UAE

TAQA Hit By Commodities Slump Despite Record Output

Abu Dhabi National Energy Company’s (TAQA’s) losses increased last year despite record output, because of a “structural change in commodity prices.” The company reported a net loss of Dh3.01bn ($820mn) for 2014, compared with Dh2.52bn ($690mn) in 2013.

Yet underlying revenues rose 8.6% to Dh22.99bn ($6.27bn) in 2014 from Dh21.15bn ($5.77bn) in 2013. The increased revenues resulted from record oil and gas...