TAQA Q2 revenues up 38% YOY
Abu Dhabi National Energy Company posts strong first half of 2011
The Abu Dhabi National Energy Company (TAQA) has released its second quarter results, which show the firm’s total revenue increased year-on-year by 38 per cent.
Total revenues for Q2 2011 were AED7.1bn ($1.9bn) compared to AED5.1bn ($1.4bn) in Q2 2010,
Total power and water revenues, excluding supplemental fuel income, increased from AED 1.6bn ($435m) in Q2 2010 to AED 1.9bn ($517m) 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.
The second quarter saw the new plant operate at 98 per cent technical availability, generating 2,046 GWh of power, and desalinating 5,143 million gallons of seawater.
Generating capacity also increased by 10 per cent from 14,903 megawatts to 16,334 megawatts, and global power production is up by seven per cent.
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.
Commenting on the results, 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.”