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Abu Dhabi National Energy Company (Taqa), one of the largest utilities in Europe, the Middle East and Africa (EMEA), is responsible for its oil and gas business.
In the Taqa review, the company said it would retain its oil and gas portfolio, but upstream assets in the Netherlands were under discussion.
It said the decision took into account macroeconomic changes that have occurred over the past 12 months and are expected to persist over time, as well as other asset-specific drivers.
In addition to adding 15GW internationally, the Abu Dhabi Group will expand its UAE generation capacity from 18GW to 30GW.
Jasim Husain Thabet, Group Chief Executive Officer and Managing Director, said: “We have conducted an extensive review of our oil and gas portfolio, including exposure to the market to explore the potential for disposal. We have concluded that the vast majority of the portfolio is retained will bring the best value to the company and its stakeholders.”
“The oil and gas business contributed more than 15% to our revenue and earnings in 2021, as evidenced in part. This trend has continued into this year. Our decision to find a buyer for the upstream asset in the Netherlands is based on the nature of the asset and the impact of the asset on Taqa The contribution from group earnings is relatively small,” Thabet noted.
According to him, Taqa’s 2030 strategy focuses on developing its core utilities business in the UAE and internationally.
“As part of this strategy, in addition to adding 15GW internationally, the company will expand its generation capacity in the UAE from 18GW to 30GW. It already owns and operates one of the largest single-site solar PV plants in the world, And is building another one that will be almost twice as large and world-leading at low cost,” Thabet said.
He noted that by 2030, Taqa’s power generation mix will be at least 30% renewable, up from 5% currently.
“Furthermore, by that time, the company expects to provide approximately 1.1 billion imperial gallons of desalinated water per day in Abu Dhabi, two-thirds of which is from energy-efficient reverse osmosis,” he noted.
“Our strategy remains to be a champion for low-carbon electricity and water in Abu Dhabi and beyond, and to continue to improve and expand our utility business with a clear focus on renewable energy. As such, we remain committed to becoming a net Zero Company 2050,” he added.
Recently, Taqa signed contracts with Mubadala and Adnoc to acquire a controlling stake in Masdar’s renewable energy business. Following the transaction, with the support of Taqa and its shareholders, Masdar aims to become one of the world’s leading clean energy companies, with a target of over 50GW of production capacity by 2030.
He added that Taqa’s investment in Masdar itself will ensure the company exceeds its 2030 targets for renewable energy and capacity additions.-TradeArabia News Service
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