ABU DHABI, United Arab Emirates, March 17 /PRNewswire/ --

    - Revenues Grew 72% to Reach AED 8.3 Billion and Profit Exceeds AED 1
Billion

    The Abu Dhabi National Energy Company PJSC, a publicly listed company
on the Abu Dhabi Securities Market (ADSM: TAQA), today reported financial
results for the fourth quarter and full year 2007.

    Key highlights of the results for Q4 2007:

    - Total revenue reached AED 3.0 billion compared with AED 2.5 billion
for the same period in 2006, an increase of 23 per cent.

    - Revenue from the electricity and water business grew by 57 per cent
to AED 1.3 billion, from AED 0.8 billion for the same period in 2006. This
does not include supplemental fuel sales to allow for a like-for-like
comparison.

    - Revenue from oil and gas accounted for AED 0.9 billion (there is no
comparable like-for-like figure in 2006). This figure includes gas storage
revenue.

    - EBITDA(1) of AED 1.8 billion for Q407, giving an EBITDA margin of 59
per cent versus EBITDA of AED 1.1 billion and a margin of 45 per cent in
the same period in 2006. EBITDA margin for 2007 excluding supplementary
fuel would be 78 percent.

    - Finance costs increased from AED 475 million to AED 733 million, to
fund acquisitions.

    - Net profit (after minority interests) grew 189% per cent to AED 653
million compared to AED 226 million in the same quarter in 2006.

    - Basic earnings-per-share rose 220 per cent to AED 0.16 for the
quarter.

    Key highlights of the results for the full year 2007:

    - Revenue of AED 8.3 billion, an increase of 72 per cent from AED 4.8
billion For 2006.

    - Revenue from the electricity and water business grew by 49 per cent
to AED 4.7 billion, from AED 3.2 billion for 2006.This excludes
supplemental fuel sales in both years.

    - Revenue from the oil and gas businesses accounted for AED 1.4 billion
(there is no comparable like-for-like figure in 2006). This figure includes
gas storage revenue.

    - EBITDA of AED 5.2 billion, versus EBITDA of AED 3.0 billion and a
consistent margin of 62 per cent across both years.

    - Finance costs increased from AED 1.4 billion to AED 2.5 billion, due
to acquisitions completed during 2007.

    - Net profit (after minority interests) grew 113 per cent to AED 1.0
billion compared to AED 0.5 billion for 2006.

    - Basic earnings-per-share more than doubled to AED 0.25, versus AED
0.12 for 2006.

    - Total assets grew 31 per cent to AED 68 billion compared to AED 52
billion for 2006.

    Upstream

    - Upstream activity generated revenues of AED 1.4 billion (including
gas storage), 17 percent of total revenues and 20% of net profit.

    - Total production was 7,252 thousands of barrels of oil equivalent in
2007, split between TAQA Energy (2,120 thousands of barrels of oil
equivalent) and TAQA North (5,132 thousands of barrels of oil equivalent).

    - Total average daily oil and gas production in 2007 was 19,867 barrels
of oil equivalent per day.

    - Average net realized price of crude oil sold was US$67.61 per barrel
for TAQA North and EUR48.00 per barrel for TAQA Energy.

    - Average net realized price for natural gas sold was US$6.16 per
thousand cubic feet for TAQA North and EUR6.10 per thousand cubic feet for
TAQA Energy.

    - Drilling success rate of 92.9% for TAQA North.

    - 13 successful completions for TAQA North.

    - Results represent significant growth, even though the full impact of
TAQA's acquisitions in 2007 has yet to be seen.

    Downstream

    - Downstream activities generated revenues of AED 6.7 billion in 2007,
comprising 81 per cent of total revenues in 2007, and 80% of profit.

    - TAQA's downstream capability now represents total global generation
capacity (gross) of 9,423 Mega Watts. During 2007, total power production
ran to 48,229 Giga-Watt hour.

    - TAQA's total water desalination in 2007 was 182,382 million Imperial
gallons, with an installed capacity of 594 million Imperial gallons per
day.

    - Power and water in the UAE accounted for a total of 57% of the total
revenue, with non-UAE assets accounting for a further 25.6% of the revenue.

    - Technical availability of power generation businesses averaged 89%
with an average capacity of 71%.

    Comment

    Peter Barker-Homek, Chief Executive Officer of TAQA, said:

    "2007 was a pivotal year for TAQA as we built from our domestic power
generation and desalination base, to a truly global energy company with
operations in nine countries. Over the past twelve months we have
diversified our business and expanded our footprint across the Middle East,
Europe and North America with the acquisition of quality energy assets. I
am pleased to confirm we remain on track to reach our aim of US$ 60 billion
worth of assets by year-end 2012.

