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Abu Dhabi National Energy Company (TAQA) has reported a 15 per cent increase in total revenues in 2012
Power and water revenues grew by nine per cent to US$2.3bn, up from US$2bn in 2011.
The firm’s total electricity production stood at 75,124 GWh and 240,801mn gallons per day of desalinated water.
The increase in revenues was driven by greater available capacity from the Shuweihat 2 plant, which commenced phased operations in July 2011, combined with continued high levels of technical availability across the entire fleet, according to a company statement.
Construction revenues from the Jorf Lasfar 5 & 6 and Takoradi projects of US$980mn were offset by construction costs of US$952mn, which raised a profit margin of US$28mn.
TAQA also entered in to two new markets during the year, having signed an MoU with EÜAŞ, the Turkish national power company, in respect of a major project in Southern Turkey, and investing in a 1,000MW power plant in Sulaymaniyah in the Kurdistan region of Iraq.
In the UK North Sea, TAQA also benefited from the Brent oil price and a number of acquisitions during the year, the most significant being the agreement to acquire from BP a range of assets in the Central North Sea, together with associated sub-sea infrastructure.
In the MENA region, it acquired the first oil and gas stake in the Atrush exploration block in the Kurdistan region of Iraq. Oil and gas expenses rose from US$980mn in 2011 to US$1.36bn in 2012, mainly due to stock movements and higher repair and maintenance costs in the UK.
"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," said Carl Sheldon, CEO of TAQA.
Stephen Kersley, TAQA CFO, added, “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.”