In stormy weather
TAQA has posted 9M 2016 revenues of AED12.1bn ($3.29bn) down by 17% over AED14.7bn for the same period last year. The company recorded a net loss of AED1.7bn, compared to a net loss of AED581m during the same period in 2015. TAQA’s power assets generated 64,590 gigawatt-hours (GWh) compared to 61,418 GWh in the first nine months, a 5% growth rate. Water desalination facilities produced 188,166 million imperial gallons (MIG) in line with 2015 production. The technical availability across the global fleet during the period increased to 93.8% from 93% a year ago. Oil and gas production decreased by 1.9% to 142.2 thousand barrels of oil equivalent per day (mboe/d), from 144.9 mboe/d, in the same period last year. Cash cost savings during the nine month period reached AED613m compared to the same period a year ago. Furthermore, TAQA reduced its capital expenditures by 70% to AED742m compared to the first nine months of 2015. FCF increased by 25% to AED5.1bn during the same period, largely as a result of these savings.
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