1 Table of Contents 2
1.1 List of Tables 6
2 Company Snapshot 7
2.1 Key Information 7
2.2 Company Overview 7
2.3 Industry Outlook – Power Generation 7
2.4 SWOT Snapshot 8
3 Operational Metrics 9
3.1 Abu Dhabi National Energy Company PJSC, Operational Metrics, By Capacity 9
3.2 Abu Dhabi National Energy Company PJSC, Operational Metrics, By Generation 9
4 Abu Dhabi National Energy Company PJSC, Thermal Power Plants 10
4.1 Abu Dhabi National Energy Company PJSC, Thermal Power Plants, Ghana 10
4.2 Abu Dhabi National Energy Company PJSC, Thermal Power Plants, India 10
4.3 Abu Dhabi National Energy Company PJSC, Thermal Power Plants, Morocco 10
4.4 Abu Dhabi National Energy Company PJSC, Thermal Power Plants, United Arab Emirates 11
5 Business Description 12
5.1 Business Overview 12
6 Major Products and Services 14
7 History 15
8 SWOT Analysis 16
8.1 Overview 16
8.2 Abu Dhabi National Energy Company PJSC Strengths 16
8.2.1 Integrated Energy Company 16
8.2.2 Operational Footprints 17
8.2.3 Limited Liquidity Position 17
8.2.4 Average Growth Prospects 17
8.3 Abu Dhabi National Energy Company PJSC Weaknesses 17
8.3.1 High Indebtedness 17
8.3.2 Increased Operating Cost 18
8.4 Abu Dhabi National Energy Company PJSC Opportunities 18
8.4.1 New Projects and Markets 18
8.4.2 Rising Energy Demand 18
8.4.3 Strategic Acquisitions 18
8.5 Abu Dhabi National Energy Company PJSC Threats 19
8.5.1 Geopolitical Risks 19
8.5.2 Volatility in Electricity Prices 19
8.5.3 Environmental Regulations 19
8.6 Financial Ratios - Annual Ratios 20
8.7 Financial Ratios - Interim Ratios 21
9 Key Employees 22
10 Key Employee Biographies 23
11 Company Statement 24
12 Locations And Subsidiaries 26
12.1 Head Office 26
12.2 Other Locations & Subsidiaries 26
13 Recent Developments 28
13.1 License Awards 28
13.1.1 Jul 05, 2009: Taqa Acquires 12,000 Hectares Of Land In Canada 28
13.2 Strategy and Business Expansion 28
13.2.1 May 04, 2010: Government Of Ghana And Abu Dhabi National Energy Company Enter Into Agreement 28
13.2.2 Sep 14, 2009: TAQA To Offset All Business Travel Greenhouse Gas Emissions With atmosfair 29
13.2.3 Aug 20, 2009: Gazprom, TAQA To Develop Gas Storage Project In Netherlands 29
13.2.4 Aug 11, 2009: CGGVeritas Announces Inauguration Of Technology Center In Al Khobar, Saudi Arabia 30
13.2.5 Dec 05, 2008: TAQA And Gazprom Sign MoU To Partner On Bergermeer Gas Storage Project In Netherlands 30
13.2.6 Jun 11, 2008: TAQA And THEOLIA Signs Strategic Partnership Agreement For Renewable Energy Sector, Morocco 31
13.2.7 May 14, 2008: TAQA In Talks To Enter The Natural Gas Liquefaction Business 32
13.3 Drilling and Production Updates 33
13.3.1 Oct 27, 2009: TAQA Bratani Commences Oil Production From Cormorant Field In UK North Sea 33
13.3.2 Oct 05, 2009: Cirrus Energy Begins Production From L8-D Field In Netherlands 34
13.3.3 Feb 19, 2009: Cirrus Energy Provides Test Results On L11-13 Well In Netherlands 35
13.3.4 Feb 09, 2009: Cirrus Updates On L8-D Field Area In Netherlands 35
13.3.5 Nov 11, 2008: Cirrus Plugs And Abandons Q14-3 Well In Netherlands 36
13.3.6 Oct 21, 2008: Cirrus Updates On Q14-3 Well In Block Q14, Offshore Netherlands 37
13.4 Financial Announcements 38
13.4.1 May 11, 2010: TAQA Reports Revenues Of AED4.78 Billion In Q1 2010 38
13.4.2 Feb 14, 2010: TAQA Reports Preliminary Profit Of AED183 Million In 2009 41
13.4.3 Nov 11, 2009: TAQA Reports Net Profit Of AED90 Million In Q3 2009 44
13.4.4 Aug 13, 2009: TAQA Reports Net Profit Of AED136 Million In Q2 2009 46
13.4.5 May 14, 2009: TAQA Reports Net Profit Of AED40 Million In Q1 2009 49
13.4.6 Mar 19, 2009: TAQA Reports Full Year 2008 Results 52
13.4.7 Feb 11, 2009: TAQA Reports Preliminary 2008 Results 56
13.4.8 Oct 30, 2008: TAQA Reports Nine Months Ended 2008 Results 57
13.4.9 Aug 07, 2008: TAQA Reports 1H 2008 Results 61
