Abu Dhabi National Energy Company PJSC (TAQA), a leading global energy company headquartered in Abu Dhabi with operations in 11 countries worldwide, today announced its financial results and operational highlights for the financial year ended 31 December 2016.

TAQA has completed its two-year Transformation Programme which delivered cumulative savings of AED 13.2 billion, including a capital expenditure reduction of AED 8.6 billion from 2014 to 2016. Additionally, TAQA has delivered a 25% reduction in global headcount with over 1,000 positions reduced across its global operations.

TAQA's 2016 full-year results have highlighted the operational efficiency gains and financial savings achieved through the Transformation Programme, most notably through:

Record power generation of 93,246 gigawatt hours (GWh)
Limited Oil & Gas production decline despite 70% reduction in Oil & Gas capex
Significant reduction in Oil & Gas unit operating costs, down 33% compared to 2014
Successful refinancing of AED 6.4 billion in maturing bonds at lower rates

The company has booked a post-tax impairment of AED 16.9 bil

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