Abu Dhabi National Energy Co. Capex Increases in Q3 2023

Abu Dhabi National Energy Company (TAQA) said on Monday that its capital expenditure (capex) increased 34% year-on-year to 3.34 billion UAE dirhams (US$910 million) in the third quarter of 2023. Transmission & distribution (T&D) expenditure rose to AED699 million (US$190.3 million), driven by an increase in the number of development projects and projects in execution, the oil major said in its third quarter financial result statement.

The generation segment’s capital expenses fell to AED39 million (US$10.6 million) on lower major plant maintenance in line with a scheduled maintenance program. Oil & gas capex jumped to AED192 million (US$52.3 million), driven by increased drilling, completion and tie-in costs in its North American assets.