal.com

Canada
Leroy McKinnon
+1 403 724 5035
leroy.mckinnon@taqa.ca

NOTES TO EDITORS

About TAQA

TAQA is a global energy company majority owned by the Abu Dhabi Government and listed on the Abu Dhabi Securities Exchange.

Our activities include oil and gas, power generation and water desalination across five continents. With operations in the UK, the Netherlands and Canada, our oil and gas business includes exploration and production (E&amp;P) and storage and pipelines. We produce almost 135,000 boe/d in the North Sea and Canada, as well as operating and developing extensive gas storage facilities in the Netherlands.

Our power plants are located in the United Arab Emirates (UAE), Morocco, Saudi Arabia, Ghana, India, the Caribbean and the United States. TAQA is the majority owner in the facilities that provide 98% of the water and electricity requirements in the Emirate of Abu Dhabi.

Established in 2005, our entrepreneurial culture has laid the foundations for long-term sustainable growth building on our commitment to people, safety and the environment.

Preliminary Financial Results for the Year 2009 14 Feb 2010
TAQA delivers full year profit during challenging business environment
Well positioned to develop substantial organic growth opportunities

TAQA delivers full year profit during challenging business environment
Well positioned to develop substantial organic growth opportunities

Abu Dhabi, UAE – Abu Dhabi National Energy Company PJSC, a publicly listed company on the Abu Dhabi Securities Exchange (ADX: TAQA), today reported preliminary financial results for the period ended 31 December 2009. These are unaudited preliminary results, subject to changes that may be caused by the final determination of certain accounting estimates.

Preliminary revenues increased by 0.8% to AED 16,942 million, from AED 16,806 million in 2008. Total assets grew by 6% to reach AED 91.7 billion in 2009. The company’s preliminary profits for the year were AED 183 million down from AED 1,825 million in 2008 due to lower commodity prices. Basic earnings per were 3 fils compared with 36 fils for 2008.

Commenting on the preliminary results, TAQA General Manager Carl Sheldon said:

“2009 marked a pivotal year for TAQA. The diversification of our portfolio demonstrated its value as the solid revenues from our downstream portfolio offset lower commodity prices in our upstream businesses.

We shifted into a new phase of our growth strategy – evolving from an acquisitive company into one focussed on organic growth and asset optimisation. We are committed to integrating our assets to realise their full potential. We have substantial opportunity to drive organic growth within our business, with the Jorf Lasfar expansion, Fujairah 2 transfer and Bergermeer Gas Storage, and new drilling programmes in the Northern North Sea and the Horn River Basin.

I am pleased to report that we continue to make good progress towards our key long-term target of 70% debt to capital. During 2009, this ratio was reduced from a high of 88% at the end of 2008 to 82% at the end of 2009.

While the economic environment remains challenging, I am optimistic that TAQA’s diversified asset portfolio, experienced management team, reliable cashflows and strong liquidity will enable the company to meet the demands of a new decade.”

Corporate activity during 2009

During the period, TAQA continued its bond buyback programme, with a AED 260 million gain recorded in 2009 from the buyback of its 2036 bonds of a nominal value of US$ 323 million. TAQA continues to evaluate the potential for further bond buybacks.

In February 2009, TAQA announced a share buyback programme of up to 10% (622.5 million shares) of the share capital of the firm. During 2009, TAQA repurchased 158.7 million shares.

At the Annual General Meeting held on 21 April 2009 the shareholders of the Company approved the payment of a dividend of 15 fils per share totalling AED 933 million which was paid on 21 May 2009.

In September, TAQA launched a very successful bond transaction, raising US$ 1.2 billion in five year notes and US$ 500 million in 10 year notes. The proceeds of this issuance were used to finance the DSM acquisition, with the remainder paying down outstanding credit facilities.

In October, TAQA announced a restructuring of its senior management team, as the Company moved into a new phase of development. As part of the management restructuring, Carl Sheldon was promoted to General Manager.

At the end the year, impairment charges were recorded in our Upstream business as a result of our annual reserve evaluations. At TAQA Bratani, we recorded an after tax charge of AED 112 million with respect to our Brae assets. In TAQA North, an after tax charge of AED 116 million was recorded primarily related to our natural gas properties. These charges are included in the financial information provided above. A detailed description of our reserves will be provided with our final year end results.

In addition to the above, TAQA achieved the following milestones during 2009:

Downstream

In March, TAQA completed the US$ 320 million acquisition of a 50% equity stake in Marubeni’s Caribbean energy power portfolio. The deal increased TAQA’s power generation capacity to 12,909 MW (gross) from 10,609 MW; and extended TAQA’s energy value chain to power transmission and distribution.

ADWEA announced in April its intention to transfer 90% of its holding in Fujairah Water and Electricity Company to TAQA. Fujairah Water and Electricity Company holds a 60% interest in the Fujairah 2 power and water plant, currently under construction and expected to be commissioned in mid-2010.

In May, TAQA signed an agreement with the Office National de L’Eléctricité in Morocco to expand the capacity of the Jorf Lasfar power plant by adding two new coal-fired units of at least 350 MW each by 2013. This expansion will help the Office National de l’Eléctricité meet the strong growth in electricity demand in Morocco. The new units will be built, owned, and operated under a new 30-year power purchase agreement. Currently the Jorf Lasfar plant is comprised of four units, with a total capacity of 1,356 MW, providing about half of Morocco’s annual electricity production.

Midstream

In relation to the Bergermeer Gas Storage project, positive advice was received from the Environmental Impact Assessment (EIA) Commission. This marked an important milestone and following the Commission’s advice, the EIA and the related consultations were completed allowing the project to move into the permitting phase.

Later in the year, the project consortium (TAQA, EBN, Dyas and Suncor) achieved two important milestones. First, an agreement was reached with Gazprom to provide cushion gas in exchange for working capacity. Secondly, the consortium and Gazprom confirmed the final investment decision on the project. The consortium will invest €800 million in the construction and design of the gas storage facility between 2009 and 2013. TAQA is the operator and holds a 36% interest in the project. Bergermeer Gas Storage is on schedule to become north west Europe’s largest commercial underground gas storage and will contribute to the development of the Netherlands into a main gas hub.

TAQA Energy purchased 100% of the share capital of DSM Energie Holding B.V. (DSM Energy) for €285 million, spanning both its upstream and midstream portfolios. TAQA Energy acquired non-operated interests in the pipeline company Noordgastransport B.V. (NGT), three other pipelines and 20 producing oil and gas fields in the Dutch North Sea. Furthermore, the assets provide TAQA Energy with additional daily production of approximately 5,000 barrels of oil equivalent (2008 average) of which 85% is natural gas.

Upstream
TAQA North acquired two large land blocks in the highly prospective Horn River Basin in North Eastern British Columbia, Canada for a total of CAD$ 63 million. The sale represented the last substantial blocks of land available in the basin, which is expected to provide a major North American source of natural gas.

In August, TAQA Bratani took over as operator of the North Sea Brent System pipeline and facilities from Shell UK Exploration and Production, which held the position since the mid 1970s. TAQA Bratani also completed the acquisition of four exploration blocks in the Northern North Sea from Shell U.K. Limited and Esso Exploration and Production (UK) Limited.

In October, TAQA Bratani brought its first North Sea oil well on stream. The well was drilled from the TAQA Bratani operated North Cormorant platform and was completed safely, on time and within budget. The initial production of this well was 10,000 barrels of oil per day.

TAQA Energy acquired a 15% interest in the L8-D Unit, L11b-A production platform which services the L8-D gas field, and a pipeline connection to the Noordgastransport pipeline. TAQA Energy was also appointed as operator to the L11b-A production platform with effect from 1 August 2009.

- ENDS -

Contact Information for Media:
Allan Virtanen
TAQA Media Relations, Abu Dhabi

Tel +971 2 691 4894; Mob +971 56 685 2717
Allan.Virtanen@taqaglobal.com

About TAQA

Established in 2005, TAQA is a diversified international energy group headquartered in Abu Dhabi, the capital of the United Arab Emirates, and listed on the Abu Dhabi Securities Exchange (ADX: TAQA).

TAQA’s business is made up of three operating divisions spread across the entire energy value chain: power generation & water desalination; oil and gas exploration & production; and emerging & alternative energy technologies.

Power & Water: TAQA is one the largest independent power producers in the world and the majority owner of the facilities that provide 98% of the water and electricity requirements in Abu Dhabi. TAQA's power plants are located in the UAE, Morocco, Oman, Saudi Arabia, Ghana, India, and USA.

Oil & Gas: with operations in Canada, UK, the Netherlands, USA and Iraq, TAQA's oil and gas business includes exploration and production, underground gas storage and pipeline transportation.

Emerging & alternative energy technologies: TAQA Energy Solutions is dedicated to alternative and technology-driven energy initiatives for long-term efficient energy production and generation. 

TAQA’s vision is to deliver ‘Energy for Growth’: growth within the business; social and economic progress in the communities where TAQA operates; and increased value for our shareholders.

Over the past 40 years the UAE and Abu Dhabi have pursued a vision embodied by progressive development, investment and the highest global standards. TAQA is proud to align its strategy both domestically and globally to Abu Dhabi’s economic vision 2030, working towards sustainable economic development. 

For more information about TAQA visit: www.taqaglobal.com or Twitter: @TAQAGLOBAL

TAQA Third Quarter and Nine Month 2009 Financial Results 11 Nov 2009
Significant operational progress made in the UK and Dutch sectors of the North Sea and on the Bergermeer Gas Storage Project
Nine month 2009 downstream revenues increased 13% over the same period in 2008
Upstream revenues impacted by lower year-on-year oil and gas prices

Significant operational progress made in the UK and Dutch sectors of the North Sea and on the Bergermeer Gas Storage Project
Nine month 2009 downstream revenues increased 13% over the same period in 2008
Upstream revenues impacted by lower year-on-year oil and gas prices

Abu Dhabi, UAE - Abu Dhabi National Energy Company PJSC (“TAQA”), a publicly listed company on the Abu Dhabi Securities Exchange (ADX: TAQA), today reported financial results for the third quarter and the first nine months of 2009.

Key highlights for the first nine months of 2009:

  • Total revenue was AED 12.5 billion compared with AED 13.1 billion for the same period in 2008.
    o Revenue from the electricity and water business, excluding supplemental fuel, increased 13% to AED 4.6 billion, from AED 4.0 billion for the same period in 2008, primarily due to the expansion of Taweelah B and Fujairah I and revenue from the Red Oak tolling contract acquired in December 2008.
    o Supplemental fuel revenues were AED 2.8 billion in 2009, compared with AED 2.2 billion in 2008. This was due to higher back up fuel costs in 2009, primarily in the domestic subsidiaries, which is then passed through to the offtakers.
    o Revenue from oil and gas activities (including gas storage and other revenue) decreased 25% to AED 5.1 billion, compared with AED 6.8 billion for the same period in 2008. This decrease was due to the decline in realized crude oil and natural gas prices. These declines were partially offset by additional revenue from TAQA’s North Sea assets acquired in December 2008.
  • Cost of sales were AED 9.1 billion in 2009, an increase of 24% over AED 7.3 billion in 2008, reflecting AED 1.6 billion of costs related to assets acquired in December 2008. It also includes AED 551 million of fuel costs (which are passed through to the offtakers).
  • Administrative and other expenses were AED 570 million in 2009 compared with AED 575 million in 2008. 
  • EBITDA was AED 5.8 billion for the first nine months of 2009, versus EBITDA of AED 7.8 billion in the same period in 2008. 
  • Net profit, after minority interests, was AED 266 million compared with AED 1.6 billion in the same period in 2008. 
  • Basic earnings per share was 4 fils for the period, compared with 35 fils for the same period in 2008.
  • Total assets as at 30 September 2009 were AED 93.1 billion, reflecting recently completed acquisitions.
  • Net cash was AED 4.3 billion, up from AED 4.2 billion at the end of December 2008.
  • Net debt to capital (including minority interests) was 84%, down from 85% at the end of Q2 2009.

Key highlights for the third quarter of 2009:

  • Total revenue reached AED 3.9 billion compared with AED 4.5 billion for the same period in 2008, a decrease of 14%.
    o Revenue from the electricity and water business, excluding supplemental fuel, increased 11% to AED 1.6 billion, from AED 1.5 billion for the same period in 2008. This increase was primarily due to the expansion of Taweelah B and Fujairah I and revenue from the Red Oak tolling contract acquired in December 2008.
    o Revenue from oil and gas activities (including gas storage and other revenue) declined 33% to AED 1.5 billion, compared with AED 2.2 billion for the same period in 2008, driven by the decline in realized prices.
  • Cost of sales were AED 2.8 billion in 2009, an increase of 9% from AED 2.6 billion in 2008. The increase was primarily driven by additional operating costs related to new acquisitions in December 2008, which was partially offset by overall lower operating costs.
  • Administrative and other expenses were AED 219 million in 2009 compared with AED 193 million in 2008.
  • EBITDA was AED 1.9 billion for the third quarter of 2009, versus EBITDA of AED 3.0 billion in the same period in 2008. 
  • Net profit, after minority interests, for the quarter was AED 90 million compared with AED 723 million in the same quarter in 2008.
  • Basic earnings per share were 2 fils for the quarter, compared with 13 fils for the same period in 2008.

Comment

Carl Sheldon, General Manager of TAQA, said:

“The value of our diversified business model has been amply demonstrated through the stable cash flows generated by our downstream assets, which have offset the greater volatility of our upstream business.
During the quarter and throughout the year, TAQA has made significant progress in maximising its existing assets. Not only did we take over the operatorship of the North Sea Brent pipeline system and facilities in August, but were also appointed operator of the L11BA platform in the Dutch North Sea, which we took over from Chevron. In the past month, we passed another milestone, having brought our first new well on-stream in the UK North Sea, effectively boosting European production by 10,000 barrels of oil equivalent a day.
In October, we were pleased to announce, on behalf of the Bergermeer Gas Storage Consortium, a positive final investment decision for what will be Europe’s largest gas storage facility with third party access. This will position TAQA at the heart of Europe’s future energy system.
I firmly believe that our global energy assets present our investors with significant potential value and our focus now is on fulfilling this through the optimisation of our existing portfolio into 2010 and beyond.”

Market overview

Year-on-year comparisons are affected by a significant difference in commodities pricing, especially when compared to Q3 2008 during which oil prices reached a peak of over US$140, before falling below US$35 in Q1 2009. However, prices have slowly recovered throughout 2009. WTI spot prices averaged US$43.18 for Q1, US$59.69 for Q2 and US$68.14 for Q3. Brent followed a similar trajectory at US$45.04 for Q1, US$59.28 for Q2 and US$68.25 for Q3.
Nymex Henry Hub prices averaged US$3.44 per mmbtu for Q3 versus US$3.81 for Q2. This can be contrasted to Q3 2008 when the average price was US$8.95.

Downstream

  • TAQA’s international and domestic downstream business contributed 52% of total revenues during the third quarter of 2009. 
  • As at 30 September 2009, TAQA’s downstream operations represent total global generation capacity (gross) of 12,909 MW.
  • During the third quarter of 2009, total power production was 16,279 Gwh, an increase of 20% over the second quarter of 2009, due to seasonal demand in the domestic market and increased capacity at Taweelah B. Total power production comprised 12,723 Gwh in the domestic market and 3,556 Gwh internationally.
  • TAQA’s total water desalination for the period was 55,356 MIG, with an installed capacity of 654 MIGD.
  • Technical availability of the power generation businesses averaged 97.3%, with an average domestic availability of 99.1% and an international average availability of 89.6%.

Upstream and midstream

  • Upstream activity generated revenues of AED 1.5 billion (including gas storage and other revenue), 48% of total revenues.
  • Total production was 132.6 thousand barrels of oil equivalent per day (mboe/day) in the third quarter of 2009, split between TAQA North (88.4 mboe/day), TAQA Bratani (39.7 mboe/day) and TAQA Energy (4.5 mboe/day), and is up from 110.5 mboe/day in the third quarter of 2008.
  • TAQA Bratani has shown the greatest production increase, with production growing from 10.7 mboe/day to 39.7 mboe/day in the third quarter, an increase of 271% over the same period last year. This increase is a direct result of the integration of the assets acquired in December 2008.
  • TAQA North production declined by 5% due to decreased capital investment as a result of lower gas prices.
  • Average net realized price of crude oil sold was US$58.51 per barrel for TAQA North and US$45.01 per barrel for TAQA Bratani.
  • Average net realized price for natural gas sold was US$2.96 per thousand cubic feet (mcf) for TAQA North, US$4.93 per mcf for TAQA Bratani and US$6.70 per mcf for TAQA Energy.

Finance

  • Finance costs have decreased year-on-year, to AED 904 million in the third quarter compared with AED 984 million for the same period in 2008, as a result of TAQA’s bond buyback programme during the year and lower interest rates on floating debt.
  • TAQA benefited from a gain in the fair value of derivatives of AED 146 million versus a loss of AED 32 million for Q3 2008. This relates to hedging in place at the Red Oak facility.
  • TAQA recorded a foreign exchange loss of AED 69 million, versus a gain of AED 84 million in Q3 2008. This was due to currency movements relating to the refinancing of debt in the Moroccan subsidiary and the devaluation of the Euro and Sterling against the U.S. dollar.
  • In September TAQA raised US$1.7 billion through a bond offering, the proceeds of which were used to pay down a revolving credit facility and to finance the acquisition of DSM Energy (which closed on 01 October).
  • In early July, following a change in Standard &amp; Poors’ methodology for rating government related entities, TAQA terminated its relationship with this credit rating agency. TAQA continues to be rated Aa2 by Moody’s.

Corporate activity during the period

  • In July, TAQA announced the EUR 285 million acquisition of DSM Energy, which subsequently completed on 1 October, providing TAQA with non-operated interests in the pipeline company Noordgastransport B.V. (NGT), three other pipelines and interests in 20 producing oil and gas fields in the Dutch North Sea. The assets will strengthen TAQA’s midstream position in Europe and provide additional daily production of approximately 5,000 barrels of oil equivalent (2008 average) of which 85% is natural gas. 
  • In August, TAQA Energy acquired interests in Dutch North Sea assets including a 15% interest in the L8-D Unit, L11b-A production platform which services the L8-D gas field, and a pipeline connection to the Noordgastransport (NGT) pipeline. Following the acquisition, the L8-D Field Group appointed TAQA Energy as operator of the L11b-A production platform with effect from 1 August 2009.
  • Underlining TAQA’s commitment to the North Sea, on 4 August TAQA Bratani took over as operator of the North Sea Brent system pipeline and facilities from Shell UK Exploration.
  • In September, TAQA Bratani completed the acquisition of four exploration blocks in the Northern North Sea from Shell U.K. Limited and Esso Exploration and Production (UK) Limited for an undisclosed sum.

Post period developments

  • On 16 October, TAQA announced a restructuring of its senior management team, as the Company moves into a new phase of development. As part of the management restructuring, Carl Sheldon was promoted to General Manager, with day to day operational responsibility.
  • In October, the Bergermeer Gas Storage Project Consortium confirmed the final investment decision on the project. The Consortium will invest EUR 800 million in the construction and design of the gas storage facility between 2009 and 2013. Construction of the Bergermeer Gas Storage facility will start after the necessary permits have been granted, with commercial operations expected to commence in 2013.
  • On 27 October, TAQA Bratani brought its first new North Sea oil well on stream. The well was drilled from the TAQA Bratani operated North Cormorant platform and was completed safely, on time and within budget. It is expected to add approximately 10,000 barrels of oil equivalent a day to TAQA’s production.