13.4.10 Apr 30, 2008: TAQA Reports Q1 2008 Results 62
13.4.11 Mar 17, 2008: TAQA Reports Q4 2007 Results 65
13.4.12 Oct 31, 2007: TAQA Reports Q3 2007 Results 70
13.4.13 Aug 01, 2007: TAQA Reports H1 2007 Results 72
13.4.14 May 14, 2007: TAQA Reports Q1 2007 Results 73
13.5 Other Significant Developments 74
13.5.1 Oct 25, 2010: TAQA Appoints David Cook As Executive Officer And Head Of Upstream 74
13.5.2 Oct 05, 2010: MASEN Receives 18 Applications For Development Of First Phase Of 500MW Ouarzazate Program In Morocco 74
13.5.3 Aug 27, 2010: Cirrus Energy Announces Testing And Suspension Of The Netherlands Well M07-07 75
13.5.4 Jul 09, 2010: TAQA Announces Investements In Qatar And Iraq 76
13.5.5 Jun 18, 2010: Cirrus Energy Announces Netherlands Operational Update 77
13.5.6 Apr 28, 2010: TAQA Appoints Abdulla Saif Al-Nuaimi As CEO 78
13.5.7 Dec 27, 2009: JESCO Commences Trial Production At Its First Seamless Pipes Plant 78
13.5.8 Oct 21, 2009: Bergermeer Gas Storage Consortium Announces Final Investment Decision On Gas Storage Project In Netherlands 79
13.5.9 Oct 16, 2009: TAQA Restructures Its Leadership Team 80
13.5.10 Sep 25, 2009: TAQA To Take Final Investment Decision On Bergermeer Gas Storage Project In Netherlands 80
13.5.11 Mar 30, 2009: Taqa To Invest $2.5 Billion In North Africa Projects 81
13.5.12 Jan 28, 2009: Saudi Aramco Commences Fabrication Activities For Four Offshore Platforms 81
13.5.13 Dec 02, 2008: Cirrus Updates On Its Activities In Netherlands 82
13.5.14 Nov 17, 2008: TAQA Appoints Ramanathan Balachandar As President And CEO 83
13.5.15 Nov 13, 2008: TAQA’s Subsidiary Selects Wood Group As Duty Holder For Northern North Sea Assets 84
13.5.16 Oct 28, 2008: TAQA To Raise Its Investment By $39 Billion Within Four Years 85
13.5.17 Sep 23, 2008: TAQA To Spend $2.5 Billion In North Sea Production 86
13.5.18 Aug 08, 2008: TAQA Appoints Managing Director 86
13.5.19 Aug 07, 2008: TAQA To Invest $1.46 Billion On North Sea Operations 87
13.5.20 May 25, 2008: TAQA And Iberdrola Signs MoU To Explore Co-Investment Opportunities 87
13.5.21 Aug 14, 2007: TAQA Appoints Interim CFO 88
13.6 New Contracts Announcements 89
13.6.1 Aug 18, 2010: ASCO Wins Logistics Contracts From BP And TAQA 89
13.6.2 May 24, 2010: KCA DEUTAG Wins Drilling Contract From TAQA 89
13.6.3 Jan 11, 2010: CGGVeritas Wins $375 Million Worth Contracts From Saudi Aramco 90
13.6.4 May 13, 2009: TAQA Bags $1.22 Billion Contract To Construct Two 350 MW Production Units At Jorf Lasfar Coal-Fired Plant In Morocco 90
13.6.5 Jan 06, 2009: Synergy Being Chosen As Operator For Six UK North Sea Oil Fields 91
13.6.6 Dec 18, 2008: Subsea 7 Secures IRM Services Agreement From TAQA 91
14 Appendix 92
14.1 Methodology 92
14.1.1 Coverage 92
14.1.2 Secondary Research 92
14.1.3 Primary Research 93
14.1.4 Expert Panel Validation 93
14.2 Contact Us 93
14.3 Disclaimer 94
1.1 List of Tables
Table 1: Abu Dhabi National Energy Company PJSC, Key Facts 7
Table 2: Abu Dhabi National Energy Company PJSC, Operational Metrics, Capacity 9
Table 3: Abu Dhabi National Energy Company PJSC, Operational Metrics, Generation 9
Table 4: Abu Dhabi National Energy Company PJSC, Thermal Power Plants, Ghana 10
Table 5: Abu Dhabi National Energy Company PJSC, Thermal Power Plants, India 10
Table 6: Abu Dhabi National Energy Company PJSC, Thermal Power Plants, Morocco 10
Table 7: Abu Dhabi National Energy Company PJSC, Thermal Power Plants, United Arab Emirates 11
Table 8: Major Products and Services 14
Table 9: Abu Dhabi National Energy Company PJSC, SWOT Analysis 16
Table 10: Abu Dhabi National Energy Company PJSC, Annual Ratios 20
Table 11: Abu Dhabi National Energy Company PJSC, Interim Ratios 21
Table 12: Abu Dhabi National Energy Company PJSC, Key Employees 22
Table 13: Abu Dhabi National Energy Company PJSC, Subsidiaries 26