Abu Dhabi National Energy Company (TAQA), one of the largest listed integrated utility companies in the region, has unveiled its 2030 vision for sustainable and profitable growth through which it aims to increase its gross power and water desalination capacity in the UAE and globally.
The new strategic plan of TAQA primarily focuses on the global acceleration of the energy transition, and the company’s ambition to become a champion for low carbon power and water.
The 2030 Vision is built upon TAQA’s identity post the state-owned company and Abu Dhabi Power Corporation’s (ADPower) transaction last year, to focus on being a regionally leading fully integrated utility.
As part of the plan, TAQA will drive efficiency from its existing assets while strengthening its development, operations and digital competencies. Following the new decision to allow foreign investors to own up to 49 percent of TAQA’s issued shares, the company still expects to release a follow-on public offering, subject to market conditions and shareholder approval.
H.E. Mohamed Hassan Al Suwaidi Chairman – TAQA Group
“TAQA has the support of our shareholders for this new strategy and is on its way to becoming the recognized low carbon power and water champion from Abu Dhabi, and this strategy sets out how the company will achieve this ambition. As we emerge from the pandemic, around the world there will be an increasing focus on the need for clean, reliable and sustainable sources of power and water. TAQA is uniquely positioned to use its platform to play a key part in meeting Abu Dhabi’s own ambitions in this space, as well as taking its expertise to international markets where it can add value.”
Power generation and distribution
With 2030 Vision, TAQA plans to raise its gross power capacity from 18 GW to 30 GW in the UAE and adding up to 15 GW globally. The company also envisages expanding highly efficient reverse osmosis technologies to make up two-thirds of its desalination capacity by 2030.
As part of the plan, the company will focus on renewable energy, particularly solar photovoltaic (PV) to comprise over 30 percent of the power generation portfolio by 2030, up from the current 5 percent. TAQA is also working to develop and publish greenhouse gas emission reduction targets.
For transmission and distribution, TAQA is targeting to execute substantial UAE-based network growth projects and expand its investments in it by 2030 to grow its UAE Regulated Asset Base.
The company has further planned to continue its focus on operational excellence, optimization and digitization across the entire value chain to ensure its leadership in transmission and distribution alongside improving the service for its customers.
In addition, the 2030 Vision of TAQA aims to reinforce the position of its operating company, Abu Dhabi Energy Services (ADES), and add new services in demand-side management, enabling public and private entities to realize energy savings targets.
In the oil and gas sector, TAQA’s plan will focus on commercially viable opportunities to reduce exposure to the hydrocarbon sector, continue to pursue top quartile operations performance, and highly selective capital allocation focusing on portfolio rationalization for value.