- ENDS -

Contact Information for Media:
Allan Virtanen
TAQA Media Relations, Abu Dhabi

Tel +971 2 691 4894; Mob +971 56 685 2717
Allan.Virtanen@taqaglobal.com

About TAQA

Established in 2005, TAQA is a diversified international energy group headquartered in Abu Dhabi, the capital of the United Arab Emirates, and listed on the Abu Dhabi Securities Exchange (ADX: TAQA).

TAQA’s business is made up of three operating divisions spread across the entire energy value chain: power generation & water desalination; oil and gas exploration & production; and emerging & alternative energy technologies.

Power & Water: TAQA is one the largest independent power producers in the world and the majority owner of the facilities that provide 98% of the water and electricity requirements in Abu Dhabi. TAQA's power plants are located in the UAE, Morocco, Oman, Saudi Arabia, Ghana, India, and USA.

Oil & Gas: with operations in Canada, UK, the Netherlands, USA and Iraq, TAQA's oil and gas business includes exploration and production, underground gas storage and pipeline transportation.

Emerging & alternative energy technologies: TAQA Energy Solutions is dedicated to alternative and technology-driven energy initiatives for long-term efficient energy production and generation. 

TAQA’s vision is to deliver ‘Energy for Growth’: growth within the business; social and economic progress in the communities where TAQA operates; and increased value for our shareholders.

Over the past 40 years the UAE and Abu Dhabi have pursued a vision embodied by progressive development, investment and the highest global standards. TAQA is proud to align its strategy both domestically and globally to Abu Dhabi’s economic vision 2030, working towards sustainable economic development. 

For more information about TAQA visit: www.taqaglobal.com or Twitter: @TAQAGLOBAL

Notice of results for Abu Dhabi National Energy Company PJSC (TAQA) 9 Nov 2009
ABU DHABI, UAE – The Abu Dhabi National Energy Company PJSC, a publicly listed company on the Abu Dhabi Securities Exchange (ADX: TAQA), announced today that it will release its Third Quarter 2009 Financial Results for the period to 30 September 2009 before market open on Wednesday, 11 November, 2009. In conjunction with the financial results release there is a scheduled conference call and audio webcast at 16:00 hrs (UAE time) on Wednesday, 11 November, 2009.
  • TAQA to announce Q3’09 results on 11 November, 2009
  • Conference call and webcast details below

ABU DHABI, UAE – The Abu Dhabi National Energy Company PJSC, a publicly listed company on the Abu Dhabi Securities Exchange (ADX: TAQA), announced today that it will release its Third Quarter 2009 Financial Results for the period to 30 September 2009 before market open on Wednesday, 11 November, 2009. In conjunction with the financial results release there is a scheduled conference call and audio webcast at 16:00 hrs (UAE time) on Wednesday, 11 November, 2009.

The conference call will be hosted by the Company’s General Manager, Carl Sheldon; and the Chief Financial Officer, Mr. Doug Fraser.

Announcement: TAQA Third Quarter 2009 Financial Results Conference Call
Date: Wednesday, 11 November, 2009
Time: 16:00 (UAE time), 12.00 (UK time), 07.00 (Eastern Standard Time)
UAE dial-in number: 8000440112 8000440112
International
dial-in number:
+44(0)2030032666 +44(0)2030032666
Confirmation Code: TAQA Q3 2009 Results

Participants will be asked to quote the above code when dialing into the conference.

Please note that a link to the webcast could be found on the website. The webcast facility will not allow you to ask questions during the question and answer session.

For those who cannot listen to the live call, an instant telephonic and webcast replay service will be available for seven days on the following number:

International replay: +44(0)208 196 1998

Passcode: 9126936#

An archive sound file of the conference call will also be available shortly after the call on the "Investor Relations" section of the Company's website, www.taqaglobal.com, in addition to a transcript of the call.

- ENDS -

Contact Information for Media:

Allan Virtanen
TAQA Media Relations, Abu Dhabi

Tel +971 2 691 4894; Mob +971 56 685 2717
Allan.Virtanen@taqaglobal.com

About TAQA

Established in 2005, TAQA is a diversified international energy group headquartered in Abu Dhabi, the capital of the United Arab Emirates, and listed on the Abu Dhabi Securities Exchange (ADX: TAQA).

TAQA’s business is made up of three operating divisions spread across the entire energy value chain: power generation & water desalination; oil and gas exploration & production; and emerging & alternative energy technologies.

Power & Water: TAQA is one the largest independent power producers in the world and the majority owner of the facilities that provide 98% of the water and electricity requirements in Abu Dhabi. TAQA's power plants are located in the UAE, Morocco, Oman, Saudi Arabia, Ghana, India, and USA.

Oil & Gas: with operations in Canada, UK, the Netherlands, USA and Iraq, TAQA's oil and gas business includes exploration and production, underground gas storage and pipeline transportation.

Emerging & alternative energy technologies: TAQA Energy Solutions is dedicated to alternative and technology-driven energy initiatives for long-term efficient energy production and generation. 

TAQA’s vision is to deliver ‘Energy for Growth’: growth within the business; social and economic progress in the communities where TAQA operates; and increased value for our shareholders.

Over the past 40 years the UAE and Abu Dhabi have pursued a vision embodied by progressive development, investment and the highest global standards. TAQA is proud to align its strategy both domestically and globally to Abu Dhabi’s economic vision 2030, working towards sustainable economic development. 

For more information about TAQA visit: www.taqaglobal.com or Twitter: @TAQAGLOBAL

TAQA restructures leadership team 16 Oct 2009
Abu Dhabi, UAE - Abu Dhabi National Energy Company PJSC (“TAQA”), a publicly listed company on the Abu Dhabi Securities Exchange (ADX: TAQA), today announced a restructuring of its senior management team, as the Company moves into a new phase of development
  • Carl Sheldon is appointed General Manager and takes over the day to day running of the company
  • Peter Barker-Homek to step down

Abu Dhabi, UAE - Abu Dhabi National Energy Company PJSC (“TAQA”), a publicly listed company on the Abu Dhabi Securities Exchange (ADX: TAQA), today announced a restructuring of its senior management team, as the Company moves into a new phase of development.

As part of the management restructuring, Carl Sheldon has been promoted to General Manager, with day to day operational responsibility for TAQA. Carl was previously Deputy General Manager and General Counsel. Peter Barker-Homek will step down as Chief Executive Officer.

H.E. Hamad Al-Hurr Al-Suwaidi, Chairman of the Board, commented: “We welcome Carl Sheldon to the newly created post of General Manager. Carl is well known and respected within the group and brings to the role, experience in both power and upstream business.”

“Peter’s energy sector M&amp;A experience made him ideal to help establish TAQA in its early days and I want to thank him for his contribution. TAQA is moving into a new phase of development with the strategic focus of the company now shifting to the continued integration of the global business and investing in our existing network.”

Peter Barker-Homek commented: “When I took on this role a little over 3 years ago, the Board tasked me to identify key acquisitions which would establish TAQA as a global company and give it a critical mass in three distinct segments.

“With this first phase of development now largely complete, I have decided to pursue other career ambitions.”

- ENDS -

Contact Information for Media:
Allan Virtanen
TAQA Media Relations, Abu Dhabi

Tel +971 2 691 4894; Mob +971 56 685 2717
Allan.Virtanen@taqaglobal.com

About TAQA

Established in 2005, TAQA is a diversified international energy group headquartered in Abu Dhabi, the capital of the United Arab Emirates, and listed on the Abu Dhabi Securities Exchange (ADX: TAQA).

TAQA’s business is made up of three operating divisions spread across the entire energy value chain: power generation & water desalination; oil and gas exploration & production; and emerging & alternative energy technologies.

Power & Water: TAQA is one the largest independent power producers in the world and the majority owner of the facilities that provide 98% of the water and electricity requirements in Abu Dhabi. TAQA's power plants are located in the UAE, Morocco, Oman, Saudi Arabia, Ghana, India, and USA.

Oil & Gas: with operations in Canada, UK, the Netherlands, USA and Iraq, TAQA's oil and gas business includes exploration and production, underground gas storage and pipeline transportation.

Emerging & alternative energy technologies: TAQA Energy Solutions is dedicated to alternative and technology-driven energy initiatives for long-term efficient energy production and generation. 

TAQA’s vision is to deliver ‘Energy for Growth’: growth within the business; social and economic progress in the communities where TAQA operates; and increased value for our shareholders.

Over the past 40 years the UAE and Abu Dhabi have pursued a vision embodied by progressive development, investment and the highest global standards. TAQA is proud to align its strategy both domestically and globally to Abu Dhabi’s economic vision 2030, working towards sustainable economic development. 

For more information about TAQA visit: www.taqaglobal.com or Twitter: @TAQAGLOBAL

TAQA (Abu Dhabi National Energy Company) selects Wipro to deliver Infrastructure Operations and Application Management services 5 Oct 2009
Abu Dhabi, UAE - TAQA (Abu Dhabi National Energy Company {PJSC}), a global energy company with a growing asset base of over AED 90 billion (US$ 24.5 billion) and one of the largest companies listed on the Abu Dhabi Securities Exchange (ADX) announces awarding a large 5 year contract to Wipro Limited, a leading provider of IT and business transformation services to set up a dedicated Offshore Development Centre.

Abu Dhabi, UAE - TAQA (Abu Dhabi National Energy Company {PJSC}), a global energy company with a growing asset base of over AED 90 billion (US$ 24.5 billion) and one of the largest companies listed on the Abu Dhabi Securities Exchange (ADX) announces awarding a large 5 year contract to Wipro Limited, a leading provider of IT and business transformation services to set up a dedicated Offshore Development Centre.

TAQA’s strategic intent is to build and operate a geographically diverse global portfolio of energy businesses. To improve its focus on core competencies and to bring in efficiencies in its IT operations, TAQA will be outsourcing its Infrastructure Operations and Application Management to Wipro. As part of this engagement, Wipro would be setting up a dedicated Offshore Development Center for TAQA at Wipro’s newly developed state-of-the-art facility in Chennai, India. The offshore development center can house up to 185 concurrent resources and will scale over the next five years.

Speaking on the occasion, Mr. Yasser El Zein, GVP Technology (Abu Dhabi National Energy Company) said, “Wipro is TAQA’s partner of choice. TAQA would like to leverage the strengths of a strategic and reliable IT partner like Wipro, with matured processes and proven expertise in supporting similar large global customers in the areas of infrastructure and application management.

Commenting on the same, Mr. Peter Barker Homek, CEO of TAQA (Abu Dhabi National Energy Company) said, TAQA like all energy companies is facing new challenges in the already complex sector. TAQA is constantly trying to improve its value chain by having access to accurate and efficient data storage and management capabilities. With high capital investment involved across the value chain process, effective risk management and increased operational excellence are our major priorities. Wipro will help TAQA deliver on greater efficiency and reliability.”

Commenting on the same, Mr. Anand Sankaran, Chief Executive, India and Middle East Business, Wipro said, “We are delighted to be associated with TAQA. We are confident that Wipro, with its strong domain expertise, market knowledge and a customer-centric approach, will bring tremendous business value to TAQA.”

- ENDS -

Contact Information for Media:
Allan Virtanen
TAQA Media Relations, Abu Dhabi

Tel +971 2 691 4894; Mob +971 56 685 2717
Allan.Virtanen@taqaglobal.com

About TAQA

Established in 2005, TAQA is a diversified international energy group headquartered in Abu Dhabi, the capital of the United Arab Emirates, and listed on the Abu Dhabi Securities Exchange (ADX: TAQA).

TAQA’s business is made up of three operating divisions spread across the entire energy value chain: power generation & water desalination; oil and gas exploration & production; and emerging & alternative energy technologies.

Power & Water: TAQA is one the largest independent power producers in the world and the majority owner of the facilities that provide 98% of the water and electricity requirements in Abu Dhabi. TAQA's power plants are located in the UAE, Morocco, Oman, Saudi Arabia, Ghana, India, and USA.

Oil & Gas: with operations in Canada, UK, the Netherlands, USA and Iraq, TAQA's oil and gas business includes exploration and production, underground gas storage and pipeline transportation.

Emerging & alternative energy technologies: TAQA Energy Solutions is dedicated to alternative and technology-driven energy initiatives for long-term efficient energy production and generation. 

TAQA’s vision is to deliver ‘Energy for Growth’: growth within the business; social and economic progress in the communities where TAQA operates; and increased value for our shareholders.

Over the past 40 years the UAE and Abu Dhabi have pursued a vision embodied by progressive development, investment and the highest global standards. TAQA is proud to align its strategy both domestically and globally to Abu Dhabi’s economic vision 2030, working towards sustainable economic development. 

For more information about TAQA visit: www.taqaglobal.com or Twitter: @TAQAGLOBAL

TAQA to Offset All Business Travel Greenhouse Gas Emissions with atmosfair 21 Sep 2009
Abu Dhabi, UAE - Abu Dhabi National Energy Company (“TAQA”) went into agreement today to offset all their greenhouse gases caused by the company’s business air travels starting from January 2009.

Abu Dhabi, UAE - Abu Dhabi National Energy Company (“TAQA”) went into agreement today to offset all their greenhouse gases caused by the company’s business air travels starting from January 2009.

TAQA is the first corporation headquartered in the Middle East to commit to offset its flight emissions with atmosfair, a German non-profit organization.

TAQA’s CEO, Peter S Al-Din Barker-Homek, comments on the agreement with atmosfair: “Being a company aiming to grow in an environmentally responsible way we aim to contribute to the sustainability of our planet”. He continues: “At the heart of our business lies a firm commitment to finding ways of minimizing our impact on the environment and inspiring other organizations and people to operate and live greener.”

The cooperation between TAQA and atmosfair serves climate protection and thereby contributes to sustainable development. By declaring details of all flight travels made, the environmental-conscious organization will calculate the quantity of produced greenhouse gases and the corresponding Voluntary Climate Fees (VCF). The VCFs will then be used by atmosfair to finance renewable energy and energy efficiency projects that reduce greenhouse gas emissions.

"We are pleased to welcome TAQA as the first partner in the Middle East who intends to offset its corporate flights with atmosfair," said Katharina Behrendt of Product Development, Key Accounts &amp; Tourism at atmosfair. “The agreement shows an important commitment by TAQA to take over responsibility for the emissions flights cause”.

TAQA is dedicated to reduce the negative impact of its flying by investing in selected solar, hydropower, biomass, or energy-efficiency projects in developing countries, to compensate for the emissions.

- ENDS -

Contact Information for Media:
Allan Virtanen
TAQA Media Relations, Abu Dhabi

Tel +971 2 691 4894; Mob +971 56 685 2717
Allan.Virtanen@taqaglobal.com

About TAQA

Established in 2005, TAQA is a diversified international energy group headquartered in Abu Dhabi, the capital of the United Arab Emirates, and listed on the Abu Dhabi Securities Exchange (ADX: TAQA).

TAQA’s business is made up of three operating divisions spread across the entire energy value chain: power generation & water desalination; oil and gas exploration & production; and emerging & alternative energy technologies.

Power & Water: TAQA is one the largest independent power producers in the world and the majority owner of the facilities that provide 98% of the water and electricity requirements in Abu Dhabi. TAQA's power plants are located in the UAE, Morocco, Oman, Saudi Arabia, Ghana, India, and USA.

Oil & Gas: with operations in Canada, UK, the Netherlands, USA and Iraq, TAQA's oil and gas business includes exploration and production, underground gas storage and pipeline transportation.

Emerging & alternative energy technologies: TAQA Energy Solutions is dedicated to alternative and technology-driven energy initiatives for long-term efficient energy production and generation. 

TAQA’s vision is to deliver ‘Energy for Growth’: growth within the business; social and economic progress in the communities where TAQA operates; and increased value for our shareholders.

Over the past 40 years the UAE and Abu Dhabi have pursued a vision embodied by progressive development, investment and the highest global standards. TAQA is proud to align its strategy both domestically and globally to Abu Dhabi’s economic vision 2030, working towards sustainable economic development. 

For more information about TAQA visit: www.taqaglobal.com or Twitter: @TAQAGLOBAL

TAQA Second Quarter and First Half 2009 Financial Results 13 Aug 2009
TAQA Second Quarter and First Half 2009 Financial Results Strong performance of Downstream business and increased capacity partially offsets weaker year-on-year commodity prices Improving commodity price trend boosts quarter-on-quarter performance

Strong performance of Downstream business and increased capacity partially offsets weaker year-on-year commodity prices
Improving commodity price trend boosts quarter-on-quarter performance

Abu Dhabi, UAE - Abu Dhabi National Energy Company PJSC (“TAQA”), a publicly listed company on the Abu Dhabi Securities Exchange (ADX: TAQA), today reported financial results for the second quarter and first half of 2009.

Key highlights for the first six months of 2009:

  • Despite the lower relative pricing environment and currency effects, total revenue was flat year-on-year at AED 8.6 billion compared with AED 8.6 billion for the same period in 2008.
  • Revenue from the electricity and water business, excluding supplemental fuel, increased by 14% to AED 2.9 billion, from AED 2.6 billion for the same period in 2008. This was primarily due to the expansion of Taweelah B and revenue from the Red Oak toll acquired in December 2008.
  • Supplemental fuel revenues were AED 2.0 billion in 2009, compared with AED 1.4 billion in 2008 due to higher back up fuel cost in 2009 primarily in the domestic subsidiaries. These costs are passed through to the offtakers.
  • Revenue from oil and gas activities (including gas storage and other revenue) declined by 22% to AED 3.6 billion, compared with AED 4.6 billion for the same period in 2008, as a result of lower net realized oil and gas prices and devaluation of CAD and EUR against AED, partly offset by revenue from Northern North Sea assets acquired in December 2008.
  • Cost of sales were AED 6.3 billion in 2009, an increase of AED 1.5 billion (33%) over AED 4.7 billion in 2008. The increase was primarily driven by AED 1.2 billion of costs related to assets acquired in December 2008 and an increase of AED 734 million related to fuel costs (which are passed through to the offtakers).
  • Administrative and other expenses were AED 351 million in 2009 compared to AED 432 million in 2008. The decrease of 19% was attributable to lower foreign exchange rates, as well as savings due to synergies.
  • Net profit, after minority interests, was AED 176 million compared with AED 869 million in the same half in 2008. The decrease in net profit was mainly attributable to lower commodity prices.
  • EBITDA was AED 3.9 billion for the first half of 2009, versus EBITDA of AED 5.2 billion in the same period in 2008.
  • Basic earnings per share was 3 fils for the half, compared with 21 fils for the same period in 2008.
  • Total assets as at 30 June 2009 were AED 90.2 billion.
  • Net cash was AED 5.0 billion, up from AED 4.1 billion at the end of Q1 2009.
  • Net debt to capital (including Minority Interests) was 85.2%, down from 87.0% at the end of Q1 2009.

