Abu Dhabi National Energy Company PJSC (TAQA) reported a 9.7% year-on-year increase in net income attributable to shareholders to AED 4.1 billion for the six-month period ended June 30, 2026, compared with AED 3.7 billion in H1 2025.
The company’s EBITDA increased 7.7% to AED 11.0 billion, up from AED 10.2 billion in the corresponding period last year, supported mainly by higher returns from its transmission and generation businesses.
Revenue, however, declined 2.6% YoY to AED 27.5 billion, compared with AED 28.2 billion in H1 2025. TAQA attributed the decline primarily to lower pass-through revenues in its distribution business, extension works at the Shuweihat 1 Power Plant and lower oil and gas production following the planned decommissioning of its UK North Sea assets.
Capital Expenditure Rises 38%
TAQA’s capital expenditure increased 38% YoY to AED 7.2 billion, reflecting accelerated investments across power, water and transmission networks. Free cash flow stood at AED 4.6 billion, compared with AED 7.0 billion in H1 2025, mainly due to higher investment levels.
During the first half of 2026, the company advanced several power and water infrastructure projects and strategic partnerships across the UAE.
The Emirates Water and Electricity Company (EWEC) awarded the 2.6 GW Taweelah C Independent Power Producer (IPP) project to a consortium led by TAQA, in which the company holds a 60% stake. The project is expected to support grid stability and facilitate the integration of renewable energy into Abu Dhabi’s power system through 2050.
TAQA and ADNOC also signed a 27-year Utilities Purchase Agreement to provide utilities to the TA’ZIZ Industrial Chemicals Zone in Ruwais.
In the water sector, TAQA Water Solutions, Etihad Water and Electricity and Saur International signed a long-term agreement with the Government of Ras Al Khaimah to develop the emirate’s largest wastewater treatment plant. The facility will have a treatment capacity of 60,000 cubic metres per day and is expected to serve up to 300,000 people.
Renewable Energy Investments
TAQA, EWEC, Masdar, EDF Power Solutions and Jinko Power completed a USD 870.75 million (AED 3.2 billion) green bond issuance to refinance the Al Dhafra Solar PV Independent Power Plant.
Through its leading stake in Masdar, TAQA also continued to expand its renewable energy presence internationally.
During the period, Masdar signed a binding agreement with TotalEnergies to establish a USD 2.2 billion joint venture covering onshore renewable energy projects across Asia.
Masdar also agreed with Repsol to acquire a 49.99% stake in a EUR 849 million, 705 MW operational renewable energy portfolio in Spain, with potential for an additional 565 MW of hybridisation capacity.
In the UK, Masdar secured Contracts for Difference (CfD) for 3 GW of new offshore wind capacity across the Dogger Bank South projects.
Management Commentary
Jasim Husain Thabet, Group Chief Executive Officer and Managing Director of TAQA, said the company delivered a strong first half, with growth across its utilities businesses supporting higher earnings.
He said TAQA’s integrated business model provides financial strength and stability to continue investing in power and water infrastructure in the UAE and international markets.
Thabet added that the company’s strategic partnerships and Masdar’s expansion into international renewable energy markets are supporting Abu Dhabi’s industrial and sustainability ambitions while strengthening TAQA’s contribution to the global energy transition.
Discover more from SolarQuarter
Subscribe to get the latest posts sent to your email.
