TAQA releases solid Q2 power & water results
New production from Shuweihat 2 IWPP boosts revenue 11.6%
Abu Dhabi National Energy Company (TAQA) has released its second quarter and first half results, showing a solid performance from the firm’s Power & Water business. Power & Water revenues for Q2 were up 11.6% on 2011 at US $ 564.7 million, whilst revenue for H1 was also up 11.6% at $1.09 billion.
The firm produced 34,322 GWh during the first half of 2012, together with 114,984 MIG of desalinated water.
TAQA attributes the increased revenue to the contribution made by the Shuweihat 2 IWPP plant in Abu Dhabi which reached full production in October last year. Domestic production amounted to 23,994 GWh and 114,984 MIG of water, driven by high domestic demand. The company also recently announced that it has signed a Memorandum of Understanding to jointly develop a 100 MW Waste to Energy plant in Abu Dhabi together with the Centre of Waste Management.
Internationally, the firm generated 10,328 GWh, through assets held in Morocco, Ghana, India, Saudi Arabia, Oman, Iraq and the US. Principle projects include the 700 MW expansion of Morocco’s Jorf Lasfar power plant, for which TAQA recently secured $1.4 billion of financing arrangements. Commissioning at the plant is expected between late 2013 and early 2014.
The company, back in April, also signed a joint venture agreement with Mass Global Investments to acquire a 50% stake in Kurdistan’s Sulaymaniyah IPP. The plant currently has an operating capacity of 750 MW, with a further 250 MW currently under construction.
“We have seen a strong performance by our Power & Water business in the first half, with new capacity at Shuweihat 2 coming online and high availability across our portfolio supporting this,” said TAQA CEO Carl Sheldon.
“We have seen our expansion plans at the Jorf Lasfar power plant in Morocco continuing on time and on budget, and that combined with the start of construction of Bergermeer Gas Storage, the acquisition of power assets in Iraq and additional acreage in the UK North Sea, we are positioned well for future growth,” he added.