Key highlights for the second quarter of 2009:

  • Total revenue reached AED 4.4 billion compared with AED 4.6 billion for the same period in 2008, a decrease of 4%.
  • Revenue from the electricity and water business, excluding supplemental fuel, increased by 14% to AED 1.6 billion, from AED 1.4 billion for the same period in 2008. This was primarily due to the expansion of Taweelah B and revenue from the Red Oak toll acquired in December 2008.
  • Revenue from oil and gas activities (including gas storage and other revenue) declined by 30% to AED 1.8 billion, compared with AED 2.5 billion for the same period in 2008 as a result of lower net realized oil and gas prices.
  • Cost of sales were AED 3.2 billion in 2009, an increase of AED 802 million (34%) over AED 2.4 billion in 2008. The increase was primarily driven by operating costs related to the Northern North Sea assets acquired in December 2008 and an increase of AED 407 million related to fuel costs (which are passed through to the offtakers).
  • Administrative and other expenses were AED 184 million in 2009 compared to AED 251 million in 2008. The decrease of 27% was attributable to lower foreign exchange rates as well as savings due to synergies.
  • Net profit, after minority interests, for the quarter was AED 136 million compared with AED 472 million in the same quarter in 2008. The decrease in net profit for the quarter is mainly attributable to lower commodity prices.
  • EBITDA was AED 2.0 billion for the second quarter of 2009, versus EBITDA of AED 2.9 billion in the same period in 2008.
  • Basic earnings per share were 2 fils for the quarter, compared with 11 fils for the same period in 2008.

Comment

Peter Barker-Homek, Chief Executive Officer of TAQA, said:
“Our downstream performance has been exemplary, with average technical availability rising from 89% in Q1 to 97% in Q2. We also benefited from the consolidation of Red Oak, and the increased capacity of Taweelah B, which have boosted downstream revenues.

We continue to drive operational excellence and this is reflected both in the confidence placed in us by our partners in the North Sea who have entrusted the operatorship of the Brent system to us, as well as the over AED 30 million of synergy savings we have achieved at TAQA North during the last six months alone.

As the oil price has improved from its lowest point, our second quarter performance has shown an improvement in comparison to the first three months of the year. With the oil price trending up to over US$70 per barrel post-quarter, we are now a long way from the lows we saw earlier in the year. While performance of our upstream business is still lower than the same period in 2008, when oil prices were very strong, we have seen a welcome strengthening in business performance.”

Market overview

While year-on-year oil prices were significantly lower than in 2008, when the WTI price on 1 April 2008 was US$95.07 and Brent was US$96.11, global energy markets continued to improve quarter on quarter, with the Brent oil price rising from US$52.70 at the 1 April 2009 to US$69.90 on the 30 June 2009. This position was also reflected in North America, with the WTI crude price rising from US$53.79 to US$70.84.

Gas prices were largely flat, with the Henry Hub Natural Gas Price increasing from US$3.55 / mmbtu on 1 April 2009 to US$3.70 / mmbtu on 30 June 2009.

Although the US dollar strengthened against the Canadian dollar year-on-year, rising from CDN$1.02 / US$1 on 1 April 2008 to CDN$1.26 / US$1 on 1 April 2009, it weakened during the second quarter to CDN$1.16 / US$1 on 30 June 2009, reaching a low of CDN$1.08/US$1 on 2 June 2009.

Downstream

  • TAQA’s international and domestic downstream activities are a critical component of its diversified portfolio and now comprise 47% of total revenues and 37.8% of EBITDA. During the second quarter of 2009, TAQA’s downstream activities generated revenues of AED 1.6 billion, excluding supplemental fuel.
  • Subsequent to the acquisition of power generation facilities in the Caribbean, as at 30 June 2009, TAQA’s downstream operations represent total global generation capacity (gross) of 12,909 MW.
  • During the second quarter of 2009, total power production was 13,558 Gwh, comprising 9,994 Gwh in the domestic market, an increase of 65% over Q1 2009, and 3,563 Gwh internationally, a 5.4% increase over Q1 2009.
  • TAQA’s total water desalination for the period was 52,904 MIG, with an installed capacity of 654 MIGD.
  • Technical availability of the power generation businesses averaged 97.4%, with an average domestic availability of 98.7% and an international average availability of 92.0%.

Upstream and midstream

  • Upstream activity generated revenues of AED 1.7 billion (including gas storage and other revenue), 53% of total revenues and 62.2% of EBITDA.
  • Total production was 138.2 thousand barrels of oil equivalent per day (mboe/day) in the second quarter of 2009, split between TAQA North (92.8 mboe/day), TAQA Bratani (40.2 mboe/day) and TAQA Energy (5.2 mboe/day), up from 119.2 mboe/day in the second quarter of 2008.
  • TAQA Bratani has shown the greatest production increase, with production growing from 15.1 mboe/day to 40.2 mboe/day, an increase of 166% over the same period last year, showcasing the benefits of TAQA’s investment programme.
  • TAQA North production declined by 4%, due to decreased capital investment as a result of lower gas prices.
  • Average net realized price of crude oil sold was US$53.12 per barrel for TAQA North and US$55.15 per barrel for TAQA Bratani.
  • Average net realized price for natural gas sold was US$3.45 per thousand cubic feet (mcf) for TAQA North, US$6.02 per mcf for TAQA Bratani and US$8.19 per mcf for TAQA Energy.

Finance

  • For the half, finance costs were essentially flat year on year at AED 1.9 billion. An increase related to new acquisitions in December 2008 and the breakage cost on early debt repayment at Jorf Lasfar Energy Company (JLEC) in 2009, was partly offset by lower interest rates on revolving debt.
  • A favourable AED 253 million change in value of derivatives is primarily from the Red Oak acquisition that was consummated in December 2008, contributed by higher contracted electricity prices and lower gas prices versus the period end prices in respect of transactions entered into during the period.
  • Loss on exchange was AED 143 million in 2009 compared with a gain of AED 71 million in 2008. Last year’s gains were primarily from the repayment of the UK and US debt at TAQA North. The current year loss arose from exchange movements of Moroccan Dirhams and GBP against AED.
  • During the period, TAQA continued its bond buyback programme, with a AED 260 million gain recorded in 2009 from the buy back of its 2036 bonds of a nominal value of US$ 323 million. TAQA continues to evaluate the potential for further bond buybacks in the future.

Corporate activity during the period

  • On 30 April, the Abu Dhabi Water and Energy Authority announced that it would transfer 90% of its shares in the Fujairah Water and Power Company to TAQA. The Fujairah Water and Power Company owns 60% of the Fujairah Asia Power Company which owns the Fujairah 2 plant.
  • On 12 May, TAQA signed an agreement with the Office National de L’Electricite in Morocco to extend the capacity of JLEC by two new supercritical coal fired units of at least 350 Mw each by early 2013. This agreement aims to help the Office National de l’Electricite meet the strong growth in electricity demand in Morocco. JLEC will build, own, and operate the new units under a 30-year power purchase agreement. JLEC currently owns and operates four units, with a total capacity of 1,356Mw, providing about half of the country’s annual electricity production.
  • On 30 June, TAQA North acquired two large land blocks in the highly prospective Horn River Basin in North Eastern British Columbia, Canada for a total of CAD$ 63 million. The sale represents the last substantial blocks of land available in the basin, which is expected to provide a major North American source of natural gas in the future.

Post period developments

  • On 29 July, TAQA Energy agreed to purchase 100% of the share capital of DSM Energie Holding B.V. (DSM Energy) for EUR 285 million. The intended acquisition is expected to close in Q3 2009, subject to regulatory approvals and notifications. Under the terms of the transaction, TAQA Energy will acquire non-operated interests in the pipeline company Noordgastransport B.V. (NGT), three other pipelines and 20 producing oil and gas fields in the Dutch North Sea. Furthermore, the assets will provide TAQA Energy with additional daily production of approximately 5,000 barrels of oil equivalent (2008 average) of which 85% is natural gas.
  • On 1 August, TAQA Bratani took over the operation of the North Sea Brent System pipeline and facilities from Shell UK Exploration and Production, which held the position since the mid 1970s.
  • On 4 August, TAQA Energy acquired a 15% interest in the L8-D Unit, L11b-A production platform which services the L8-D gas field, and a pipeline connection to the Noordgastransport pipeline. TAQA Energy was also appointed as operator to the L11b-A production platform with effect from 1 August 2009. First production is expected to commence before the end of the year.

- ENDS -

Contact Information for Media:

Allan Virtanen
TAQA Media Relations, Abu Dhabi
Tel +971 2 691 4894; Mob +971 56 685 2717
Allan.Virtanen@taqaglobal.com

About TAQA

Established in 2005, TAQA is a diversified international energy group headquartered in Abu Dhabi, the capital of the United Arab Emirates, and listed on the Abu Dhabi Securities Exchange (ADX: TAQA).

TAQA’s business is made up of three operating divisions spread across the entire energy value chain: power generation & water desalination; oil and gas exploration & production; and emerging & alternative energy technologies.

Power & Water: TAQA is one the largest independent power producers in the world and the majority owner of the facilities that provide 98% of the water and electricity requirements in Abu Dhabi. TAQA's power plants are located in the UAE, Morocco, Oman, Saudi Arabia, Ghana, India, and USA.

Oil & Gas: with operations in Canada, UK, the Netherlands, USA and Iraq, TAQA's oil and gas business includes exploration and production, underground gas storage and pipeline transportation.

Emerging & alternative energy technologies: TAQA Energy Solutions is dedicated to alternative and technology-driven energy initiatives for long-term efficient energy production and generation. 

TAQA’s vision is to deliver ‘Energy for Growth’: growth within the business; social and economic progress in the communities where TAQA operates; and increased value for our shareholders.

Over the past 40 years the UAE and Abu Dhabi have pursued a vision embodied by progressive development, investment and the highest global standards. TAQA is proud to align its strategy both domestically and globally to Abu Dhabi’s economic vision 2030, working towards sustainable economic development. 

For more information about TAQA visit: www.taqaglobal.com or Twitter: @TAQAGLOBAL

Notice of results for Abu Dhabi National Energy Company PJSC (“TAQA”) 11 Aug 2009
• TAQA to announce Q2’09 results on 13 August, 2009
• Conference call and webcast on 17 August, 2009

ABU DHABI, UAE – The Abu Dhabi National Energy Company PJSC, a publicly listed company on the Abu Dhabi Securities Exchange (ADX: TAQA),
  • TAQA to announce Q2’09 results on 13 August, 2009
  • Conference call and webcast on 17 August, 2009

ABU DHABI, UAE – The Abu Dhabi National Energy Company PJSC, a publicly listed company on the Abu Dhabi Securities Exchange (ADX: TAQA), announced today that it will release its Second Quarter 2009 Financial Results for the period to 30 June 2009 before market open on Thursday, 13 August, 2009. In conjunction with the financial results release there is a scheduled conference call and audio webcast at 16:00 hrs (UAE time) on Monday, 17 August, 2009.

The conference call will be hosted by the Company’s Chief Executive Officer, Mr. Peter E. Barker Homek, and Chief Financial Officer, Mr. Doug Fraser.

Announcement: TAQA Second Quarter 2009 Financial Results Conference Call
Date: Monday, 17 August, 2009
Time: 16:00 (UAE time), 13.00 (UK time), 08.00 (Eastern Standard Time)
UAE dial-in Number: 800 044 0167
International dial-in Number: +44(0)203 003 2666
Confirmation Code: TAQA Q209 Results
Participants will be asked to quote the above code when dialing into the conference.

Live audio webcast: http://taqa.webcastglobal.com
Webcast Password: TAQAQ209

Please note the webcast facility will not allow you ask questions during the question and answer session.

For those who cannot listen to the live call, an instant telephonic and webcast replay service will be available for seven days on the following number:
International replay: +44 208 1961 998
Passcode: 9126936

Recorded audio webcast: http://taqa.webcastglobal.com
Webcast Password: TAQAQ209

An archive sound file of the conference call will also be available shortly after the call on the "Investor Relations" section of the Company's website, www.taqa.ae, in addition to a transcript of the call.

- ENDS -

Contact Information for Media:

Allan Virtanen
TAQA Media Relations, Abu Dhabi
Tel +971 2 691 4894; Mob +971 56 685 2717
Allan.Virtanen@taqaglobal.com

About TAQA

Established in 2005, TAQA is a diversified international energy group headquartered in Abu Dhabi, the capital of the United Arab Emirates, and listed on the Abu Dhabi Securities Exchange (ADX: TAQA).

TAQA’s business is made up of three operating divisions spread across the entire energy value chain: power generation & water desalination; oil and gas exploration & production; and emerging & alternative energy technologies.

Power & Water: TAQA is one the largest independent power producers in the world and the majority owner of the facilities that provide 98% of the water and electricity requirements in Abu Dhabi. TAQA's power plants are located in the UAE, Morocco, Oman, Saudi Arabia, Ghana, India, and USA.

Oil & Gas: with operations in Canada, UK, the Netherlands, USA and Iraq, TAQA's oil and gas business includes exploration and production, underground gas storage and pipeline transportation.

Emerging & alternative energy technologies: TAQA Energy Solutions is dedicated to alternative and technology-driven energy initiatives for long-term efficient energy production and generation. 

TAQA’s vision is to deliver ‘Energy for Growth’: growth within the business; social and economic progress in the communities where TAQA operates; and increased value for our shareholders.

Over the past 40 years the UAE and Abu Dhabi have pursued a vision embodied by progressive development, investment and the highest global standards. TAQA is proud to align its strategy both domestically and globally to Abu Dhabi’s economic vision 2030, working towards sustainable economic development. 

For more information about TAQA visit: www.taqaglobal.com or Twitter: @TAQAGLOBAL

Abu Dhabi National Energy Company PJSC (TAQA) - Clarification 14 Jul 2009
ABU DHABI NATIONAL ENERGY COMPANY PJSC (TAQA) - CLARIFICATION
ABU DHABI, UAE – The Abu Dhabi National Energy Company PJSC (TAQA), a publicly listed company on the Abu Dhabi Securities Exchange (ADX: TAQA), today confirmed that contrary to media reports TAQA is not currently marketing any bond offering.

ABU DHABI, UAE – The Abu Dhabi National Energy Company PJSC (TAQA), a publicly listed company on the Abu Dhabi Securities Exchange (ADX: TAQA), today confirmed that contrary to media reports TAQA is not currently marketing any bond offering.

TAQA, which is constantly reviewing its financing to ensure it has the optimum structure in place, also confirmed it has no refinancing requirement until the middle of 2010.

- ENDS -

Contact Information for Media:

Allan Virtanen
TAQA Media Relations, Abu Dhabi
Tel +971 2 691 4894; Mob +971 56 685 2717
Allan.Virtanen@taqaglobal.com

About TAQA

Established in 2005, TAQA is a diversified international energy group headquartered in Abu Dhabi, the capital of the United Arab Emirates, and listed on the Abu Dhabi Securities Exchange (ADX: TAQA).

TAQA’s business is made up of three operating divisions spread across the entire energy value chain: power generation & water desalination; oil and gas exploration & production; and emerging & alternative energy technologies.

Power & Water: TAQA is one the largest independent power producers in the world and the majority owner of the facilities that provide 98% of the water and electricity requirements in Abu Dhabi. TAQA's power plants are located in the UAE, Morocco, Oman, Saudi Arabia, Ghana, India, and USA.

Oil & Gas: with operations in Canada, UK, the Netherlands, USA and Iraq, TAQA's oil and gas business includes exploration and production, underground gas storage and pipeline transportation.

Emerging & alternative energy technologies: TAQA Energy Solutions is dedicated to alternative and technology-driven energy initiatives for long-term efficient energy production and generation. 

TAQA’s vision is to deliver ‘Energy for Growth’: growth within the business; social and economic progress in the communities where TAQA operates; and increased value for our shareholders.

Over the past 40 years the UAE and Abu Dhabi have pursued a vision embodied by progressive development, investment and the highest global standards. TAQA is proud to align its strategy both domestically and globally to Abu Dhabi’s economic vision 2030, working towards sustainable economic development. 

For more information about TAQA visit: www.taqaglobal.com or Twitter: @TAQAGLOBAL

TAQA joins initiative to fight corruption by supporting Transparency International 13 Jul 2009
TAQA joins initiative to fight corruption
by supporting Transparency International

Abu Dhabi, UAE - TAQA has recently joined global efforts to improve transparency and accountability by supporting the work of Transparency International (TI), the global civil society organization leading the fight against corruption.

Abu Dhabi, UAE - TAQA has recently joined global efforts to improve transparency and accountability by supporting the work of Transparency International (TI), the global civil society organization leading the fight against corruption.

TAQA is the first corporation headquartered in the Middle East to join the network of Global Corporations for Transparency International (GCTI), and hopes that this relationship can inspire and educate others in the region on the many anti-corruption measures promoted by TI.

TAQA’s CEO, Peter Barker-Homek, comments on the membership: “TAQA has always emphasized the importance of transparency and good governance. Supporting TI is a natural step for TAQA to take a stand and contribute to efforts for doing business ethically and transparently.”

TI’s global network of chapters is active in many countries where TAQA operates. This signifies a solid resource for guidance on preventing and dealing with corruption. TAQA is optimistic that this cooperation will help it to set and maintain high levels of transparency and accountability in the company’s global energy operations.

TI’s mission is to “create change towards a world free of corruption”. TAQA hopes to not only provide institutional support towards this organization but also to harness and extend some of the best practices that TI both stands for and guides.

As part of its participation in the Global Corporations for Transparency International (GCTI) initiative, TAQA has committed to donating 150,000 Euros per year for three years to support TI’s global work.

“This generous contribution from TAQA recognizes the importance of Transparency International’s work to reduce the devastating impact of corruption on millions of people around the world,” said TI’s Managing Director, Cobus de Swardt. “We are grateful for this support, which represents a significant commitment to the fight against corruption and which could further dialogue in this area in the Middle East.”

TI and its national chapters work with governments, business, civil society and other key stakeholders around the world by conducting solid research on corruption and its typologies across different sectors, and by developing and implementing practical solutions to counter bribery.

- ENDS -

Contact Information for Media:

Allan Virtanen
TAQA Media Relations, Abu Dhabi

Tel +971 2 691 4894; Mob +971 56 685 2717
Allan.Virtanen@taqaglobal.com

About TAQA

Established in 2005, TAQA is a diversified international energy group headquartered in Abu Dhabi, the capital of the United Arab Emirates, and listed on the Abu Dhabi Securities Exchange (ADX: TAQA).

TAQA’s business is made up of three operating divisions spread across the entire energy value chain: power generation & water desalination; oil and gas exploration & production; and emerging & alternative energy technologies.

Power & Water: TAQA is one the largest independent power producers in the world and the majority owner of the facilities that provide 98% of the water and electricity requirements in Abu Dhabi. TAQA's power plants are located in the UAE, Morocco, Oman, Saudi Arabia, Ghana, India, and USA.

Oil & Gas: with operations in Canada, UK, the Netherlands, USA and Iraq, TAQA's oil and gas business includes exploration and production, underground gas storage and pipeline transportation.

Emerging & alternative energy technologies: TAQA Energy Solutions is dedicated to alternative and technology-driven energy initiatives for long-term efficient energy production and generation. 

TAQA’s vision is to deliver ‘Energy for Growth’: growth within the business; social and economic progress in the communities where TAQA operates; and increased value for our shareholders.

Over the past 40 years the UAE and Abu Dhabi have pursued a vision embodied by progressive development, investment and the highest global standards. TAQA is proud to align its strategy both domestically and globally to Abu Dhabi’s economic vision 2030, working towards sustainable economic development. 

