TAQA says Q1 2025 capex rises 30% to $587mln
Abu Dhabi-listed TAQA said total capital expenditure (capex) rose 30 percent year-on-year (YoY) to 2.2 billion UAE dirhams ($586.52 million) in the first quarter of 2025.
Power generation, transmission and distribution capex went up whereas oil and gas declined steeply, according to the company's Q1 2025 analysis report.
Transmission & distribution (T&D) capex hit AED 1.1. billion, a 51 percent YoY increase driven by the timing and phasing of project execution of water and electricity network construction, enhancements, and upgrades, the company said in its report.
The generation segment's capital spending rose 47 percent annually to AED 819 million during the quarter. This higher investment was due to the accelerated development of the Al Dhafra Open-Cycle Gas Turbine project.
Water Solutions segment's capital expenditure rose 37 percent YoY to AED 180 million, mainly due to the rehabilitation, replacement, and upgrades to existing sewer networks, pumping stations and treatment plants and the development of new networks.
However, capex in the oil & gas (O&G) segment declined by 50 percent YoY to AED 131 million in the first quarter of 2025.
The drop was driven by the transition to decommissioning in the UK and lower capital spending on drilling and completions activity in the company's North American operations, the statement said.
(Writing by P Deol; Editing by Anoop Menon)
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