View all newsletters
Receive our newsletter - data, insights and analysis delivered to you
  1. News
March 25, 2021updated 12 Nov 2021 5:21am

Abu Dhabi National Energy plans move towards renewables

Abu Dhabi National Energy Company (TAQA) has announced plans to move away from oil and natural gas towards renewables.

By Umesh Ellichipuram

Abu Dhabi National Energy Company (TAQA) has announced plans to move away from oil and natural gas towards renewables. The announcement came as part of its 2030 vision for sustainable and profitable growth strategy.

Free Report
img

Wind Power Market seeing increased risk and disruption

The wind power market has grown at a CAGR of 14% between 2010 and 2021 to reach 830 GW by end of 2021. This has largely been possible due to favourable government policies that have provided incentives to the sector. This has led to an increase in the share of wind in the capacity mix, going from a miniscule 4% in 2010 to 10% in 2021. This is further set to rise to 15% by 2030. However, the recent commodity price increase has hit the sector hard, increasing risks for wind turbine manufacturers and project developers, and the Russia-Ukraine crisis has caused further price increase and supply chain disruption. In light of this, GlobalData has identified which countries are expected to add the majority of wind power capacity out to 2030. Get ahead and download this whitepaper for more details on the current state of the Wind Power Market.
by GlobalData
Enter your details here to receive your free Report.

The firm operates oil and gas assets in North America and Iraq, and power assets in Morocco.

TAQA Group CEO and managing director Jasim Husain Thabet said: “TAQA will become a champion for low carbon power and water. This strategy sets out how we are going to deliver on this promise and our vision for the future.

“We will build on our strengths and use the unique position we have in Abu Dhabi as a platform for growth in the UAE and internationally. We will expand our portfolio of renewables and highly efficient water desalination, drive efficiency in our networks and distribution business and invest in growing the UAE Regulated Asset Base.

“As one of the largest integrated utilities in the region, we are well placed to be at the heart of meeting the accelerating demand for low carbon power and water. We have a strong pipeline of existing projects and are ready to seize further opportunities in a way that benefits our stakeholders – from shareholders to employees and customers.”

Under its strategic plan, TAQA intends to generate more than 30% of its power from renewable sources, especially solar, by the end of this decade. Currently, its renewable generation stands at 5%.

The energy company also plans to invest $10.8bn (AED40bn) in transmission and distribution assets in the country. It plans to increase its gross power capacity from 18GW to 30GW in the domestic market and add up to 15GW internationally by 2030.

TAQA chairman Mohamed Hassan Al Suwaidi said: “As we emerge from the pandemic, around the world there will be an increasing focus on the need for clean, reliable and sustainable sources of power and water.

“TAQA is uniquely positioned to use its platform to play a key part in meeting Abu Dhabi’s own ambitions in this space, as well as taking its expertise to international markets where it can add value.”

Related Companies

Free Report
img

Wind Power Market seeing increased risk and disruption

The wind power market has grown at a CAGR of 14% between 2010 and 2021 to reach 830 GW by end of 2021. This has largely been possible due to favourable government policies that have provided incentives to the sector. This has led to an increase in the share of wind in the capacity mix, going from a miniscule 4% in 2010 to 10% in 2021. This is further set to rise to 15% by 2030. However, the recent commodity price increase has hit the sector hard, increasing risks for wind turbine manufacturers and project developers, and the Russia-Ukraine crisis has caused further price increase and supply chain disruption. In light of this, GlobalData has identified which countries are expected to add the majority of wind power capacity out to 2030. Get ahead and download this whitepaper for more details on the current state of the Wind Power Market.
by GlobalData
Enter your details here to receive your free Report.

NEWSLETTER Sign up Tick the boxes of the newsletters you would like to receive. The top stories of the day delivered to you every weekday. A weekly roundup of the latest news and analysis, sent every Wednesday. The power industry's most comprehensive news and information delivered every month.
I consent to GlobalData UK Limited collecting my details provided via this form in accordance with the Privacy Policy
SUBSCRIBED

THANK YOU

Thank you for subscribing to Power Technology