For more information about TAQA visit: www.taqaglobal.com or Twitter: @TAQAGLOBAL

Abu Dhabi National Energy Company PJSC (TAQA) terminates relationship with Standard & Poor’s 1 Jul 2009
ABU DHABI, UAE – The Abu Dhabi National Energy Company PJSC (TAQA), a publicly listed company on the Abu Dhabi Securities Exchange (ADX: TAQA), announced today that it has terminated its relationship with Standard & Poor’s (“S&P”) effective 30 June 2009. This decision follows an internal review of the new ratings methodology for Government-Related Entities (GRE) published by S&P.

ABU DHABI, UAE – The Abu Dhabi National Energy Company PJSC (TAQA), a publicly listed company on the Abu Dhabi Securities Exchange (ADX: TAQA), announced today that it has terminated its relationship with Standard Poor’s (“SP”) effective 30 June 2009. This decision follows an internal review of the new ratings methodology for Government-Related Entities (GRE) published by SP.

Comment

Peter Barker-Homek, Chief Executive Officer of TAQA, said:

“Following our review of the new methodology published by SP on 30 June, we do not believe these criteria will result in a rating that will accurately reflect the credit-worthiness of TAQA. The underlying fundamentals of our business have not changed. TAQA is the majority owner of the plants that supply 98% of the power and water needs for the Emirate of Abu Dhabi, we have strong ties to the Government of Abu Dhabi through both ownership and the membership of our board of directors; the implicit support of the Government is unchanged and has consistently been confirmed in both word and deed.

SP promulgated new methodology that will affect Government Related Entities (GRE) worldwide. This new methodology affects GREs regardless of whether their relationship with the sovereign or their economic viability remains unchanged since they were first given a rating by SP.

SP formally confirmed our rating in May, 2009. In summary TAQA has not changed, but SP has.”

- ENDS -

Contact Information for Media:

Allan Virtanen
TAQA Media Relations, Abu Dhabi
Tel +971 2 691 4894; Mob +971 56 685 2717
Allan.Virtanen@taqaglobal.com

About TAQA

Established in 2005, TAQA is a diversified international energy group headquartered in Abu Dhabi, the capital of the United Arab Emirates, and listed on the Abu Dhabi Securities Exchange (ADX: TAQA).

TAQA’s business is made up of three operating divisions spread across the entire energy value chain: power generation & water desalination; oil and gas exploration & production; and emerging & alternative energy technologies.

Power & Water: TAQA is one the largest independent power producers in the world and the majority owner of the facilities that provide 98% of the water and electricity requirements in Abu Dhabi. TAQA's power plants are located in the UAE, Morocco, Oman, Saudi Arabia, Ghana, India, and USA.

Oil & Gas: with operations in Canada, UK, the Netherlands, USA and Iraq, TAQA's oil and gas business includes exploration and production, underground gas storage and pipeline transportation.

Emerging & alternative energy technologies: TAQA Energy Solutions is dedicated to alternative and technology-driven energy initiatives for long-term efficient energy production and generation. 

TAQA’s vision is to deliver ‘Energy for Growth’: growth within the business; social and economic progress in the communities where TAQA operates; and increased value for our shareholders.

Over the past 40 years the UAE and Abu Dhabi have pursued a vision embodied by progressive development, investment and the highest global standards. TAQA is proud to align its strategy both domestically and globally to Abu Dhabi’s economic vision 2030, working towards sustainable economic development. 

For more information about TAQA visit: www.taqaglobal.com or Twitter: @TAQAGLOBAL

TAQA First Quarter 2009 Financial Results 14 May 2009
Significant increase in oil & gas production and net power generation capacity
AED 4.2 billion revenues and AED 40 million net profit

Abu Dhabi, UAE - Abu Dhabi National Energy Company PJSC, a publicly listed company on the Abu Dhabi Securities Exchange (ADX: TAQA), today reported financial results for the first quarter of 2009.

Significant increase in oil &amp; gas production and net power generation capacity
AED 4.2 billion revenues and AED 40 million net profit

Abu Dhabi, UAE - Abu Dhabi National Energy Company PJSC, a publicly listed company on the Abu Dhabi Securities Exchange (ADX: TAQA), today reported financial results for the first quarter of 2009.

Key highlights:

  • Total revenue reached AED 4.2 billion compared with AED 4.0 billion for the same period in 2008, an increase of 5%.
    oRevenue from the electricity and water business, excluding supplemental fuel, increased by 14% to AED 1.4 billion, from AED 1.2 billion for the same period in 2008. This was primarily due to the expansion of Taweelah B and revenue from the Red Oak toll acquired in December 2008.
  • oRevenue from oil and gas activities (including gas storage) reached AED 1.8 billion, compared with AED 2.1 billion for the same period in 2008 as a result of lower net realized oil and gas prices.

  • Net profit, after minority interests, for the quarter was AED 40 million compared with AED 398 million in the same quarter in 2008. The decrease in net profit for the quarter is mainly attributable to the decrease in realized oil and gas prices during the period and lower foreign exchange rates.
  • EBITDA was AED 1.9 billion for the first quarter of 2009, versus EBITDA of AED 2.3 billion in the same period in 2008. This translates to an EBITDA margin of 45%.
  • Basic earnings per share were 0.6 fils for the quarter, compared to 9.6 fils for the same period in 2008.
  • Total assets as at 31 March 2009 were AED 87.0 billion.

Comment

Peter Barker-Homek, Chief Executive Officer of TAQA, said:

“There is little doubt that the first quarter of 2009 has been a one of the most challenging to-date, for both TAQA and the global economy. However, despite difficult conditions in global energy markets, which have seen the price of oil hit lows of $41.15 per barrel in February 2009, the results I present today are once again a clear endorsement of TAQA’s diversification strategy and proven management team. They also support our long-term objective of building a distributed asset base in North America, Europe and the Middle East.

We remain committed to rigorous and disciplined cost control and to ensure that as production and net capacity increases, so too do efficiencies across the group.

As I look out into 2009, I take pride in the strength of our position and quality of the team we have built. TAQA remains well funded with no short-term refinancing needs and significant free cash flow to cover existing obligations and fund opportunities for future growth.”

Market overview

During the first quarter of 2009, global energy markets continued to decline sharply, particularly when compared with the first quarter of 2008. This saw the Brent oil price fall from US$96.97 at the end of March 2008 to US$50.56 at the end of the same quarter of 2009.

This position was also reflected in North America, with the WTI crude price falling from US$96.25 to US$51.37. Throughout the quarter, US crude oil inventories continued to rise, which put pressure on prices. The lowest point was reached in February 2009, but there has been a steady recovery in recent weeks.

The US dollar also strengthened against the Canadian dollar from CDN$1.02 / US$1 on 31 March 2008 to CDN$1.26 / US$1 on 31 March 2009, reaching a high of CDN$1.29/US$1 on 9 March 2009.

Downstream

Upstream and midstream

Finance

Corporate activity during the period

Post period developments

- ENDS -

Contact Information for Media:

Allan Virtanen
TAQA Media Relations, Abu Dhabi
Tel +971 2 691 4894; Mob +971 56 685 2717
Allan.Virtanen@taqaglobal.com

About TAQA

Established in 2005, TAQA is a diversified international energy group headquartered in Abu Dhabi, the capital of the United Arab Emirates, and listed on the Abu Dhabi Securities Exchange (ADX: TAQA).

TAQA’s business is made up of three operating divisions spread across the entire energy value chain: power generation & water desalination; oil and gas exploration & production; and emerging & alternative energy technologies.

Power & Water: TAQA is one the largest independent power producers in the world and the majority owner of the facilities that provide 98% of the water and electricity requirements in Abu Dhabi. TAQA's power plants are located in the UAE, Morocco, Oman, Saudi Arabia, Ghana, India, and USA.

Oil & Gas: with operations in Canada, UK, the Netherlands, USA and Iraq, TAQA's oil and gas business includes exploration and production, underground gas storage and pipeline transportation.

Emerging & alternative energy technologies: TAQA Energy Solutions is dedicated to alternative and technology-driven energy initiatives for long-term efficient energy production and generation. 

TAQA’s vision is to deliver ‘Energy for Growth’: growth within the business; social and economic progress in the communities where TAQA operates; and increased value for our shareholders.

Over the past 40 years the UAE and Abu Dhabi have pursued a vision embodied by progressive development, investment and the highest global standards. TAQA is proud to align its strategy both domestically and globally to Abu Dhabi’s economic vision 2030, working towards sustainable economic development. 

For more information about TAQA visit: www.taqaglobal.com or Twitter: @TAQAGLOBAL

  • TAQA’s international and domestic downstream activities are a critical component of its diversified portfolio and now comprise 56% of total revenues and 55% of EBITDA. During the first quarter of 2009, TAQA’s downstream activities generated revenues of AED 1.4 billion, excluding supplemental fuel.
  • Subsequent to the recent acquisition of power generation facilities in the Caribbean, as at 31 March 2009, TAQA’s downstream operations represents total global generation capacity (gross) of 12,909 MW, During the first quarter of 2009, total power production was 9,450 Gwh, made up of 6,071 Gwh in the domestic market and 3,379 Gwh internationally.
  • TAQA’s total water desalination for the period was 46,211 MIG, with an installed capacity of 654 MIGD.
  • TAQA’s domestic portfolio accounts for 79% of the total power and water revenue, with its international portfolio of assets accounting for a further 21% of the total power and water revenue (excluding supplemental fuel).
  • Technical availability of the power generation businesses averaged 89.2% with an average domestic availability of 89.2% and an international average availability of 89.3%.
    • Upstream activity generated revenues of AED 1.8 billion (including gas storage and other revenue), 44% of total revenues and 43% of the total segmental profit.
    • Total production was 139.3 thousand barrels of oil equivalent per day (mboe/day) in the first quarter of 2009, split between TAQA North (92.0 mboe/day), TAQA Bratani (40.9 mboe/day) and TAQA Energy (6.4 mboe/day), up from 112.3 mboe/day in the first quarter of 2008.
    • Average net realized price of crude oil sold was US$35.78 per barrel for TAQA North, US$57.42 per barrel for TAQA Bratani and US$58.64 per barrel for TAQA Energy.
    • Average net realized price for natural gas sold was US$4.53 per thousand cubic feet (mcf) for TAQA North, US$6.32 per mcf for TAQA Bratani and US$10.06 per mcf for TAQA Energy.
    • In February 2009, TAQA announced a share buyback programme of up to 10% (622.5 million shares) of the share capital of the firm. At the end of April 2009, TAQA had repurchased 116.7 million shares.
    • During the period under review, TAQA repurchased bonds with a nominal value of US $201 million (AED 738 million). This has resulted in a gain of AED 174 million for the period.
  • In March 2009, TAQA completed the US$320m acquisition of a 50% equity stake in Marubeni’s Caribbean energy power portfolio. The deal increases TAQA’s power generation capacity to 12,909 MW (gross) from 10,609 MW; and extends TAQA’s energy value chain to power transmission and distribution.
  • At the Annual General Meeting held on 21 April 2009 the shareholders of the Company approved the payment of a dividend of 15 fils per share totaling AED 933 million payable on 21 May 2009.
  • On 23 April 2009, ADWEA announced its intention to transfer 90% of its holding in Fujairah Water and Electricity Company to TAQA. Fujairah Water and Electricity Company holds a 60% interest in the Fujairah Asia Power Company which owns the Fujairah 2 power and water plant, currently under construction.
  • On 7 May 2009, positive advice was received from the Environmental Impact Assessment (EIA) Commission regarding the Bergermeer Gas Storage project in the Netherlands. This marks an important milestone. Following the Commission’s advice, the EIA and the related consultations have been completed allowing the project to move into the permitting phase.
  • On 12 May 2009, TAQA signed a strategic partnership agreement with the Office National de L’Electricite in Morocco to expand the size of the Jorf Lasfar plant by two new units with at least 350 MW of capacity each.
Notice of results for Abu Dhabi National Energy Company PJSC (“TAQA”) 12 May 2009
ABU DHABI, UAE – The Abu Dhabi National Energy Company PJSC, a publicly listed company on the Abu Dhabi Securities Exchange (ADX: TAQA), announced today that it will release its First Quarter 2009 Financial Results for the period to 31 March 2009 before market open on Thursday, 14 May, 2009. In conjunction with the financial results release there is a scheduled conference call and audio webcast at 16:00 hrs (UAE time) on Thursday, 14 May, 2009.
  • TAQA to announce Q1’09 results on 14 May, 2009
  • Conference call and webcast details below

ABU DHABI, UAE – The Abu Dhabi National Energy Company PJSC, a publicly listed company on the Abu Dhabi Securities Exchange (ADX: TAQA), announced today that it will release its First Quarter 2009 Financial Results for the period to 31 March 2009 before market open on Thursday, 14 May, 2009. In conjunction with the financial results release there is a scheduled conference call and audio webcast at 16:00 hrs (UAE time) on Thursday, 14 May, 2009.

The conference call will be hosted by the Company’s Chief Executive Officer, Mr. Peter E. Barker Homek, and Chief Financial Officer, Doug Fraser.

Announcement: TAQA First Quarter 2009 Financial Results Conference Call
Date: Thursday, 14 May, 2009
Time: 16:00 (UAE time), 13.00 (UK time), 08.00 (Eastern Standard Time)
UAE dial-in Number: 800 044 0167
International dial-in Number: +44 (0)203 003 2666
Confirmation Code: TAQA Q109 Results

Participants will be asked to quote the above code when dialing into the conference.

Live audio webcast: http://taqa.webcastglobal.com
Webcast Password: TAQAQ109

Please note the webcast facility will not allow you ask questions during the question and answer session.

For those who cannot listen to the live call, an instant telephonic and webcast replay service will be available for 7 days on the following number:
International replay: +44 (0) 208 196 1998
Passcode: 9126936#

Recorded audio webcast: http://taqa.webcastglobal.com
Webcast Password: Taqa Q109 Results (please note correct capitals and spacing)

An archive sound file of the conference call will also be available shortly after the call on the "Investor Relations" section of the Company's website, www.taqa.ae, in addition to a transcript of the call.

-ENDS -

Contact Information for Media:

Allan Virtanen
TAQA Media Relations, Abu Dhabi
Tel +971 2 691 4894; Mob +971 56 685 2717
Allan.Virtanen@taqaglobal.com

About TAQA

Established in 2005, TAQA is a diversified international energy group headquartered in Abu Dhabi, the capital of the United Arab Emirates, and listed on the Abu Dhabi Securities Exchange (ADX: TAQA).

TAQA’s business is made up of three operating divisions spread across the entire energy value chain: power generation & water desalination; oil and gas exploration & production; and emerging & alternative energy technologies.

Power & Water: TAQA is one the largest independent power producers in the world and the majority owner of the facilities that provide 98% of the water and electricity requirements in Abu Dhabi. TAQA's power plants are located in the UAE, Morocco, Oman, Saudi Arabia, Ghana, India, and USA.

Oil & Gas: with operations in Canada, UK, the Netherlands, USA and Iraq, TAQA's oil and gas business includes exploration and production, underground gas storage and pipeline transportation.

Emerging & alternative energy technologies: TAQA Energy Solutions is dedicated to alternative and technology-driven energy initiatives for long-term efficient energy production and generation. 

TAQA’s vision is to deliver ‘Energy for Growth’: growth within the business; social and economic progress in the communities where TAQA operates; and increased value for our shareholders.

Over the past 40 years the UAE and Abu Dhabi have pursued a vision embodied by progressive development, investment and the highest global standards. TAQA is proud to align its strategy both domestically and globally to Abu Dhabi’s economic vision 2030, working towards sustainable economic development. 

For more information about TAQA visit: www.taqaglobal.com or Twitter: @TAQAGLOBAL

TAQA completes the acquisition of 50% equity stake in Marubeni’s Caribbean power portfolio 22 Mar 2009
US$ 320 million deal grows TAQA’s power assets to 11,650 MW from 10,500 MW; and extends TAQA’s energy value chain to power transmission and distribution.

US$ 320 million deal grows TAQA’s power assets to 11,650 MW from 10,500 MW; and extends TAQA’s energy value chain to power transmission and distribution.

New York / Abu Dhabi / Ann Arbor / Tokyo - Abu Dhabi National Energy Company PJSC (TAQA), a global energy company, today announced it has closed its US$ 320 million acquisition of a 50% equity stake in the existing Caribbean portfolio of Marubeni Corporation (Marubeni), Japan’s largest trading company.

Commenting on the closing of the transaction, Peter Barker-Homek, Chief Executive Officer of TAQA, said:

“The closing of the transaction marks an important milestone in TAQA’s global operations. This transaction demonstrates our strategic objective to deliver profitable growth in new and existing markets. We remain committed to seeking out acquisitions that offer stable cash flows and compliment our existing experience and expertise.

The joint venture with Marubeni enhances our existing diversified energy portfolio and will act as a platform to explore multiple opportunities through long-term investment in the region.”

Marubeni’s assets in the region were part-owned and operated in conjunction with local and international partners. The purchase is made under a 50/50 joint venture focused on long-term investments in the energy sector in the region.

The new joint venture portfolio consists of equity stakes in power generation and transmission facilities with a combined generation capacity of 2,300 MW (gross) in Jamaica, the Bahamas, Trinidad and Tobago and Curaçao, as follows:

  • 55.4% equity interest in Grand Bahama Power Company in Grand Bahama
  • 80% equity interest in Jamaica Public Service Company in Jamaica, which owns and operates ten generating facilities, including six hydroelectric plants. These plants expand TAQA’s downstream business into this sustainable energy source.
  • 39% equity interest in PowerGen which is an independent power producer that supplies 80% of total electricity demand in Trinidad Tobago
  • 25.5% equity interest in Curacao Utilities Company N.V. which supplies electricity, steam and water to the Island Refinery operated by Petroleos de Venezuela, S.A. in Curacao, Netherlands Antilles

TAQA’s role is operational, with its 50% interest represented at the board level at each facility and holding key management positions.

- Ends -

Contact Details:

TAQA UAE

Tanis Thacker
Head of Investor Relations
+ 971 2 691 4933

London
Claire Maloney, Capital MSL
Tel: +44 207 307 5341
claire.maloney@capitalmsl.com

About Abu Dhabi National Energy Company PJSC (TAQA)

Founded in 2005, TAQA (Abu Dhabi National Energy Company (PJSC)) is a global energy company with a growing asset base of AED 86 billion (US$ 24 billion). One of the largest companies listed on the Abu Dhabi Securities Exchange (ADX), with 2008 revenue approaching AED 17 billion (US$ 4.6 billion), TAQA is a flagship corporation for the Government of Abu Dhabi.

TAQA’s strategic goal is to build and operate a geographically diverse global portfolio of energy businesses across the value chain. It has operations in power generation, water desalination, upstream oil/gas, pipelines, and gas storage.

TAQA employs approximately 2,800 people from41 different nations and operates from its offices in: Abu Dhabi; Ann Arbor, Michigan; Aberdeen; Amsterdam; Calgary and The Hague. This footprint is further extended through alliances with partners across Africa, the Middle East, Europe, North America and India.

TAQA carries Aa2 and AA- credit ratings from Moody’s and SP respectively.

TAQA Full Year 2008 Financial Results 19 Mar 2009
Revenues grow 102% to AED 16.4 billion and profit exceeds AED 1.8 billion
TAQA Board recommends a 15 % Cash Dividend

Revenues grow 102% to AED 16.4 billion and profit exceeds AED 1.8 billion
TAQA Board recommends a 15% Cash Dividend

Abu Dhabi, United Arab Emirates - Abu Dhabi National Energy Company PJSC, a publicly listed company on the Abu Dhabi Securities Exchange (ADX: TAQA), today reported financial results for the full year 2008.

