TAQA revenues hit $1.5bn, up 15%
Abu Dhabi National Energy Company posts strong start to 2011
With a 15 per cent year-on-year increase in total revenues and an 11 per cent boost in pre-tax profits, Abu Dhabi’s National Energy Company has posted a strong start to 2011.
Total power and water revenues for the company increased from $408 million in Q1 2010 to $463 million in Q1 2011, with the 13 per cent increase primarily driven by the contribution from the newly inaugurated Fujairah 2 power and desalination plant.
TAQA produced 10,709 gigawatts of electricity and 53,380 million gallons of water during 2011’s first quarter, and supplemental fuel income increased 23 per cent year on year due to the higher cost of additional fuel supplies at TAQA’s domestic power plants.
Implementing planned maintenance activities on domestic assets during the winter – when demand for power is typically lower – resulted in short-term increases in maintenance costs, reducing technical availability for the period, and internationally an unscheduled outage in Morocco also impacted technical availability.
H.E. Abdulla Saif Al-Nuaimi, CEO and Managing Director of TAQA, said: “TAQA has made a solid operational start to 2011, with a higher contribution from our oil and gas assets due to a combination of improved commodity pricing and increased production.”
“These positive results also reflect our increased footprint, where new assets – such as Fujairah 2 – are beginning to contribute additional revenues,” he added. “We continue to be focused on operational excellence and efficiency right across out business to ensure we deliver the maximum value possible.”