(WAM) — Abu Dhabi National Energy Company, TAQA, announced on Thursday its earnings for the second quarter of 2020. The company’s revenues reached AED3.3 billion for the quarter, reflecting the COVID-19 pandemic ongoing adverse impact on energy markets.

In a statement by the company on Thursday, revenues for TAQA’s contracted power and water generation business in the UAE were unchanged on the same period last year, whilst within the international power business, revenue and costs declined reflecting lower demand.

Group EBITDA fell 27 percent to AED1.8 billion, with declining revenues partially offset by lower operating expenses within both the oil and gas and power and water businesses. The group lowered operating expenses by deferring non-critical activities in response to the challenging economic environment.

TAQA’s liquidity at quarter-end remained strong at AED11 billion, including AED4.6 billion in cash and cash equivalents and AED6.4 billion of undrawn credit facilities. This quarter reflects financials prior to TAQA’s transaction with Abu Dhabi Power Corporation, which was completed on 1st July, 2020 and will therefore be reflected in the third quarter results.

As a result of the transaction, TAQA is now a top-10 integrated utilities leader in the EMEA region by regulated assets and one of the largest publicly listed companies in the UAE by market capitalisation. More than 85 percent of TAQA’s revenues and EBITDA will be driven by long-term contracts or regulated tariffs, significantly increasing the company’s resilience to commodity price volatility.

“We are excited to embark on our new journey as a globally leading, fully integrated utilities champion,” said Jasim Husain Thabet, TAQA’s newly appointed Group CEO and Managing Director.

“TAQA will continue to play a leading role in the UAE’s energy market, with a range of large-scale projects in development, including the world’s largest solar photovoltaic plant, the world’s largest sea-water reverse osmosis plant, and the UAE’s largest gas-fired independent power project. As we look ahead, TAQA’s new transmission and distribution businesses will complement its expanded generation business, supporting efficient delivery of power and water to those we serve in Abu Dhabi and beyond,” he noted.