Key highlights of the results for the full year 2008:

  • Net profit (after minority interests) grew 76% to AED 1.8 billion compared with AED 1.0 billion in 2007.
  • Basic earnings-per-share increased to 36 fils on the increased shares outstanding from the convertible bonds issued during the year versus 25 fils in 2007.
  • Total assets grew 25% to AED 86 billion at 31 December 2008 compared with AED 69 billion at year end 2007.
  • EBITDA of AED 10.2 billion and a margin of 60%, versus EBITDA of AED 5.2 billion and a margin of 63% in 2007.
  • Revenue of AED 16.8 billion, an increase of 102% from AED 8.3 billion for 2007.
    oRevenue from the oil and gas business grew by 565% to AED 7.5 billion, from AED 1.1 billion as a result of the full consolidation of acquisitions completed in 2008.
    oRevenue from the electricity and water business, excluding supplemental fuel, grew by 17% to AED 5.5 billion, from AED 4.7 billion for the same period in 2007.
    oRevenue derived from gas storage grew by 67% to AED 506 million, compared with AED 303 million for the same period in 2007.

Upstream and Midstream

•Upstream and Midstream activity generated revenues of AED 8 billion (comprising oil and gas and gas storage), 47% of total revenues and contributing 46% of net profit.
•Average daily production was 114,1 mboe in 2008, split between TAQA Energy (6.7 mboe), TAQA Bratani (13.7 mboe) and TAQA North (93.7 mboe).
•Average net realized price of crude oil sold was US$83.39 per barrel for TAQA North, US$112.88 per barrel for TAQA Energy and US$70.49 per barrel for TAQA Bratani.
•Average net realized price for natural gas sold was US$8.16 per thousand cubic feet for TAQA North, US$10.45 per thousand cubic feet for TAQA Energy and US$6.24 per thousand cubic feet for TAQA Bratani.
•Drilling success rate of 99.7% for TAQA North.
•Results represent significant growth, following the successful integration of TAQA’s acquisitions in 2008.

Downstream

•Downstream activities generated revenues of AED 5.5 billion in 2008, excluding supplemental fuel, comprising 33% of total revenues in 2008, and 54% of net profit.
•TAQA’s downstream capability now represents total global generation capacity (gross) of 10,514 MW.
•In 2008, TAQA produced a total of 47,704 GWh in 2008, compared with 48,229 GWh in 2007, a fall of 1%.
•TAQA’s total water desalination in 2008 was 191,150 MIG, with a capacity of 594 MIG.
•Power and water in the UAE accounted for a total of 79% of the total revenue.
•Technical availability of power generation businesses averaged 93% with an average capacity of 71%.

Finance

•Cash and cash equivalents as at 31 December 2008 was AED 4.1 billion, compared with AED 7.4 billion for 2007.
•Finance costs increased from AED 2.5 billion to AED 3.8 billion, to fund acquisitions.
•TAQA’s undertook a bond buy back programme in 2008 totalling AED 1.0 billion
•At 31 December 2008, the Group had available AED 8.4 billion (2007: AED 3.8 billion) of undrawn committed borrowing facilities in respect of which all conditions precedent had been met.

Key highlights of the results for Q4 2008:

  • Net profit, after minority interests, fell 64% to AED 233 million compared with AED 653 million in the same quarter in 2007, largely due to the fall in oil and gas prices and an impairment charge of AED 271 million (net of tax) taken in 2008.
  • EBITDA of AED 1.9 billion for Q408, giving an EBITDA margin of 50% versus EBITDA of AED 1.8 billion and a margin of 59% in the same period in 2007. EBITDA margin for 2008 excluding supplementary fuel was 42%.
  • Total revenue reached AED 3.7 billion compared with AED 3.0 billion for the same period in 2007, an increase of 23%.

     

    oRevenue from oil and gas activities (including gas storage) grew 60% to AED 1.4 billion, compared with AED 0.9 billion for the same period in 2007. This increase reflects the acquisition of upstream assets in North America and Europe in 2008. Lower average oil and gas prices experienced during the period have impacted on revenue.
    oAverage daily production was 118.9 mboe, split between TAQA Energy (6.0 mboe), TAQA Bratani (19.1 mboe) and TAQA North (93.8 mboe).
    oAverage net realized price of crude oil sold was US$43.48 per barrel for TAQA North, US$41.04 per barrel for TAQA Energy and US$54.08 per barrel for TAQA Bratani.
    oAverage net realized price for natural gas sold was US$5.93 per thousand cubic feet for TAQA North, US$11.95 per thousand cubic feet for TAQA Energy and US$7.02 per thousand cubic feet for TAQA Bratani.
    oRevenue from the electricity and water business, excluding supplemental fuel, grew by 18% to AED 1.5 billion, from AED 1.3 billion for the same period in 2007.

In a Board meeting held on March 18, 2009, the Board of Directors of TAQA have recommended a cash dividend of AED 0.15 per share on all outstanding shares. This recommendation will be submitted for shareholder approval at TAQA’s Annual General Meeting to be held on April 21, 2009.

Comment

Peter Barker-Homek, Chief Executive Officer of TAQA, said:

“Following acquisitions by TAQA North in Canada and TAQA Bratani in the North Sea, 2008 was a year in which we began to execute upon our long-term strategic objective of building a diverse and equally distributed asset base in North America, Europe and the Middle East. The extension of our footprint brought with it significant new experience as an operator, upon which we continue to build.

Our diversification strategy has ensured that while the group benefited from the high oil price due to our expanded upstream operations in the first half of 2008, the strength of our midstream and downstream businesses helped to offset the sharp drop in oil prices in the second half of the year. We continue to have real confidence in the long-term growth prospects of the company in spite of short term pricing environment fluctuations, but will be prudent in taking on new projects and ensure that we are carefully controlling costs across the business - ultimately protecting profitability.

During the course of 2008, we have acted promptly and decisively in uncertain and volatile financial markets. As a result, TAQA is well capitalised with no short term funding requirements and significant available liquidity. This positions us well to continue to fulfil our long-term growth objectives throughout 2009 and to benefit from the opportunities that the market may present.”

Corporate activity during the period

January 2008 marked TAQA’s completion of its Cdn$5 billion acquisition of PrimeWest Energy Trust. TAQA North is now one of the top ten companies in Canada in terms of net proven natural gas reserves and in the top 12 companies in terms of oil and gas production.

In January 2008, TAQA agreed to a US$3.1 billion, one-year credit facility to partially finance the PrimeWest acquisition. The one year facility was refinanced in August 2008 and syndicated to multiple international lenders with a term of three years.

At its AGM in April 2008, TAQA declared a dividend of AED 0.10 per share to its shareholders.

In June 2008, TAQA announced the issuance of AED 4.15 billion (US$1.1bn) of convertible bonds which converted into common shares on 1 September 2008. The new shares commenced trading on the Abu Dhabi Securities Exchange on 16 October 2008.

On 7 July 2008, TAQA announced that TAQA Bratani had signed a Sale and Purchase Agreement with Shell U.K. Limited and Esso Exploration and Production (UK) Limited to purchase the equity pertaining to operating licenses for six offshore fields in the UK North Sea. The fields’ average daily production in the region of 40,000 barrels of oil equivalent (boe) represents a significant increase to TAQA’s existing European footprint. The US$438 million acquisition closed on the 1st December 2008.

In July, TAQA issued US $1.5 billion of notes under its Medium Term Note program. The offering consisted of US $1.0 billion of five year notes maturing in 2013 and US $0.5 billion of 10-year notes maturing in 2018.

In September 2008, as part of TAQA’s portfolio optimisation, the group sold a 20% interest in Shuweihat CMS International Power Company and a 50% interest in Shuweihat O&amp;M Limited Partnership to Sumitomo Corporation. TAQA retains a 54% stake in this plant.

In December 2008, TAQA, and the Bergermeer project consortium, signed a Memorandum of Understanding with Gazprom, in respect of cushion gas for the Bergermeer gas storage facility. The gas storage facility will enhance the security of energy supply to Dutch and European consumers and will contribute significantly to the liquidity of the North-West European gas markets.

December 2008 also saw TAQA and RBS Sempra Commodities announce the creation of TAQA Gen X, a joint venture focused on investments in the downstream energy business in North America. Simultaneously, TAQA Gen X announced its first investment in a tolling agreement for the Red Oak power plant, an 830 MW combined cycle gas turbine plant, located in Sayreville, New Jersey, USA. TAQA Gen X will play an active role in ensuring the long-term power demands for the region continue to be met.

Note on comparative data

Since the beginning of 2007, TAQA has completed a number of acquisitions which have been fully or partially consolidated into the period under review. In Q2 2007, TAQA completed the acquisition of CMS Generation, contributing two months of revenue to that quarter. In subsequent months TAQA acquired Northrock Resources and Pioneer Canada, significantly increasing the company’s upstream assets. The largest company acquisition to date, PrimeWest, was completed on January 16, 2008. The effect of these acquisitions should be considered when making year-on-year comparisons.

- ENDS -

Contact Information for Media:

Allan Virtanen
TAQA Media Relations, Abu Dhabi

Tel +971 2 691 4894; Mob +971 56 685 2717
Allan.Virtanen@taqaglobal.com

About TAQA

Established in 2005, TAQA is a diversified international energy group headquartered in Abu Dhabi, the capital of the United Arab Emirates, and listed on the Abu Dhabi Securities Exchange (ADX: TAQA).

TAQA’s business is made up of three operating divisions spread across the entire energy value chain: power generation & water desalination; oil and gas exploration & production; and emerging & alternative energy technologies.

Power & Water: TAQA is one the largest independent power producers in the world and the majority owner of the facilities that provide 98% of the water and electricity requirements in Abu Dhabi. TAQA's power plants are located in the UAE, Morocco, Oman, Saudi Arabia, Ghana, India, and USA.

Oil & Gas: with operations in Canada, UK, the Netherlands, USA and Iraq, TAQA's oil and gas business includes exploration and production, underground gas storage and pipeline transportation.

Emerging & alternative energy technologies: TAQA Energy Solutions is dedicated to alternative and technology-driven energy initiatives for long-term efficient energy production and generation. 

TAQA’s vision is to deliver ‘Energy for Growth’: growth within the business; social and economic progress in the communities where TAQA operates; and increased value for our shareholders.

Over the past 40 years the UAE and Abu Dhabi have pursued a vision embodied by progressive development, investment and the highest global standards. TAQA is proud to align its strategy both domestically and globally to Abu Dhabi’s economic vision 2030, working towards sustainable economic development. 

For more information about TAQA visit: www.taqaglobal.com or Twitter: @TAQAGLOBAL

TAQA announces purchase of 50% equity stake in Marubeni’s Caribbean power portfolio 18 Feb 2009
Deal grows TAQA’s Power Assets to 11,650 MW from 10,500 MW; and extends TAQA’s energy value chain to power transmission and distribution.

New York / Abu Dhabi / Ann Arbor / Tokyo - Abu Dhabi National Energy Company PJSC (TAQA), a global energy company, today announced the purchase of a 50% equity stake in the existing Caribbean portfolio of Marubeni Corporation (Marubeni), Japan’s largest trading company.

Deal grows TAQA’s Power Assets to 11,650 MW from 10,500 MW; and extends TAQA’s energy value chain to power transmission and distribution.

New York / Abu Dhabi / Ann Arbor / Tokyo - Abu Dhabi National Energy Company PJSC (TAQA), a global energy company, today announced the purchase of a 50% equity stake in the existing Caribbean portfolio of Marubeni Corporation (Marubeni), Japan’s largest trading company.

Commenting on the new JV, Peter Barker-Homek, Chief Executive Officer of TAQA, said:
“The transaction we bring to you today is another endorsement of our strategic objective to deliver profitable growth in multiple markets where we can access stable cash flows, which complement and enhance our existing diversified energy portfolio.

“TAQA shares the same outlook on long-term investment as Marubeni and brings solid experience in power sector and a strong financial position to the joint venture. Together, we have previously delivered successful partnerships in other regions, having jointly invested in power generation and water production globally. Our joint venture in the region will act as a platform to explore multiple opportunities, beyond the downstream segment, which may assist in creating a more sustainable energy environment for Caribbean countries.”

Marubeni’s assets in the region are currently part-owned and operated in conjunction with local and international partners. The purchase will be made under a 50/50 joint venture focused on long-term investments in the energy sector in the region.

The Marubeni Caribbean portfolio consists of equity stakes in power generation and transmission facilities with a combined generation capacity of 2,300MW (gross) in Jamaica, the Bahamas, Trinidad and Tobago and Curaçao, as follows:

•55.4% equity interest in Grand Bahama Power Company in Grand Bahama

•80% equity interest in Jamaica Public Service Company in Jamaica, which owns and operates ten generating facilities, including six hydroelectric plants. These plants expand TAQA’s downstream business into this sustainable energy source.

•39% equity interest in PowerGen which is an IPP that supplies 80% of total electricity demand in Trinidad &amp; Tobago

•25.5% equity interest in Curacao Utilities Company which supplies electric, steam and water to refinery plant of Petroleos de Venezuela, S.A. in Curacao Island

TAQA’s role will be operational, with its 50% interest represented at board level at each facility and holding key management positions. The transaction is expected to close by the end of Q1 2009, subject to regulatory consents.

- ENDS -

Contact Information for Media:

Allan Virtanen
TAQA Media Relations, Abu Dhabi

Tel +971 2 691 4894; Mob +971 56 685 2717
Allan.Virtanen@taqaglobal.com

About TAQA

Established in 2005, TAQA is a diversified international energy group headquartered in Abu Dhabi, the capital of the United Arab Emirates, and listed on the Abu Dhabi Securities Exchange (ADX: TAQA).

TAQA’s business is made up of three operating divisions spread across the entire energy value chain: power generation & water desalination; oil and gas exploration & production; and emerging & alternative energy technologies.

Power & Water: TAQA is one the largest independent power producers in the world and the majority owner of the facilities that provide 98% of the water and electricity requirements in Abu Dhabi. TAQA's power plants are located in the UAE, Morocco, Oman, Saudi Arabia, Ghana, India, and USA.

Oil & Gas: with operations in Canada, UK, the Netherlands, USA and Iraq, TAQA's oil and gas business includes exploration and production, underground gas storage and pipeline transportation.

Emerging & alternative energy technologies: TAQA Energy Solutions is dedicated to alternative and technology-driven energy initiatives for long-term efficient energy production and generation. 

TAQA’s vision is to deliver ‘Energy for Growth’: growth within the business; social and economic progress in the communities where TAQA operates; and increased value for our shareholders.

Over the past 40 years the UAE and Abu Dhabi have pursued a vision embodied by progressive development, investment and the highest global standards. TAQA is proud to align its strategy both domestically and globally to Abu Dhabi’s economic vision 2030, working towards sustainable economic development. 

For more information about TAQA visit: www.taqaglobal.com or Twitter: @TAQAGLOBAL

TAQA announces share buyback programme of up to 10% (622.5 million shares) of the share capital of the firm 18 Feb 2009
18 February 2009, Abu Dhabi, UAE - The Abu Dhabi National Energy Company PJSC (“TAQA”), a publicly listed company on the Abu Dhabi Securities Market (ADSM: TAQA), today announced that it had secured approval from the Securities and Commodities Authority (SCA) for a new share repurchase program authorizing up to 10% (or 622.5 million shares) of the share capital of the firm to be repurchased.

Abu Dhabi, United Arab Emirates - The Abu Dhabi National Energy Company PJSC (“TAQA”), a publicly listed company on the Abu Dhabi Securities Market (ADSM: TAQA), today announced that it had secured approval from the Securities and Commodities Authority (SCA) for a new share repurchase program authorizing up to 10% (or 622.5 million shares) of the share capital of the firm to be repurchased. The company plans to fund the repurchases made under this programme from its available funds. The buyback programme was approved by the Board of TAQA on 12 February 2009.

Peter E Barker-Homek, Chief Executive Officer of TAQA, said: “As a company, we have over US$24bn of assets worldwide which consistently deliver robust and diversified cash flows to our business. We do not believe that the current share price accurately reflects the value of TAQA’s business and profitable growth prospects, hence our decision to deploy a portion of excess cash to buy back our shares at this time.”

He added: “Recent declines in regional markets are largely not in line with the fundamentals of the majority of companies listed here, including TAQA. Rather, the recent performance of the markets here reflects global trends such as the credit crisis and the global economic slowdown that affect investors’ sentiments and lead them to overlook the compelling fundamentals of most of the companies listed here, including TAQA.”

Barker-Homek further added; "This announcement illustrates our confidence in the long-term growth of the company and our commitment to returning superior performance to our shareholders. Much like our bond buy-back programme that was aimed at preserving value for our bondholders, this share buy-back programme is a message to our shareholders that we will vigorously defend their investment in TAQA.”

- ENDS -

Contact Information for Media:

Allan Virtanen
TAQA Media Relations, Abu Dhabi

Tel +971 2 691 4894; Mob +971 56 685 2717
Allan.Virtanen@taqaglobal.com

About TAQA

Established in 2005, TAQA is a diversified international energy group headquartered in Abu Dhabi, the capital of the United Arab Emirates, and listed on the Abu Dhabi Securities Exchange (ADX: TAQA).

TAQA’s business is made up of three operating divisions spread across the entire energy value chain: power generation & water desalination; oil and gas exploration & production; and emerging & alternative energy technologies.

Power & Water: TAQA is one the largest independent power producers in the world and the majority owner of the facilities that provide 98% of the water and electricity requirements in Abu Dhabi. TAQA's power plants are located in the UAE, Morocco, Oman, Saudi Arabia, Ghana, India, and USA.

Oil & Gas: with operations in Canada, UK, the Netherlands, USA and Iraq, TAQA's oil and gas business includes exploration and production, underground gas storage and pipeline transportation.

Emerging & alternative energy technologies: TAQA Energy Solutions is dedicated to alternative and technology-driven energy initiatives for long-term efficient energy production and generation. 

TAQA’s vision is to deliver ‘Energy for Growth’: growth within the business; social and economic progress in the communities where TAQA operates; and increased value for our shareholders.

Over the past 40 years the UAE and Abu Dhabi have pursued a vision embodied by progressive development, investment and the highest global standards. TAQA is proud to align its strategy both domestically and globally to Abu Dhabi’s economic vision 2030, working towards sustainable economic development. 

For more information about TAQA visit: www.taqaglobal.com or Twitter: @TAQAGLOBAL

Preliminary Financial Results for 2008 11 Feb 2009
Preliminary profits for the year grew by 89% to reach AED 2.0 billion.

Preliminary profits for the year grew by 89% to reach AED 2.0 billion

Abu Dhabi, United Arab Emirates – Abu Dhabi National Energy Company PJSC, a publicly listed company on the Abu Dhabi Securities Exchange (ADX: TAQA), today reported preliminary financial results for the period ended 31 December 2008. These are unaudited preliminary results, subject to changes that may be caused from the final determination of certain accounting estimates.

The company’s preliminary profits for the year grew by 89% to reach AED 2.0 billion in 2008. Preliminary revenues grew by 102% to AED 16.9 billion, from AED 8.3 billion in 2007. Total assets grew by 29% to reach AED 88 billion in 2008. The basic earnings per share grew from 25 fils to 39 fils.

