UAE’s TAQA capital expenditure rises 17% to $566mln in H1 2023

UAE’s TAQA capital expenditure rises 17% to $566mln in H1 2023

Abu Dhabi National Energy Company (TAQA) said that its capital expenditure (capex) rose 17 percent year-on-year to 2.08 billion UAE dirhams ($566.29 million) in the first half of 2023.

Transmission & distribution (T&D) expenditure grew to AED186 million, driven by an increase in the number of development projects and projects in execution, the diversified energy major said in its second quarter and first half 2023 financial results statement issued on Monday.

The generation segment’s capital expenditure fell to AED57 million on lower plant maintenance in line with established maintenance programmes.

Oil & Gas capex jumped to AED174 million, driven by increased drilling, completion and tie-in costs in its North American assets.

According to the statement, one of TAQA’s high-voltage direct current (HVDC) projects is already under construction with ADNOC, whereby the latter’s offshore platforms will be connected to Abu Dhabi’s onshore grid.

“TAQA is committed to supporting the energy transition with investments in transmission infrastructure critical to accelerating the transition,” the statement added.

(Writing by P Deol; Editing by Anoop Menon)

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