Taqa ends buying spree and looks to trim its debts

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The Abu Dhabi National Energy Company (Taqa), with assets as diverse as oilfields in the North Sea and a power station in New Jersey, has turned its focus to integrating investments after a 64 per cent decline in net profits.

The new strategy set by Carl Sheldon, the general manager, contrasts markedly with that of the former chief executive Peter Barker-Homek, who looked to buy energy assets whenever he saw a good deal.

The company’s profits rose greatly as oil prices increased in 2007 and 2008, but came back to earth with the crash last year.