Commenting on the preliminary results, TAQA Chief Executive, Peter Barker-Homek said:

“During 2008, TAQA built on the progress we made in 2007, transforming our business into a global integrated energy company. The year was characterised by two key achievements; our ability to deliver financial growth in the context of market disruption and volatility and the execution of select transactions that will be value accretive to our group.

“We completed three financial transactions during the year that totalled US$6 billion, placing us in a very strong financial position to navigate challenging financial times ahead.

The fall in oil and energy prices during the course of 2008 demonstrated the importance of our diversified global operations.&nbsp; Despite the prevailing environment, we have been able to deliver significant growth in top and bottom line.&nbsp;

In seeking to diversify our operational base, we took the opportunity to expand our UK presence with the purchase of select North Sea operations from Shell and Esso - further evidence of our long-term commitment to Europe. We believe that the North Sea offers significant potential for next generation operators like TAQA and aim to extend the productive life and commercial viability of these assets.”

January 2008 marked TAQA’s completion of its Cdn$5 billion acquisition of PrimeWest Energy Trust.&nbsp; This positioned TAQA as one of Canada’s top ten energy companies in terms of net proven natural gas reserves and in the top 12 in terms of oil and gas production.

In January 2008, TAQA agreed to a US$3.1 billion, one-year credit facility to partially finance the PrimeWest acquisition.&nbsp; The one year facility was refinanced in August 2008 and syndicated to multiple international lenders with a term of three years.

At its AGM in April 2008, TAQA declared a dividend of AED 4.15 million to its shareholders.

In June 2008, TAQA announced the issuance of AED 4.15 billion (US$1.1bn) of convertible bonds which converted into common shares on 1 September 2008. The new shares commenced trading on the Abu Dhabi Securities Exchange on 16 October 2008.

On 7 July 2008, TAQA announced that TAQA Bratani had signed a Sale and Purchase Agreement with Shell U.K. Limited and Esso Exploration and Production (UK) Limited to purchase the equity pertaining to operating licenses for six offshore fields in the UK North Sea.&nbsp; The US$631 million acquisition closed on 2 December 2008.

At the end of July 2008, TAQA completed a bond offering in the US market totalling US$1.5 billion in five and ten year notes.

In September 2008, TAQA completed the sale of a 20% interest in Shuweihat CMS International Power Company (SCIPCO) and a 50% interest in Shuweihat O&amp;M Limited Partnership ("SOMLP") to Sumitomo Corporation. TAQA retains a 54% interest in SCIPCO.

In December 2008, TAQA, and the Bergermeer project consortium, signed a joint venture agreement with and Gazprom export, in respect of cushion gas for the Bergermeer gas storage facility.

December 2008 also saw the creation of TAQA Gen X, a joint venture with RBS Sempra Commodities focused on investments in the downstream energy business in North America. Simultaneously, TAQA Gen X announced its first investment in a tolling agreement for the Red Oak power plant, an 830 MW combined cycle gas turbine plant, located in Sayreville, New Jersey, USA.

Note on comparative data
Since the beginning of 2007, TAQA has completed a number of acquisitions which have been fully or partially consolidated into the period under review. The effect of these acquisitions should be considered when making year-on-year comparisons.
In the second quarter of 2007, TAQA completed the acquisition of CMS Generation, contributing two months of revenue to that quarter. In subsequent months TAQA acquired Northrock Resources and Pioneer Canada, significantly increasing the company’s upstream assets.&nbsp; The largest company acquisition to date, PrimeWest, was completed on 16 January 2008.

- ENDS -

Contact Information for Media:

Allan Virtanen
TAQA Media Relations, Abu Dhabi

Tel +971 2 691 4894; Mob +971 56 685 2717
Allan.Virtanen@taqaglobal.com

About TAQA

Established in 2005, TAQA is a diversified international energy group headquartered in Abu Dhabi, the capital of the United Arab Emirates, and listed on the Abu Dhabi Securities Exchange (ADX: TAQA).

TAQA’s business is made up of three operating divisions spread across the entire energy value chain: power generation & water desalination; oil and gas exploration & production; and emerging & alternative energy technologies.

Power & Water: TAQA is one the largest independent power producers in the world and the majority owner of the facilities that provide 98% of the water and electricity requirements in Abu Dhabi. TAQA's power plants are located in the UAE, Morocco, Oman, Saudi Arabia, Ghana, India, and USA.

Oil & Gas: with operations in Canada, UK, the Netherlands, USA and Iraq, TAQA's oil and gas business includes exploration and production, underground gas storage and pipeline transportation.

Emerging & alternative energy technologies: TAQA Energy Solutions is dedicated to alternative and technology-driven energy initiatives for long-term efficient energy production and generation. 

TAQA’s vision is to deliver ‘Energy for Growth’: growth within the business; social and economic progress in the communities where TAQA operates; and increased value for our shareholders.

Over the past 40 years the UAE and Abu Dhabi have pursued a vision embodied by progressive development, investment and the highest global standards. TAQA is proud to align its strategy both domestically and globally to Abu Dhabi’s economic vision 2030, working towards sustainable economic development. 

For more information about TAQA visit: www.taqaglobal.com or Twitter: @TAQAGLOBAL

TAQA pledges 150,000 USD to Ease Gaza Suffering 28 Jan 2009
Abu Dhabi, 28th January 2009: The Abu Dhabi National Energy Company PJSC (TAQA) today announced that it has donated 150,000 US dollars (USD), through the United Nations Global Compact, to help ease the suffering of the people of Gaza.

Abu Dhabi, United Arab Emirates - The Abu Dhabi National Energy Company PJSC (TAQA) today announced that it has donated 150,000 US dollars (USD), through the United Nations Global Compact, to help ease the suffering of the people of Gaza.

As the armed conflict drags on, current estimates suggest that at least one million people are without electricity and 750,000 without water in Gaza. Many are also in dire need of shelter, food and emergency healthcare. Reports estimate that the cost of repairing Gaza is already in excess of US$ 1.9 billion.

Peter E. Barker-Homek, CEO of TAQA said, "TAQA is fully committed to help ease the suffering of the people of Gaza. Over 1.5 million people are known to have been drastically affected by the current humanitarian crisis in the region.&nbsp; By supporting the United Nations, we hope to make a valuable contribution to improving the lives of the huge number of people whose lives have been turned upside down by the devastating events.”

TAQA has pledged the donation to the UN Central Emergency Response Fund (CERF), the UN’s central donation facility, who collect contributions year-round to help ensure that funds are on-hand to allow for immediate humanitarian relief in emergencies.

- ENDS -

Contact Information for Media:
Allan Virtanen
TAQA Media Relations, Abu Dhabi

Tel +971 2 691 4894; Mob +971 56 685 2717
Allan.Virtanen@taqaglobal.com

About TAQA

Established in 2005, TAQA is a diversified international energy group headquartered in Abu Dhabi, the capital of the United Arab Emirates, and listed on the Abu Dhabi Securities Exchange (ADX: TAQA).

TAQA’s business is made up of three operating divisions spread across the entire energy value chain: power generation & water desalination; oil and gas exploration & production; and emerging & alternative energy technologies.

Power & Water: TAQA is one the largest independent power producers in the world and the majority owner of the facilities that provide 98% of the water and electricity requirements in Abu Dhabi. TAQA's power plants are located in the UAE, Morocco, Oman, Saudi Arabia, Ghana, India, and USA.

Oil & Gas: with operations in Canada, UK, the Netherlands, USA and Iraq, TAQA's oil and gas business includes exploration and production, underground gas storage and pipeline transportation.

Emerging & alternative energy technologies: TAQA Energy Solutions is dedicated to alternative and technology-driven energy initiatives for long-term efficient energy production and generation. 

TAQA’s vision is to deliver ‘Energy for Growth’: growth within the business; social and economic progress in the communities where TAQA operates; and increased value for our shareholders.

Over the past 40 years the UAE and Abu Dhabi have pursued a vision embodied by progressive development, investment and the highest global standards. TAQA is proud to align its strategy both domestically and globally to Abu Dhabi’s economic vision 2030, working towards sustainable economic development. 

For more information about TAQA visit: www.taqaglobal.com or Twitter: @TAQAGLOBAL

TAQA Donates 100,000 CAD for Gaza Humanitarian Aid 26 Jan 2009
Abu Dhabi, 25th January 2009: In response to the current humanitarian crisis in Gaza, Abu Dhabi National Energy Company PJSC (TAQA) has pledged 100,000 Canadian dollars (CAD) through the Canadian Red Cross to help alleviate human suffering in Gaza.

Abu Dhabi, United Arab Emirates -  In response to the current humanitarian crisis in Gaza, Abu Dhabi National Energy Company PJSC (TAQA) has pledged 100,000 Canadian dollars (CAD) through the Canadian Red Cross to help alleviate human suffering in Gaza.

Despite the recent cease-fire, the situation across the territory remains critical, with an estimated total repair bill of US$ 1.9 billion. Officials reported that around 5,000 homes were destroyed and 20,000 others were damaged during the conflict, rendering many families homeless.

Peter E. Barker-Homek, CEO of TAQA said, "We must do everything we can to ensure the desperate, vulnerable people in Gaza get the help they need. We are totally committed to this cause and by working with the Canadian Red Cross, we hope that these civilians, particularly children, can avert further suffering. We are hopeful that our contribution will help those 1.5 million people in urgent need of food, water and fuel.”

- ENDS -

Contact Information for Media:
Allan Virtanen
TAQA Media Relations, Abu Dhabi

Tel +971 2 691 4894; Mob +971 56 685 2717
Allan.Virtanen@taqaglobal.com

About TAQA

Established in 2005, TAQA is a diversified international energy group headquartered in Abu Dhabi, the capital of the United Arab Emirates, and listed on the Abu Dhabi Securities Exchange (ADX: TAQA).

TAQA’s business is made up of three operating divisions spread across the entire energy value chain: power generation & water desalination; oil and gas exploration & production; and emerging & alternative energy technologies.

Power & Water: TAQA is one the largest independent power producers in the world and the majority owner of the facilities that provide 98% of the water and electricity requirements in Abu Dhabi. TAQA's power plants are located in the UAE, Morocco, Oman, Saudi Arabia, Ghana, India, and USA.

Oil & Gas: with operations in Canada, UK, the Netherlands, USA and Iraq, TAQA's oil and gas business includes exploration and production, underground gas storage and pipeline transportation.

Emerging & alternative energy technologies: TAQA Energy Solutions is dedicated to alternative and technology-driven energy initiatives for long-term efficient energy production and generation. 

TAQA’s vision is to deliver ‘Energy for Growth’: growth within the business; social and economic progress in the communities where TAQA operates; and increased value for our shareholders.

Over the past 40 years the UAE and Abu Dhabi have pursued a vision embodied by progressive development, investment and the highest global standards. TAQA is proud to align its strategy both domestically and globally to Abu Dhabi’s economic vision 2030, working towards sustainable economic development. 

For more information about TAQA visit: www.taqaglobal.com or Twitter: @TAQAGLOBAL

Transparency puts TAQA in ‘top list’ of global energy companies 18 Nov 2008
TAQA, also known as the Abu Dhabi National Energy Company, has been named as one of the world’s Top 250 GlobalEnergy Companies, according to the 2008 Platts Global Energy rankings.

TAQA, along with the Saudi Electricity Company, are the first energy companies from the Gulf region to be listed in the prestigious Top 250 rankings table, highlighting the trend towards greater financial transparency and disclosure.

Based in Abu Dhabi, with operations in the UK, Europe, North America, the Middle East, Africa and India, TAQA came in at No. 234 on the list with reported assets of $18,471 million; a major achievement for a company that was founded in 2005.

The milestone represents a major move forward for Gulf oil companies and serves to further highlight TAQA’s credentials as global energy company committed to transparency and good governance.&nbsp;

TAQA CEO Peter Barker Homek said: “TAQA’s inclusion in the Top 250 Global Energy list is testament to how far we have come as a company in just three years and to the commitment of every employee to ensure that we meet the highest standards of corporate responsibility, transparency and openness.”

“TAQA has invested heavily to ensure it has a best-in-class financial data system and this accolade reinforces this,’’ Mr Barker Homek said.

“TAQA is proud to be one of the first Gulf companies to be included on the list and we will continue to strive for greater transparency and disclosure throughout the region.’’

In order to be included on Platt’s Top 250 Global Energy Company list, companies must publish their financial results and adhere to open and transparent data systems.

- ENDS -

Contact Information for Media:

Allan Virtanen
TAQA Media Relations, Abu Dhabi

Tel +971 2 691 4894; Mob +971 56 685 2717
Allan.Virtanen@taqaglobal.com

About TAQA

Established in 2005, TAQA is a diversified international energy group headquartered in Abu Dhabi, the capital of the United Arab Emirates, and listed on the Abu Dhabi Securities Exchange (ADX: TAQA).

TAQA’s business is made up of three operating divisions spread across the entire energy value chain: power generation & water desalination; oil and gas exploration & production; and emerging & alternative energy technologies.

Power & Water: TAQA is one the largest independent power producers in the world and the majority owner of the facilities that provide 98% of the water and electricity requirements in Abu Dhabi. TAQA's power plants are located in the UAE, Morocco, Oman, Saudi Arabia, Ghana, India, and USA.

Oil & Gas: with operations in Canada, UK, the Netherlands, USA and Iraq, TAQA's oil and gas business includes exploration and production, underground gas storage and pipeline transportation.

Emerging & alternative energy technologies: TAQA Energy Solutions is dedicated to alternative and technology-driven energy initiatives for long-term efficient energy production and generation. 

TAQA’s vision is to deliver ‘Energy for Growth’: growth within the business; social and economic progress in the communities where TAQA operates; and increased value for our shareholders.

Over the past 40 years the UAE and Abu Dhabi have pursued a vision embodied by progressive development, investment and the highest global standards. TAQA is proud to align its strategy both domestically and globally to Abu Dhabi’s economic vision 2030, working towards sustainable economic development. 

For more information about TAQA visit: www.taqaglobal.com or Twitter: @TAQAGLOBAL

TAQA Strengthens Presence in Africa and India 17 Nov 2008
ABU DHABI, United Arab Emirates - The Abu Dhabi National Energy Company PJSC (TAQA), a publicly listed company on the Abu Dhabi Securities Market (ADX), today announced two senior appointments to strengthen the company’s operations in India and Ghana.

ABU DHABI, United Arab Emirates - The Abu Dhabi National Energy Company PJSC (TAQA), a publicly listed company on the Abu Dhabi Securities Market (ADX), today announced two senior appointments to strengthen the company’s operations in India and Ghana.

As part of the company’s ongoing commitment to developing its business across Asia and Africa, Ramanathan Balachandar will join TAQA’s Indian headquarters as President CEO of STCMS, a TAQA’s subsidiary , and Osafo Adjei has been appointed General Manager at the company’s operations in Ghana.

Commenting on the appointments, Peter Barker Homek, CEO of TAQA said: “I am delighted to announce the appointments of Balachandar and Osafo to our ever-expanding teams in India and Ghana. Both of these men have extensive expertise in their respective fields and are ideally qualified to drive the future growth and expansion of TAQA’s operations across Asia and Africa.”

Based at Chennai in India, Ramanathan Balachandar will be responsible for the overall management of the TAQA’s facility Neveyli Power Plant. In addition, Balachandar&nbsp; will play an active role in the sourcing and assessment of new business opportunities for TAQA in India. Balachandar joined TAQA in May 2007 when TAQA acquired Takoradi. With over 27 years of experience in the power industry, Balachandar has extensive knowledge and experience in large thermal power plants and an in-depth understanding of the energy industry across India. Prior to joining TAQA he worked for CMS power generation for 6 years, a company which TAQA acquired in 2007.

As General Manager of TAQA’s Takoradi Thermal Power Utility in Ghana, Osafo Adjei’s will be responsible for the strategic management of the plant, to enable TAQA to drive the growth of the plant’s diversified potentials, including power, oil and gas, in Ghana and in the West African sub-region. Osafo is a management and communications specialist with over 15 years experience with Ghana's public power utility, Volta River Authority. Osafo has worked for TAQA for one year, and prior to joining TAQA he worked at TICO for CMS power generation, a company which TAQA acquired in 2007.&nbsp; Osafo’s first task is to lead the expansion of Takoradi to a 330 MW CCGT.

- ENDS -

Contact Information for Media:

Allan Virtanen
TAQA Media Relations, Abu Dhabi

Tel +971 2 691 4894; Mob +971 56 685 2717
Allan.Virtanen@taqaglobal.com

About TAQA

Established in 2005, TAQA is a diversified international energy group headquartered in Abu Dhabi, the capital of the United Arab Emirates, and listed on the Abu Dhabi Securities Exchange (ADX: TAQA).

TAQA’s business is made up of three operating divisions spread across the entire energy value chain: power generation & water desalination; oil and gas exploration & production; and emerging & alternative energy technologies.

Power & Water: TAQA is one the largest independent power producers in the world and the majority owner of the facilities that provide 98% of the water and electricity requirements in Abu Dhabi. TAQA's power plants are located in the UAE, Morocco, Oman, Saudi Arabia, Ghana, India, and USA.

Oil & Gas: with operations in Canada, UK, the Netherlands, USA and Iraq, TAQA's oil and gas business includes exploration and production, underground gas storage and pipeline transportation.

Emerging & alternative energy technologies: TAQA Energy Solutions is dedicated to alternative and technology-driven energy initiatives for long-term efficient energy production and generation. 

TAQA’s vision is to deliver ‘Energy for Growth’: growth within the business; social and economic progress in the communities where TAQA operates; and increased value for our shareholders.

Over the past 40 years the UAE and Abu Dhabi have pursued a vision embodied by progressive development, investment and the highest global standards. TAQA is proud to align its strategy both domestically and globally to Abu Dhabi’s economic vision 2030, working towards sustainable economic development. 

For more information about TAQA visit: www.taqaglobal.com or Twitter: @TAQAGLOBAL

TAQA Strengthens Local Team with Two Senior Appointments 10 Nov 2008
ABU DHABI, United Arab Emirates - The Abu Dhabi National Energy Company PJSC (TAQA), a publicly listed company on the Abu Dhabi Securities Market (ADX), today announced the appointment of two senior Group Vice Presidents to strengthen its operations in the region.

As part of an organisational initiative, Shawn Olds and Scott Chapel will join TAQA’s Abu Dhabi headquarters to drive the company’s future growth and development by offering their extensive specialist experience across two sectors of the business: Global Sourcing and Corporate Security.

Commenting on the appointments, Peter Barker-Homek, CEO of TAQA said: “These key appointments significantly strengthen our team in the Middle East region. Shawn and Scott have a clear understanding of the diverse needs of our growing organisation and a comprehensive knowledge of the industry-leading practices that will help TAQA to develop into one of the world’s leading energy companies. I firmly believe that they will each have a crucial role to play in the company’s future successes and I look forward to working more closely with both of them.”

In his role as GVP of Global Sourcing, Shawn Olds will be responsible for establishing sound Sourcing practices throughout TAQA and its business units. His other key responsibility will be capturing, analyzing and acting upon TAQA’s corporate spending. Having recently served TAQA in the role of Head of Global Sourcing, Mr. Olds possesses over 14 years of professional experience working with blue chip companies, the military, governments and non-profit organizations.

As the new Corporate Security Officer, Scott Chapel will manage the development and implementation of global security policy, standards, guidelines and procedures ensuring ongoing maintenance of security. His key responsibilities will be to identify protection goals, objectives and metrics consistent with TAQA’s strategic plan. Mr Chapel has been in the security business in the Arabian Gulf since 1993 with regional experience in security assessment, analysis, training, and program implementation combined with regional/cultural awareness.

