Chief executive of TAQA decides to step down

The Abu Dhabi National Energy Company, known as TAQA, yesterday said its chief executive had stepped down and it had appointed a general manager to head its executive team.

The change of management, announced late in the day, reflects the Government-controlled enterprise’s move into a new phase of corporate development, the company said.

Peter Barker-Homek, the chief executive of the company since 2006, is the American specialist in mergers and acquisitions who oversaw TAQA’s transformation from a domestic power and water utility into an international energy concern with about US$24 billion (Dh88.15bn) of assets on four continents. In addition to power generation assets in the MENA region, India and the Caribbean, TAQA has amassed extensive oil and gas exploration and production concerns in Canada, the US and the North Sea, as well as pipeline, gas processing and gas storage facilities in western Europe.