Abu Dhabi's Taqa first-half 2020 revenues down 28% to Dh3.3b
Its realized prices for oil and gas contracts were down 62% brought on volatile market
Dubai: The pandemic impact on the global energy markets were well reflected in Abu Dhabi National Energy Company’s first-half 2020 financials, with revenues dropping 28 per cent to Dh3.3 billion.
“Realized prices for oil and gas sold dropped 62 per cent compared to the same period last year, the company, better known as Taqa, said in a statement.
But “revenues for contracted power and water generation business in the UAE were unchanged on the same period last year whilst within the international power business, revenue and costs declined reflecting lower demand.”
“TAQA will continue to play a leading role in the UAE’s energy market with a range of large-scale projects in development - the world’s largest solar photovoltaic plant, the world’s largest sea-water reverse osmosis plant, and the UAE’s largest gas-fired independent power project," said Jasim Husain Thabet, who was recently confirmed as Group CEO and Managing Director.
"As we look ahead, TAQA’s new transmission and distribution businesses will complement its expanded generation business, supporting efficient delivery of power and water to those we serve in Abu Dhabi and beyond.”
* It is the largest publicly listed company in the UAE by market capitalization.
* More than 85 per cent of Taqa’s revenues and EBITDA will be driven by long-term contracts or regulated tariffs, "increasing the company’s resilience to commodity price volatility".