Abu Dhabi National Energy Company (TAQA)
|Abu Dhabi National Energy Company (TAQA)|
|Type||Energy investment company|
|Headquarters||Abu Dhabi, UAE|
|Revenue||AED 8 billion in 2007|
|Total assets||$21 billion|
Abu Dhabi National Energy Company (TAQA) was established in 2005 as an energy investment company. Abu Dhabi Water and Electricity Authority (ADWEA) was a founding shareholder of TAQA and has a controlling interest in TAQA with a 51%.
The company is engaged in generating, transporting, and distributing electricity, water, gas, petroleum and minerals in addition to owning shares, establishing and financing companies and projects related to the company’s activities.
Through its subsidiaries, which are partly owned and managed by international utilities, TAQA provides 85% for electricity consumed in Abu Dhabi. It has holdings in nine countries including Africa and Asia, the North Sea and Canada’s oil sands.
TAQA has 90% ownership (ADWEA has the other 10%) of the following subsidiaries:
- Emirates Power Company PJSC
- Gulf Power Company PJSC
- Al Shuweihat Power Company PJSC
- Arabian United Power Company PJSC
- Taweelah United Power Company PJSC
TAQA’s current domestic power generation and water desalination plants portfolio consists of approximately 7000 MW of installed capacity and 591 MIGD of net water desalination capacity.
Total assets grew by 30% to reach AED 68 billion in 2007. The company’s preliminary profits grew by 107 % to reach AED 1 billion in 2007. Preliminary revenues grew by 65% to AED 8 billion, from AED 4.8 billion in 2006.