Abu Dhabi’s Taqa announced 13 August that its 2Q20 earnings were AED3.34bn ($900mn), down 28% from AED4.66bn ($1.27bn) the same period in 2019, “reflecting the Covid-19 pandemic’s ongoing adverse impact on energy prices.” Overall 2Q20 power and water revenues of AED2.7bn ($740mn) were 9% lower than for 2Q19. UAE power sales were 17.57TWh, up slightly from 17.52TW in 2Q19, although international power sales were 5.92TWh, down 15% from 7.00TWh. International oil and gas production – from North America, Europe and Iraqi Kurdistan – was slightly higher year-on-year at 123,100 boe/d, although 2Q20 oil and gas sales revenues of AED599mn ($163mn) were 64% lower year-on-year from AED1.67bn ($460mn)

Taqa‘s 2Q20 earnings reflect “financials prior to Taqa’s transaction with Abu Dhabi Power Corporation, which was completed in July 1, 2020 and will therefore be reflected in the third quarter results.” Taqa issued over 106 billion new Taqa shares to state utility Adpower to raise its stake in the firm from 71.1% to 98.6%, in return for 4.59GW of Adpower’s net power generation capacity and related desalination plants (MEES, 3 July). (CONTINUED - 174 WORDS)