- ENDS -

Contact Information for Media:

Allan Virtanen
TAQA Media Relations, Abu Dhabi

Tel +971 2 691 4894; Mob +971 56 685 2717
Allan.Virtanen@taqaglobal.com

About TAQA

Established in 2005, TAQA is a diversified international energy group headquartered in Abu Dhabi, the capital of the United Arab Emirates, and listed on the Abu Dhabi Securities Exchange (ADX: TAQA).

TAQA’s business is made up of three operating divisions spread across the entire energy value chain: power generation & water desalination; oil and gas exploration & production; and emerging & alternative energy technologies.

Power & Water: TAQA is one the largest independent power producers in the world and the majority owner of the facilities that provide 98% of the water and electricity requirements in Abu Dhabi. TAQA's power plants are located in the UAE, Morocco, Oman, Saudi Arabia, Ghana, India, and USA.

Oil & Gas: with operations in Canada, UK, the Netherlands, USA and Iraq, TAQA's oil and gas business includes exploration and production, underground gas storage and pipeline transportation.

Emerging & alternative energy technologies: TAQA Energy Solutions is dedicated to alternative and technology-driven energy initiatives for long-term efficient energy production and generation.

TAQA’s vision is to deliver ‘Energy for Growth’: growth within the business; social and economic progress in the communities where TAQA operates; and increased value for our shareholders.

Over the past 40 years the UAE and Abu Dhabi have pursued a vision embodied by progressive development, investment and the highest global standards. TAQA is proud to align its strategy both domestically and globally to Abu Dhabi’s economic vision 2030, working towards sustainable economic development.

For more information about TAQA visit: www.taqaglobal.com or Twitter: @TAQAGLOBAL

TAQA announces its Q3 financial results 30 Oct 2008
Financial Results for the period ended 30 September 2008
TAQA’s nine month profit increases 318%, approaching AED 1.6 billion
Basic earnings per share of 35 fils for the first nine months of the year
30 October, 2008, Abu Dhabi, UAE – Abu Dhabi National Energy Company PJSC, a publicly listed company on the Abu Dhabi Securities Exchange (ADX: TAQA)

Click here for Arabic version

Financial Results for the period ended 30 September 2008

TAQA’s nine month profit increases 318%, approaching AED 1.6 billion
Basic earnings per share of 35 fils for the first nine months of the year

 

Abu Dhabi, UAE – Abu Dhabi National Energy Company PJSC, a publicly listed company on the Abu Dhabi Securities Exchange (ADX: TAQA), today reported financial results for the period ended 30 September 2008.

Key highlights for the nine months ended 30 September 2008:

  • Net profit after minority interests increased 318%, reaching AED 1.6 billion in the first nine months of 2008 compared with AED 381 million in the same period in 2007..
  • Basic earnings-per-share reached 35 fils for the first nine months of 2008, compared with 9 fils for the same period in 2007..
  • EBITDA increased by 144% to AED 8.3 billion for the first nine months of 2008, compared with AED 3.4 billion for the same period in 2007..
  • Total revenues were AED 13.1 billion for the first nine months of 2008, an increase of 145% when compared with total revenues of AED 5.3 billion for the corresponding period in 2007.
    • Oil and gas revenues for the nine months ended 30 September 2008 reached AED 6.2 billion, compared with AED 462 million for the first nine months of 2007. This increase was driven primarily by the revenues from TAQA North of AED 4.8 billion comprised of the full consolidation of all three TAQA acquisitions in Canada, compared with 2007 which only included revenues from TAQA Bratani and TAQA’s Northrock acquisition from 15 August 2007.
    • Total revenues from the sale of electricity and water were AED 4.0 billion for the nine months ended 30 September 2008, compared with revenues of AED 3.4 billion for the nine months ended 30 September 2007. When comparing the periods under review, the revenue of AED 874 million from TAQA Generation during 2008 compares with AED 479 million for the five month post-acquisition period in 2007.
    • Gas storage revenues for the period ended 30 September 2008 were AED 391 million compared with AED 106 million for the same period in 2007. This increase was attributable to revenues from East Cantaur, part of TAQA North, which was not included in the first nine months of 2007.
  • Finance costs were AED 2.8 billion for the nine months ended 30 September 2008, an increase of 58% when compared with finance costs of AED 1.8 billion for the nine months ended 30 September 2007 as a result of costs related to acquisitions and on new bonds of US$ 1.5 billion issued in July 2008..
  • As at 30 September 2008 TAQA’s total assets were AED 85.4 billion, compared with AED 67.8 billion at 31 December 2007.

Key highlights of the results for the third quarter of 2008:

  • Net profit after minority interests for the quarter increased by 448% to AED 723 million, compared with AED 132 million in the third quarter of 2007..
  • Basic earnings-per-share showed a 310% increase to 13 fils for the third quarter of 2008, compared with 3 fils for the third quarter of 2007..
  • EBITDA1 increased 131% from AED 1.3 billion in the third quarter 2007 to AED 3.0 billion in the third quarter of 2008..
  • Total revenue for the third quarter increased 81% to AED 4.5 billion, compared with AED 2.5 billion for the third quarter of 2007:
    • Revenue from oil and gas activities was AED 2.1 billion, compared with AED 308 million for the third quarter 2007.
    • Revenue from the electricity and water business increased to AED 1.5 billion, compared with AED 1.4 billion in the third quarter of 2007, excluding revenues from supplemental fuel sales.
    • Revenue from gas storage grew to AED 89 million, compared with AED 26 million for the third quarter of 2007..
  • In the third quarter of 2008, finance costs increased to AED 984 million from AED 644 million in the third quarter of 2007, reflecting the financing arrangements put in place to fund acquisitions made over the previous 12 months.

Upstream and midstream.

  • The upstream and midstream businesses generated revenue of AED 2.2 billion, representing 48% of total revenue for the third quarter of 2008. Revenues from oil and gas were impacted by lower average gas prices and lower production volumes in TAQA North during the period..
  • Total production for the third quarter of 2008 averaged 110.5 thousand barrels of oil equivalent per day (mboe/day), split between TAQA North (93.0 mboe/day), TAQA Energy (6.8 mboe/day) and TAQA Bratani (10.7 mboe/day)..
  • The average net realized price of crude oil sold in the third quarter of 2008 was US$ 103.88 per barrel for TAQA North in North America and US$ 109.10 per barrel for TAQA Energy and TAQA Bratani in Europe. The average price for the total production in North America and Europe was US$ 104.62 per barrel.
  • Average net realized price for natural gas sold in the third quarter of 2008 was US $ 9.03 per thousand cubic feet (mcf) for TAQA North and US$ 10.54 per mcf for TAQA Energy and TAQA Bratani. The average price for total production in North America and Europe was US$ 9.29 per mcf..
  • TAQA North had a drilling success rate of 100% in the third quarter of 2008.

Downstream

High seasonal demand in the third quarter and new capacity coming on-stream at the Taweelah B power plant increased revenues in the downstream business to AED 2.3 billion in the third quarter, comprising 52% of total revenue.
TAQA’s downstream business now has global generation capacity (gross) of 10,514 Mw. During the third quarter of 2008, total power production was 13,602 Gwh, made up of 9,904 Gwh in the domestic market and 3,698 Gwh internationally..

  • TAQA’s total water desalination in the third quarter of 2008 was 48,306 million Imperial gallons..
  • Technical availability of the power generation businesses in Q3 2008 averaged 95.2%, with an average domestic availability of 95.4% and an average international availability of 94.9%.

Comment

Peter Barker-Homek, Chief Executive Officer of TAQA, said:

1 Earnings before interest, tax, depreciation and amortisation
“The past quarter has seen TAQA consolidating its position across its core target markets, while continuing to monitor global opportunities for further acquisitions. Today’s results are testament to the benefits of our diversification strategy. While revenues during the third quarter derived from oil and gas were dampened by lower average commodity prices, the growing strength of our midstream and downstream portfolio has acted to mitigate this. The positive impact of the acquisitions we have made is directly visible in our bottom line.
As I look forward into 2009, we are well financed. Equipped with extensive available credit facilities, we do not have any short term refinancing needs. As a result, our strategic plan remains unaffected by recent events in financial markets and we continue to build a strong operational track record of which I am immensely proud.
Our team continues to drive the integration of the assets we have acquired, delivering high performance and maintaining our commitment to the highest standards of health and safety and environmental stewardship. This operational excellence will continue to play a crucial part in our ability to deliver sustainable business growth that takes into account all risk factors.”

Corporate activity during the third quarter 2008

In June, TAQA announced the issuance of AED 4.15 billion of convertible bonds which converted into common shares on 1 September 2008 at an exchange ratio of 500 shares for each AED 1,000 bond. Accordingly, 2,075 million new ordinary shares were issued and the company’s paid up share capital was increased by AED 2,075 million to AED 6,225 million.
The new shares commenced trading on the Abu Dhabi Securities Exchange on 16 October 2008.

 

On 7 July 2008 TAQA announced that TAQA Bratani had signed a Sale and Purchase Agreement with Shell U.K. Limited and Esso Exploration and Production (UK) Limited (‘the Vendors’) to purchase the equity pertaining to operating licenses for six offshore fields.

In September, TAQA agreed to purchase EnCore Oil Nederland B.V., a wholly owned subsidiary of EnCore Oil plc, whose only asset is a 10% interest in the Amstel field offshore the Netherlands, for US$ 5.5 million in cash on completion. Following completion of the transaction, EnCore Oil Nederland B.V. will be integrated into TAQA Energy B.V.

On 26 September TAQA completed the sale of a 20% interest in Shuweihat CMS International Power Company (SCIPCO) and a 50% interest in Shuweihat O&amp;M Limited Partnership ("SOMLP") to Sumitomo Corporation. TAQA retains a 54% interest in SCIPCO.

Note on comparative data

Since the beginning of 2007, TAQA has completed a number of acquisitions which have been fully or partially consolidated into the period under review. The effect of these acquisitions should be considered when making year-on-year comparisons.

In the second quarter of 2007, TAQA completed the acquisition of CMS Generation, contributing two months of revenue to that quarter. In subsequent months TAQA acquired Northrock Resources and Pioneer Canada, significantly increasing the company’s upstream assets. The largest company acquisition to date, PrimeWest, was completed on 16 January 2008.

- ENDS -

Contact Information for Media:

Allan Virtanen
TAQA Media Relations, Abu Dhabi

Tel +971 2 691 4894; Mob +971 56 685 2717
Allan.Virtanen@taqaglobal.com

About TAQA

Established in 2005, TAQA is a diversified international energy group headquartered in Abu Dhabi, the capital of the United Arab Emirates, and listed on the Abu Dhabi Securities Exchange (ADX: TAQA).

TAQA’s business is made up of three operating divisions spread across the entire energy value chain: power generation & water desalination; oil and gas exploration & production; and emerging & alternative energy technologies.

Power & Water: TAQA is one the largest independent power producers in the world and the majority owner of the facilities that provide 98% of the water and electricity requirements in Abu Dhabi. TAQA's power plants are located in the UAE, Morocco, Oman, Saudi Arabia, Ghana, India, and USA.

Oil & Gas: with operations in Canada, UK, the Netherlands, USA and Iraq, TAQA's oil and gas business includes exploration and production, underground gas storage and pipeline transportation.

Emerging & alternative energy technologies: TAQA Energy Solutions is dedicated to alternative and technology-driven energy initiatives for long-term efficient energy production and generation. 

TAQA’s vision is to deliver ‘Energy for Growth’: growth within the business; social and economic progress in the communities where TAQA operates; and increased value for our shareholders.

Over the past 40 years the UAE and Abu Dhabi have pursued a vision embodied by progressive development, investment and the highest global standards. TAQA is proud to align its strategy both domestically and globally to Abu Dhabi’s economic vision 2030, working towards sustainable economic development. 

For more information about TAQA visit: www.taqaglobal.com or Twitter: @TAQAGLOBAL

TAQA joins the Global Call to Action against Poverty 21 Oct 2008
The Abu Dhabi National Energy Company PJSC (TAQA), a publicly listed company on the Abu Dhabi Securities Exchange (ADX: TAQA), today announced its participation in this year’s “Stand Up” campaign to support the Global Call to Action Against Poverty and Inequality movement.

Abu Dhabi, United Arab Emirates - The Abu Dhabi National Energy Company PJSC (TAQA), a publicly listed company on the Abu Dhabi Securities Exchange (ADX: TAQA), today announced its participation in this year’s “Stand Up” campaign to support the Global Call to Action Against Poverty and Inequality movement.

The Global Call to Action against Poverty (GCAP) movement is a growing alliance of organizations calling for action from world leaders to meet their promises to end poverty and inequality. One of GCAP’s leading initiatives is the “Stand Up and Take Action Against Poverty and support the Millennium Development Goals”, in which millions of people across the globe stand united for 1 minute to declare their determination and promise to actively ensure that the Millennium Development Goals are reached by 2015.

To begin the process of organizing a company wide Stand Up, TAQA chose to incorporate the 50 Days of Action leading up to this significant event. Beginning on Sept 1st, TAQA organized a number of initiatives aimed at raising awareness of global poverty and encouraging action from world leaders to meet their promises to end poverty and inequality. Employee initiatives included book and clothing donations for children in Africa and cash donations to buy World Health Organization approved mosquito nets to prevent the spreading of malaria in Ghana. To mark the close of the 50 days and to commemorate the Stand Up campaign, employees will gather and stand united for one minute on October 19th.

Speaking about the campaign, Peter Barker-Homek, Chief Executive Officer of TAQA said: “I am very proud of the efforts and commitment shown by our employees towards this important global initiative; I credit its success to their active participation and desire to change the world in their own small way”.

- ENDS -

Contact Information for Media:

Allan Virtanen
TAQA Media Relations, Abu Dhabi

Tel +971 2 691 4894; Mob +971 56 685 2717
Allan.Virtanen@taqaglobal.com

About TAQA

Established in 2005, TAQA is a diversified international energy group headquartered in Abu Dhabi, the capital of the United Arab Emirates, and listed on the Abu Dhabi Securities Exchange (ADX: TAQA).

TAQA’s business is made up of three operating divisions spread across the entire energy value chain: power generation & water desalination; oil and gas exploration & production; and emerging & alternative energy technologies.

Power & Water: TAQA is one the largest independent power producers in the world and the majority owner of the facilities that provide 98% of the water and electricity requirements in Abu Dhabi. TAQA's power plants are located in the UAE, Morocco, Oman, Saudi Arabia, Ghana, India, and USA.

Oil & Gas: with operations in Canada, UK, the Netherlands, USA and Iraq, TAQA's oil and gas business includes exploration and production, underground gas storage and pipeline transportation.

Emerging & alternative energy technologies: TAQA Energy Solutions is dedicated to alternative and technology-driven energy initiatives for long-term efficient energy production and generation. 

TAQA’s vision is to deliver ‘Energy for Growth’: growth within the business; social and economic progress in the communities where TAQA operates; and increased value for our shareholders.

Over the past 40 years the UAE and Abu Dhabi have pursued a vision embodied by progressive development, investment and the highest global standards. TAQA is proud to align its strategy both domestically and globally to Abu Dhabi’s economic vision 2030, working towards sustainable economic development. 

For more information about TAQA visit: www.taqaglobal.com or Twitter: @TAQAGLOBAL

TAQA announces completion of sale of Shuweihat Shares to Sumitomo Corporation 26 Sep 2008
The Abu Dhabi National Energy Company PJSC (TAQA), a publicly listed company on the Abu Dhabi Securities Exchange (ADX: TAQA), announced that it has completed the sale of a 20% interest in Shuweihat CMS International Power Company (SCIPCO) and a 50% interest in Shuweihat O&M Limited Partnership ("SOMLP") to Sumitomo Corporation.

Abu Dhabi, United Arab Emirates - The Abu Dhabi National Energy Company PJSC (TAQA), a publicly listed company on the Abu Dhabi Securities Exchange (ADX: TAQA), announced that it has completed the sale of a 20% interest in Shuweihat CMS International Power Company (SCIPCO) and a 50% interest in Shuweihat O & M Limited Partnership ("SOMLP") to Sumitomo Corporation.

SCIPCO owns the Shuweihat S1 plant (“S1 Plant”), a power generation and water desalination facility near Jabal Dhana, Abu Dhabi with a net production capacity of 1,500 megawatts of electricity and 100 million imperial gallons of desalinated water a day. SOMLP is the company responsible for the management, operation and maintenance of the S1 Plant. The S1 Plant commenced commercial operations in June 2005.

TAQA retains a 54% interest in SCIPCO, Abu Dhabi Water Electricity Authority (“ADWEA”) and International Power Plc (“IPR”) will continue to hold 6% and 20%, respectively. IPR will also retain its 50% interest in SOMLP.

Of its 74% stake in SCIPCO TAQA originally held a 54% stake but acquired an additional 20% through its purchase of CMS Generation, an international portfolio of energy and utility assets. This sale to Sumitomo returns TAQA to its original position, and combined with ADWEA’s 6% stake is consistent with ADWEA’s target of 60% domestic ownership of strategic assets.

Purchased by TAQA for US$900 million in May 2007, the CMS portfolio also included assets held in Morocco, Saudi Arabia, Ghana, UAE and India. CMS Generation has subsequently been renamed TAQA Generation. TAQA completed a similar sale of 40% of Emirates CMS Power Company to the Marubeni Corporation in October 2007.

Comment

Peter Barker Homek, Chief Executive Officer, said:

“Our ability to attract an investor of Sumitomo’s stature once again shows the high regard in which the Abu Dhabi market is held. As one of the global leaders in power generation, we look forward to working closely with Sumitomo as the Abu Dhabi power and desalination operations remain a core business and a key focus for us in the future.”

- ENDS -

Contact Information for Media:

Allan Virtanen
TAQA Media Relations, Abu Dhabi

Tel +971 2 691 4894; Mob +971 56 685 2717
Allan.Virtanen@taqaglobal.com

About TAQA

Established in 2005, TAQA is a diversified international energy group headquartered in Abu Dhabi, the capital of the United Arab Emirates, and listed on the Abu Dhabi Securities Exchange (ADX: TAQA).

TAQA’s business is made up of three operating divisions spread across the entire energy value chain: power generation & water desalination; oil and gas exploration & production; and emerging & alternative energy technologies.

Power & Water: TAQA is one the largest independent power producers in the world and the majority owner of the facilities that provide 98% of the water and electricity requirements in Abu Dhabi. TAQA's power plants are located in the UAE, Morocco, Oman, Saudi Arabia, Ghana, India, and USA.

Oil & Gas: with operations in Canada, UK, the Netherlands, USA and Iraq, TAQA's oil and gas business includes exploration and production, underground gas storage and pipeline transportation.

Emerging & alternative energy technologies: TAQA Energy Solutions is dedicated to alternative and technology-driven energy initiatives for long-term efficient energy production and generation. 

TAQA’s vision is to deliver ‘Energy for Growth’: growth within the business; social and economic progress in the communities where TAQA operates; and increased value for our shareholders.

Over the past 40 years the UAE and Abu Dhabi have pursued a vision embodied by progressive development, investment and the highest global standards. TAQA is proud to align its strategy both domestically and globally to Abu Dhabi’s economic vision 2030, working towards sustainable economic development. 

