Abu Dhabi National Energy Co. PJSC history, profile and corporate video
Abu Dhabi National Energy Co. PJSC owns and invests in companies engaged in power generation, water desalination and development, and production and storage of oil and gas. It operates in the business streams of Power & Water and Oil & Gas. The Power & Water business engages in the generation of electricity and production of desalinated water. The Oil & Gas business comprises crude oil and natural gas exploration, production, processing, transmission, and storage. The company was founded on June 21, 2005 and is headquartered in Abu Dhabi, United Arab Emirates.“
TAQA, meaning energy in Arabic, is the brand name of Abu Dhabi National Energy Company PJSC. We are an international energy and water company listed in Abu Dhabi operating in 11 countries across four continents.
The company was established in June 2005 under the provisions of Emiri Decree (16) as a public joint stock company, and has since become one of Abu Dhabi’s flagship companies, playing a crucial role in helping to deliver the economic strategy of the Emirate of Abu Dhabi.
The company was born out of the Abu Dhabi Water and Electricity Authority (ADWEA) with the transfer of its majority interests in six Independent Water and Power Producers (IWPPs) to TAQA. An IPO and listing on the Abu Dhabi Securities Exchange followed in August 2005, with ADWEA retaining a shareholding of 51%.
In 2006, TAQA began a series of acquisitions, transforming the company from a UAE power generation and water desalination business into an international operating energy group with interests in upstream oil and gas exploration and production; midstream oil and gas storage and transmission; and international power generation.
Between then and 2008 TAQA entered Europe, by acquiring companies and assets in the UK North Sea and the Netherlands. It also expanded into North America, and in August 2009, TAQA took over operatorship of the Brent System oil pipelines in the North Sea. The company has since begun oil exploration work in the Kurdistan region of Iraq.
In tandem with developing its oil and gas business, TAQA began growing its power portfolio in Morocco, Ghana, Saudi Arabia and India, and went on to acquire a tolling agreement at the Red Oak power plant in the US state of New Jersey.
In the UAE, TAQA now owns majority stakes in eight power and water plants that provide about 85% of Abu Dhabi’s power generation and 90% of its water desalination capacity, and is looking to expand its power and water business across the MENA region.
In early 2012, the company established its Energy Solutions division, to explore alternative energy solutions in its existing geographies. The aim is to focus on wind, waste-to-energy, and solar projects in North America, Northern Europe, the UAE and Morocco.
In April 2014, TAQA reorganised the management of the company, moving away from a business stream model towards an integrated regional model. The aim is to simplify the structure, reduce costs and allow the company’s businesses to be more responsive to the markets in which they operate, and deliver a superior operational performance.”
*Information from Forbes.com and Taqa.ae
**Video published on YouTube by “WeMeanEnergy“