Abu Dhabi National Energy Company PJSC, one of the largest listed integrated utilities in Europe, the Middle East and Africa, has reported its earnings for the period ending 31 December 2023
TAQA delivered a solid financial performance driven by strong and stable returns from its long-term contracted utilities business whilst it has remained focused on delivering its growth strategy.
Mohamed Hassan Alsuwaidi, TAQA’s chairman, commented, “TAQA’s strategic positioning across its markets, particularly in Abu Dhabi as a fully integrated local utilities champion, remains key to our robust results. Our achievements in 2023 serve as a foundation for further growth, which will include organic and inorganic expansion as well as substantial investment into power and water capacity and UAE-based transmission and distribution networks over the coming years. The significant upward revision of our production targets is testament to our confidence in being able to deliver on our ambitions and strategic goals for 2030 and beyond.”
Jasim Husain Thabet, TAQA’s group CEO and managing director, remaked, “In 2023, TAQA remained unwavering in its commitment to creating long-term shareholder value, navigating a challenging global economic backdrop, mitigating challenges in the oil and gas market with a robust performance across our utilities business, including in Transmission & Distribution and Generation.
Focused on delivering our growth agenda, our capital expenditure increased significantly during the year, paving the way for the company’s AED 75bn (US$20bn) 2030 investment pipeline as we expand our power and water capacity and UAE-based transmission and distribution networks. During the year, we announced a series of notable projects including Mirfa 2 Reverse Osmosis IWP with Engie, an investment into Xlinks First Limited, a strategic partnership with the government of Uzbekistan to explore strategic opportunities for investment in the country’s power sector, and an AED 8.1bn (US$2.2bn) project with ADNOC for sustainable water supply to ADNOC’s onshore operations – which was followed by financial close.
He added, “Moreover, I am proud of our continued recognition as a low carbon power and water champion through the progress achieved on our ESG initiatives, with multiple agencies upgrading TAQA’s ESG rating. Our commitment to sustainability was reiterated with TAQA’s inaugural green bond issuance in 2023. The US$1bn (AED 3.67bn) bond was issued under our Green Finance Framework which was awarded SQS2 (Very Good), sustainability score by Moody’s, highlighting our efforts and ambitions towards financing green energy.”