For more information about TAQA visit: www.taqaglobal.com or Twitter: @TAQAGLOBAL

TAQA to partner with LRN underscoring dedication to principled performance and achieving the highest standard of corporate behavior worldwide 15 Sep 2008
Abu Dhabi and Los Angeles – Abu Dhabi National Energy Company PJSC (TAQA), a global energy company, today announced an agreement with LRN, a company that helps businesses develop ethical corporate cultures. This partnership emphasizes TAQA’s continued commitment to developing a values-based company culture that inspires principled performance throughout its global operations.

Abu Dhabi and Los Angeles – Abu Dhabi National Energy Company PJSC (TAQA), a global energy company, today announced an agreement with LRN, a company that helps businesses develop ethical corporate cultures. This partnership emphasizes TAQA’s continued commitment to developing a values-based company culture that inspires principled performance throughout its global operations.

TAQA operates a geographically diverse global portfolio of energy businesses, with assets in power generation and water desalinization, oil and gas exploration and production, pipelines and gas storage. Working with LRN complements TAQA’s global vision for corporate social responsibility, diversity, and ethical leadership as TAQA aims to instill its core values of innovation, integrity, teamwork and performance at all levels.

LRN will support TAQA’s Global Compliance and Ethics Awareness Program with online ethics and compliance education and automated certifications for TAQA’s multilingual workforce.

Peter Barker-Homek, CEO, said, “Superior profits alone will not guarantee TAQA’s future success, we rely on our values to ensure that creativity, commitment and passion are a part of everything we do. As such, we embrace diversity and equality in all our policies and practices; we have a passion for excellence; our high ethical and moral standards lead to honesty and integrity when fulfilling our commitments. LRN will help us anchor what we believe to be universal values throughout TAQA.”

From the board of directors to supervisors on four continents to workers in remote locations, TAQA’s vision is to operate under the highest ethical standards and ensure that the company and its employees live by them every day. TAQA takes pride in extending these standards and values to its entire network of stakeholders including employees, shareholders, customers, contractors, suppliers, and business partners worldwide.

“TAQA understands that adherence to rules and regulations are no longer enough in today’s environment. Instead, the company recognizes the bottom-line value of reinforcing and living its corporate values throughout its entire organization,” said Dov Seidman, CEO and chairman of LRN. “Sustainable growth requires the highest standards of behavior. TAQA understands this, and we are pleased to partner with them in their efforts to instill this belief globally.”

- ENDS -

Contact Information for Media:

Allan Virtanen
TAQA Media Relations, Abu Dhabi

Tel +971 2 691 4894; Mob +971 56 685 2717
Allan.Virtanen@taqaglobal.com

About TAQA

Established in 2005, TAQA is a diversified international energy group headquartered in Abu Dhabi, the capital of the United Arab Emirates, and listed on the Abu Dhabi Securities Exchange (ADX: TAQA).

TAQA’s business is made up of three operating divisions spread across the entire energy value chain: power generation & water desalination; oil and gas exploration & production; and emerging & alternative energy technologies.

Power & Water: TAQA is one the largest independent power producers in the world and the majority owner of the facilities that provide 98% of the water and electricity requirements in Abu Dhabi. TAQA's power plants are located in the UAE, Morocco, Oman, Saudi Arabia, Ghana, India, and USA.

Oil & Gas: with operations in Canada, UK, the Netherlands, USA and Iraq, TAQA's oil and gas business includes exploration and production, underground gas storage and pipeline transportation.

Emerging & alternative energy technologies: TAQA Energy Solutions is dedicated to alternative and technology-driven energy initiatives for long-term efficient energy production and generation. 

TAQA’s vision is to deliver ‘Energy for Growth’: growth within the business; social and economic progress in the communities where TAQA operates; and increased value for our shareholders.

Over the past 40 years the UAE and Abu Dhabi have pursued a vision embodied by progressive development, investment and the highest global standards. TAQA is proud to align its strategy both domestically and globally to Abu Dhabi’s economic vision 2030, working towards sustainable economic development. 

For more information about TAQA visit: www.taqaglobal.com or Twitter: @TAQAGLOBAL

TAQA Announces Sale of Stake in Shuweihat CMS International Power Company to Sumitomo Corporation 3 Sep 2008
The Abu Dhabi National Energy Company PJSC (TAQA), a publicly listed company on the Abu Dhabi Securities Exchange (ADX: TAQA), announced that it has entered into a share purchase agreement with Sumitomo Corporation for the sale of a 20% interest in Shuweihat CMS International Power Company (SCIPCO) and a 50% interest in Shuweihat O&M Limited Partnership ("SOMLP"). The sale concludes an international competitive bid process launched by TAQA earlier this year.

Abu Dhabi, United Arab Emirates - The Abu Dhabi National Energy Company PJSC (TAQA), a publicly listed company on the Abu Dhabi Securities Exchange (ADX: TAQA), announced that it has entered into a share purchase agreement with Sumitomo Corporation for the sale of a 20% interest in Shuweihat CMS International Power Company (SCIPCO) and a 50% interest in Shuweihat O&M Limited Partnership ("SOMLP"). The sale concludes an international competitive bid process launched by TAQA earlier this year.

SCIPCO owns the Shuweihat S1 plant (“S1 Plant”), a power generation and water desalination facility near Jebel Dhana, Abu Dhabi with a net production capacity of 1,500 megawatts of electricity and 100 million gallons of desalinated water a day. SOMLP is the company responsible for the management, operation and maintenance of the S1 Plant. The S1 Plant commenced commercial operations in June 2005.

“We were pleased with the high level of interest from world-class, international organizations looking to foster relations with TAQA and to expand into the power market in the United Arab Emirates through this competitive bid process. We look forward to partnering with Sumitomo and benefiting from their international expertise,” said Peter Barker Homek, TAQA's Chief Executive Officer.

Following this transaction, TAQA will retain a 54% interest in SCIPCO, Abu Dhabi Water & Electricity Authority (“ADWEA”) and International Power Plc (“IPR”) will continue to hold 6% and 20%, respectively. IPR will also retain its 50% interest in SOMLP.

The transaction is expected to close in September 2008.

- ENDS -

Contact Information for Media:

Allan Virtanen
TAQA Media Relations, Abu Dhabi

Tel +971 2 691 4894; Mob +971 56 685 2717
Allan.Virtanen@taqaglobal.com

About TAQA

Established in 2005, TAQA is a diversified international energy group headquartered in Abu Dhabi, the capital of the United Arab Emirates, and listed on the Abu Dhabi Securities Exchange (ADX: TAQA).

TAQA’s business is made up of three operating divisions spread across the entire energy value chain: power generation & water desalination; oil and gas exploration & production; and emerging & alternative energy technologies.

Power & Water: TAQA is one the largest independent power producers in the world and the majority owner of the facilities that provide 98% of the water and electricity requirements in Abu Dhabi. TAQA's power plants are located in the UAE, Morocco, Oman, Saudi Arabia, Ghana, India, and USA.

Oil & Gas: with operations in Canada, UK, the Netherlands, USA and Iraq, TAQA's oil and gas business includes exploration and production, underground gas storage and pipeline transportation.

Emerging & alternative energy technologies: TAQA Energy Solutions is dedicated to alternative and technology-driven energy initiatives for long-term efficient energy production and generation. 

TAQA’s vision is to deliver ‘Energy for Growth’: growth within the business; social and economic progress in the communities where TAQA operates; and increased value for our shareholders.

Over the past 40 years the UAE and Abu Dhabi have pursued a vision embodied by progressive development, investment and the highest global standards. TAQA is proud to align its strategy both domestically and globally to Abu Dhabi’s economic vision 2030, working towards sustainable economic development. 

For more information about TAQA visit: www.taqaglobal.com or Twitter: @TAQAGLOBAL

TAQA Second Quarter and First Half 2008 Financial Results - TAQA’s growth strategy delivers AED 8.6 billion in revenue for the first six months of 2008 7 Aug 2008
Abu Dhabi, UAE – Abu Dhabi National Energy Company PJSC, a publicly listed company on the Abu Dhabi Securities Exchange (ADX: TAQA), today reported financial results for the second quarter and first half of 2008.

Basic earnings per share grows 249% to 21 fils for the half

Abu Dhabi, United Arab Emirates – Abu Dhabi National Energy Company PJSC, a publicly listed company on the Abu Dhabi Securities Exchange (ADX: TAQA), today reported financial results for the second quarter and first half of 2008.

Key highlights of the results for the first six months of 2008:

  • Net profit (after minority interests) for the first six months of 2008 grew 249% to AED 869 million, compared with AED 249 million for the same period in 2007.The increase is due to the acquisitions made since Q1 2007, as well as the impact of higher oil and gas prices.
  • Basic earnings-per-share grew 249% to 21 fils for the first six months of 2008, compared with 6 fils for the same period in 2007.
  • EBITDA increased by 152% to AED 5.2 billion for the first six months of 2008, compared with AED 2.1 billion for the same period in 2007.
  • Total revenue grew by 202% to AED 8.6 billion, compared with AED 2.8 billion for the same period in 2007:
    • Revenue from oil and gas activities was AED 4.2 billion, compared with AED 153 million for the same period in 2007. This increase reflects the acquisition of upstream assets in North America and Europe since Q2 2007. High average oil and gas prices experienced during the period have also been a contributing factor.
    • Revenue from the electricity and water business grew by 24% to AED 2.6 billion, from AED 2.1 billion for the same period in 2007, excluding revenues from supplemental fuel sales.
    • Revenue derived from gas storage grew to AED 302 million, compared with AED 80 million for the same period in 2007.
  • Finance costs increased to AED 1.9 billion from AED 1.2 billion to fund acquisitions.

Key highlights of the results for the second quarter of 2008:

  • Net profit (after minority interests) for the quarter grew 154% to AED 471 million, compared with AED 186 million in the same quarter in 2007. The increase reflects profits from TAQA’s acquisitions as they have been integrated into the company as well as the impact of higher oil and gas prices.
  • Basic earnings-per-share grew by 154% to 11 fils for the quarter, compared with 4 fils for the same period in 2007.
  • EBITDA increased by 156% to AED 2.9 billion in Q2 2008, compared with AED 1.1 billion in Q2 2007.
  • Total revenue grew by 155% to AED 4.6 billion, compared with AED 1.8 billion for the same period in 2007:
    • Revenue from oil and gas activities was AED 2.3 billion, compared with AED 77 million for the same period in 2007. This increase reflects the acquisition of upstream assets in North America and Europe since Q2 2007. High average oil and gas prices experienced during the period have also made a positive contribution.
    • Revenue from gas storage grew to AED 86 million, compared with AED 8 million for the same period in 2007.
    • Revenue from the electricity and water business increased slightly to AED 1.4 billion, compared with AED 1.2 billion the second quarter of 2007, excluding revenues from supplemental fuel sales.
  • Finance costs increased to AED 972 million from AED 597 million reflecting the financing arrangements put in place to fund acquisitions over the previous 12 months.
  • As at June 30 2008 total assets were AED 85.9 billion.

Upstream and midstream

  • The upstream and midstream businesses generated revenue of AED 2.5 billion, representing 55% of total revenue.
  • Total production for the second quarter of 2008 averaged 119.2 thousand barrels of oil equivalent per day (mboe/day), split between TAQA North (96.7 mboe/day), TAQA Energy (7.4 mboe/day) and TAQA Bratani (15.1 mboe/day).
  • The average net realized price of crude oil sold in Q2 2008 was US $110.11 per barrel for TAQA North in North America and US $128.54 per barrel for TAQA Energy and TAQA Bratani in Europe. The average price for the total production in North America and Europe was US $113.82 per barrel.
  • Average net realized price for natural gas sold in Q2 2008 was US $10.14 per thousand cubic feet (mcf) for TAQA North and US $8.51 per mcf for TAQA Energy and TAQA Bratani. The average price for total production in North America and Europe was US $9.83 per mcf.
  • TAQA North had a drilling success rate of 100% in Q2 2008.
  • Results represent significant growth due to the impact of TAQA’s acquisitions in 2007 and strong commodity prices.
  • The downstream business generated revenue of AED 2.1 billion in the second quarter, comprising 45% of total revenue.
  • TAQA’s downstream business now has global generation capacity (gross) of 9,423 Mw. During Q2 2008, total power production was 12,545 Gwh, made up of 9,079 Gwh in the domestic market and 3,466 Gwh internationally.
  • TAQA’s total water desalination in Q2 2008 was 48,495 million Imperial gallons.
  • Technical availability of the power generation businesses in Q2 2008 averaged 94.5%, with an average domestic availability of 99.1% and an average international availability of 87.6%.

Comment

Peter Barker-Homek, Chief Executive Officer of TAQA, said:
“These results show the significant change in the nature of our business compared to just 12 months ago. While our domestic power generation and water desalination assets have continued to deliver solid performance, we are now seeing the full impact of the acquisitions made in the past year on TAQA’s results. High oil and gas prices have also boosted growth in revenue and profits.

“For the second quarter in a row we have seen profit growth of over 150% in a year-on-year comparison, and 32% compared with the first quarter of 2008. This substantial growth is reflected in earnings per share of 21 fils for the first six months of 2008 compared to six fils last year.

“Our focus now, as a management team, is to ensure the continued and effective integration of these, and other high-quality assets, into TAQA’s business. This process has been underway for some time and, as you would expect, we are already seeing the benefits of this.”

Corporate activity during Q2 2008

In June, TAQA announced the issuance of AED 4.15 billion of convertible bonds which will convert into common shares on September 1, 2008 at an exchange ratio of 500 shares for each AED 1,000 bond.

Activity after the close of the period

On July 7, TAQA announced it had signed a Sale and Purchase Agreement with Shell U.K. Limited and Esso Exploration and Production (UK) Limited to purchase the equity pertaining to operating licenses for six offshore fields and two non-operated subsea tie-backs situated in the Northern North Sea. Average expected daily production in the region of 40 mboe/day will represent a significant increase to TAQA’s existing European footprint.

In July, TAQA issued US $1.5 billion of notes under its Medium Term Note program. The offering consisted of US $1.0 billion of five year notes maturing in 2013 and US $0.5 billion of 10-year notes maturing in 2018.

Note on comparative data

Since the beginning of 2007, TAQA has completed a number of acquisitions which have been fully or partially consolidated into the period under review. In Q2 2007, TAQA completed the acquisition of CMS Generation, contributing two months of revenue to that quarter. In subsequent months TAQA acquired Northrock Resources and Pioneer Canada, significantly increasing the company’s upstream assets. The largest company acquisition to date, PrimeWest, was completed on January 16, 2008, and a full quarter of results is included for the first time. The effect of these acquisitions should be considered when making year-on-year comparisons.

- ENDS -

Contact Information for Media:
Allan Virtanen
TAQA Media Relations, Abu Dhabi

Tel +971 2 691 4894; Mob +971 56 685 2717
Allan.Virtanen@taqaglobal.com

About TAQA

Established in 2005, TAQA is a diversified international energy group headquartered in Abu Dhabi, the capital of the United Arab Emirates, and listed on the Abu Dhabi Securities Exchange (ADX: TAQA).

TAQA’s business is made up of three operating divisions spread across the entire energy value chain: power generation & water desalination; oil and gas exploration & production; and emerging & alternative energy technologies.

Power & Water: TAQA is one the largest independent power producers in the world and the majority owner of the facilities that provide 98% of the water and electricity requirements in Abu Dhabi. TAQA's power plants are located in the UAE, Morocco, Oman, Saudi Arabia, Ghana, India, and USA.

Oil & Gas: with operations in Canada, UK, the Netherlands, USA and Iraq, TAQA's oil and gas business includes exploration and production, underground gas storage and pipeline transportation.

Emerging & alternative energy technologies: TAQA Energy Solutions is dedicated to alternative and technology-driven energy initiatives for long-term efficient energy production and generation. 

TAQA’s vision is to deliver ‘Energy for Growth’: growth within the business; social and economic progress in the communities where TAQA operates; and increased value for our shareholders.

Over the past 40 years the UAE and Abu Dhabi have pursued a vision embodied by progressive development, investment and the highest global standards. TAQA is proud to align its strategy both domestically and globally to Abu Dhabi’s economic vision 2030, working towards sustainable economic development. 

For more information about TAQA visit: www.taqaglobal.com or Twitter: @TAQAGLOBAL

TAQA Joins United Nations Global Compact - First Abu Dhabi company to join world's largest Corporate Responsibility initiative. 21 Jul 2008
Abu Dhabi – The Abu Dhabi National Energy Company PJSC (TAQA), a publicly listed company on the Abu Dhabi Securities Market (ADSM: TAQA), today announced that it has joined the United Nations Global Compact (Compact),

Abu Dhabi, United Arab Emirates – The Abu Dhabi National Energy Company PJSC (TAQA), a publicly listed company on the Abu Dhabi Securities Market (ADSM: TAQA), today announced that it has joined the United Nations Global Compact (Compact), the world's largest voluntary corporate responsibility initiative.

The Compact is an initiative to encourage businesses worldwide to adopt sustainable and socially responsible policies and procedures, focused on addressing human rights issues, environmental concerns and corporate corruption.

Commenting on the initiative, Peter Barker-Homek, CEO of TAQA said: “TAQA is aware of the issues that plague our world today and we want to do whatever is in our power to make a difference. With over 2800 employees and a presence in nine countries worldwide, TAQA holds itself to the highest standards of ethical and sustainable practices and ensures that all its employees and stakeholders individually model the company’s beliefs. By joining the Compact, TAQA is once again underlining its commitment to adopting the highest standards of corporate social responsibility.”

As part of the Compact initiative, TAQA has agreed to adhere to ten universally accepted principles derived from various treaties including; the Universal Declaration of Human Rights, The International Labour Organisation (ILO) Declaration on Fundamental Principles and Rights at Work, The Rio Declaration on Environment and Development and lastly the UN Convention against corruption. Adherence to these principles ensure that businesses protect and support human rights; uphold the right to collective bargaining, eliminate forced and child labor and combat extortion and bribery. Additionally, measures must be taken to prevent further damage to the environment.

The UN Global Compact does not enforce or monitor a company’s practices; rather it relies on accountability and transparency, a concept that TAQA takes pride in. Signing the pact allows companies to demonstrate leadership, share beneficial practices, increase awareness and take a stance on issues and work together to resolve them.

In addition to becoming the first company in Abu Dhabi to join Compact, TAQA recently became the first company in the region to be invited to join the Combat Climate Change Initiative, a business leaders’ initiative seeking to deeply ingrain climate issues into the world of markets and trade. The company also recently partnered with Emirates Environmental Groups to offer recycling centers within schools throughout the UAE. TAQA is renowned for being a meritocratic and diverse organization offering equal opportunities to its employees around the world.

- ENDS -

Contact Information for Media:

Allan Virtanen
TAQA Media Relations, Abu Dhabi

Tel +971 2 691 4894; Mob +971 56 685 2717
Allan.Virtanen@taqaglobal.com

About TAQA

Established in 2005, TAQA is a diversified international energy group headquartered in Abu Dhabi, the capital of the United Arab Emirates, and listed on the Abu Dhabi Securities Exchange (ADX: TAQA).

TAQA’s business is made up of three operating divisions spread across the entire energy value chain: power generation & water desalination; oil and gas exploration & production; and emerging & alternative energy technologies.

Power & Water: TAQA is one the largest independent power producers in the world and the majority owner of the facilities that provide 98% of the water