Top UAE Power Producer Joins Global Peers in Renewables Push - Bloomberg
The United Arab Emirates’ largest power producer plans to cut exposure to oil and natural gas assets, joining energy companies around the world looking to refocus their operations on renewables.
“Our focus is going to be on power and water, and less on oil and gas going forward,” Abu Dhabi National Energy Co. Chief Executive Officer Jasim Husain Thabet said in a Bloomberg TV interview.
The UAE, which can pump more than 4 million barrels of crude a day, depends on oil exports for a large part of its national income. But energy producers globally are looking for greener options as economies transition to cleaner fuels. BP Plc, for instance, plans to shrink its hydrocarbon business by 40% over the coming decade.
Taqa, as Abu Dhabi National Energy is known, last year took on the power generation assets of a state-owned utility. It plans to boost its UAE electricity production capacity to 30 gigawatts by 2030 from 18 gigawatts and boost the portion of solar plants in that mix.
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