Abu Dhabi National Energy Company (TAQA)

Abu Dhabi National Energy Company PJSC, commonly known as TAQA, is a diversified international energy and utilities company headquartered in Abu Dhabi, United Arab Emirates.

Established on June 21, 2005, TAQA was founded pursuant to an Emiri Decree as part of the Abu Dhabi government's initiative to privatize and modernize the emirate's water and electricity sectors, which began in 1998 with the creation of the Abu Dhabi Water and Electricity Authority (ADWEA).

Initially, ADWEA was the major founding shareholder, holding 51% of the company's stake. TAQA's founding vision, inspired by the late Sheikh Zayed bin Sultan Al Nahyan, was to diversify the UAE's economy beyond oil and gas by investing in power generation, water desalination, and oil and gas exploration and production.

TAQA swiftly expanded under the leadership of its first CEO, Peter E. Barker-Homek, appointed in 2006, pursuing aggressive growth through acquisitions across North America and Africa.

Notable acquisitions included Canadian energy companies such as Northrock Resources Ltd., Pioneer Natural Resources Canada, and PrimeWest Energy Trust, significantly increasing TAQA’s asset base. In 2008, the company further expanded by purchasing several North Sea oil and gas fields from Shell and Esso, reinforcing its position in the global energy market.

Over the years, TAQA diversified its portfolio to include power and water generation, transmission, and distribution assets, as well as upstream oil and gas operations across multiple countries including the UAE, Canada, Ghana, Iraq, India, Morocco, Oman, Saudi Arabia, the UK, and the United States.

A landmark event in TAQA’s history was the 2020 merger with Abu Dhabi Power Corporation (ADPower), which integrated ADPower’s extensive power and water generation assets into TAQA, creating one of the largest utilities in the Middle East.

This merger expanded TAQA’s total assets to approximately AED 200 billion and positioned it among the top ten utilities in the Europe, Middle East, and Africa (EMEA) region. TAQA is publicly listed on the Abu Dhabi Securities Exchange (ADX) and ranks as the third-largest listed company in the UAE by total assets.

The company has maintained a strong focus on operational efficiency, profitability, and sustainable growth, evidenced by strategic divestments and investments in technology and renewable energy.

In recent years, TAQA has emphasized sustainability and innovation, including investments in clean power solutions and patented technologies like SwellPlug for well operations. The company supports projects aimed at reducing carbon footprints, such as its partnership with Abu Dhabi National Oil Company (ADNOC) to lower emissions in offshore oil production.

Financially, TAQA reported steady revenues and investments in research and development, highlighting its commitment to the energy transition. As a major player in the energy sector, TAQA continues to balance traditional oil and gas operations with a growing focus on renewable and low-carbon energy solutions, aiming to provide reliable power and water services while contributing to a sustainable future.