TAQA switches focus to electricity

Abu Dhabi National Energy Company (Taqa) will turn its focus back to electricity generation after snapping up oil and gas wells across the world, the company’s chief executive said today.

The new emphasis on acquiring electricity, or “downstream” assets, coincides with the release of a bond prospectus proposing the issuance of up to US$9 billion (Dh33bn) worth of commercial paper, and comes a day after a Taqa official said the firm would enter the Asian power market.

The company has acquired a number of oil and gas assets in the North Sea this year, including exploration blocks and existing wells and pipelines. But Mr Barker Homek said Taqa would now look to bolster its power generation assets, which provide a stable source of revenue for the company.