TAQA reports power & water revenue boost in 2012
Total desal water production and power output up on 2011
Abu Dhabi National Energy Company (TAQA) has released its full year 2012 results, which show a strong performance in its power and water division, despite a fall in profits overall. Total revenues were up 15%, as US $7.5 billion, whilst profits before tax fell 14% to $950 million. TAQA attributed the lower profits to “a series of one-off items and a challenging price environment in North America”.
The Power & Water division was an impressive performer through 2012, with revenues up 9% at $2.2 billion over 2011. The firm has pushed on with numerous international projects – reporting that its Moroccan Jorf Lasfar Units 5&6 scheme is on budget and 80% complete, whilst its Ghana power project has secured all necessary approvals and is under construction. The firm has also signed a Memorandum of Understanding with Turkey’s EUAS, and is also investing in a 1GW power plant in Kurdistan’s Sulaymaniyah.
TAQA CEO, Carl Sheldon, said: “This was a resilient set of results, supported by the exceptional performance of our power business, where we have not only delivered a strong operational performance, but have also made significant progress with key organic growth projects in Morocco and Ghana. We have also expanded our footprint into two new markets: Turkey and Iraq, and are now firmly established as the regional development partner of choice.”
The firm reported that suppliemental fuel income decreased 24% year-on-year to $980 million, as a result of using significantly less alternative fuel supplies at its domestic power plants. The firm’s total electricity production stood at 75,124 GWh of electricity, and 240,801 million gallons per day of desalinated water.
“One of TAQA’s key achievements during the year was to secure long term financing at very attractive prices – both on a corporate level, as well as at our key projects, such as Jorf Lasfar and Takoradi. We are committed to proactively managing our financing needs to ensure that we have the most appropriate capital structure to underpin our future profitability,” said TAQA CFO, Stephen Kersley.