    "Integration has been a key focus for us throughout the year, as we
have moved to quickly and efficiently to align processes, reporting and
management across TAQA globally. We have simultaneously retained tight
control on our costs and are proud to report a net profit of AED 1 billion
for the year. During a period of great change for TAQA we have maintained a
very respectable EBITDA margin of 62%, while doubling our earnings per
share. While income from acquisitions has contributed to this increase, it
is also balanced by organic revenue growth in our existing portfolio.

    "We look forward to continued growth in 2008 as TAQA continues to
integrate its acquisitions and further develop our positioning as a global
energy company."

    Corporate activity during the period

    During 2007, TAQA made strategic acquisitions that have transformed it
into a global energy company comprised of quality energy assets. Today,
TAQA operates in 9 countries, and employs 2,300 people who come from 38
different nations. TAQA prides itself on being a meritocracy and being the
first company from the GCC to join the Combat Climate Change movement.

    2007 was an eventful year for TAQA. In January, the company announced
its agreement to purchase Talisman's Brae assets. This purchase was
completed on 31 December. On 31 January TAQA completed its acquisition of
BP Netherlands' gas exploration and production (E&P) assets. Both deals
position TAQA at the heart of the North Sea Oil basin.

    At the AGM in April 2007, TAQA declared a dividend of AED 207.5 million
to its shareholders.

    During the second quarter, the company completed its acquisition of CMS
Generation, a subsidiary of the US integrated energy firm CMS Energy as
well as the acquisition of ownership interests held by ABB in Morocco and
India, providing TAQA with a portfolio of quality assets in Morocco, Saudi
Arabia, Ghana, UAE and India for an aggregate consideration of US$1.4
billion.

    The third quarter of 2007 marked the beginning of TAQA's entry into
Canada. In August, TAQA acquired from Pogo 100 per cent of Northrock
Resources Ltd. (NRL), a Canadian oil and gas exploration company with
operations in the Western Canadian Sedimentary Basin for a total purchase
price of US$2 billion. This company has subsequently been renamed as TAQA
North Limited.

    Also that month, TAQA announced a US$540 million acquisition of Pioneer
Canada, an oil and gas exploration and production company with operations
in the Western Canadian Sedimentary Basin. The transaction completed in
November 2007.

    In September, TAQA through TAQA North announced the acquisition of
PrimeWest Energy Trust, a Calgary-based conventional oil and gas royalty
trust. The total consideration paid for the transaction was approximately
Cdn.$5 billion. The transaction was completed on 16 January 2008.

    In October, the company signed a Letter of Intent with Kuwait Energy
Company (KEC), a Kuwait-based oil exploration and production company, in
respect of opportunities in the oil and gas sector in Egypt, Oman, Yemen,
Syria, Iraq, Kazakhstan and Iran.

    In November, TAQA completed the sale of 40% of Emirates CMS Power
Company, acquired from CMS, to Marubeni Corporation.

    During 2007 TAQA raised US$2 billion in a two-part bond sale. The
programme was upgraded by Moody's Investors Service during 2007 and is now
rated Aa2, its third-highest level of investment grade, and is rated as AA-
by Standard & Poor's, with a stable outlook.

    About Abu Dhabi National Energy Company PJSC (TAQA)

    Founded in 2005, TAQA (the Abu Dhabi National Energy Company PJSC) is a
global energy company with a growing asset base that exceeds AED 68 (USD 18
billion). One of the largest companies listed on the Abu Dhabi Securities
Market (ADSM), with 2007 revenues of more than AED 8 billion (USD 2
billion), TAQA is a flagship corporation for the Government of Abu Dhabi.

    TAQA's strategic goal is to build and operate a geographically diverse
global portfolio of energy businesses across the value chain. It has
operations in power generation, water desalination, upstream oil/gas,
pipelines, and gas storage.

    TAQA employs 2,300 people from 38 different nations and operates from
its offices in: Abu Dhabi; Ann Arbor, Michigan; Aberdeen; Amsterdam;
Calgary and The Hague. This footprint is further extended through alliances
with partners across Africa, the Middle East, Europe, North America and
India.

    TAQA carries Aa2 and AA- credit ratings from Moody's and S&P
respectively.

    (1) Earnings before interest, tax, depreciation and amortisation

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