GCC utility Taqa, which has agreed on about $10 billion of buyouts in the last year, said third-quarter profit more than doubled after adding petroleum revenue from Canadian and Dutch acquisitions.

Taqa, or Abu Dhabi National Energy Company, bought Canada’s North-rock Resources for $2 billion in August, adding Dh44.1 million ($12.01 million) to its profit in the three months to September 30.
Taqa, which is based in the UAE, also bought BP’s Dutch gas operations in February.
“A year ago, Taqa’s revenues were primarily derived from water and power generation in the UAE,” Taqa chief executive Peter Barker-Homek said. “Now, we are also reporting substantial growth in oil and gas revenues further to our expansion into the Netherlands and Canada.”
Net income surged 114 per cent to Dh131.9 million, or Dh0.03 per share, compared with Dh61.35 million, or Dh0.02 per share, in the year-earlier period, the company said. That does not include minority interests.
Revenue from oil and gas was Dh308.4 million, compared with nothing in the year-earlier period, it said.
Revenue from the sale of water and electricity rose 35 per cent to Dh1.18 billion, in part because of its $900 million acquisition in February of the Middle East, North Africa and India operations of US utility CMS Energy, said a Taqa official.
Domestic demand for water and electricity also rose, said the official, as the Abu Dhabi economy grew on record oil prices, and businesses and the population expanded.
Taqa also generated Dh937.5 million from the sale of “supplemental fuel” and from other sources, it said.
Taqa, which operates six power generation and water desalination plants in the UAE, gets its natural-gas fuel feedstock free from the Abu Dhabi government.
When those supplies are unavailable, it pays the Abu Dhabi National Oil Company (Adnoc) for heavy fuel, costs that are reimbursed from the Abu Dhabi agency that buys Taqa’s output. That is accounted for as supplemental fuel sales.