x Abu Dhabi, UAETuesday 25 July 2017

Chief executive of TAQA decides to step down

The Abu Dhabi National Energy Company says its chief executive had stepped down and it had appointed a general manager to head its executive team.

The Abu Dhabi National Energy Company, known as TAQA, yesterday said its chief executive had stepped down and it had appointed a general manager to head its executive team. The change of management, announced late in the day, reflects the Government-controlled enterprise's move into a new phase of corporate development, the company said. Peter Barker-Homek, the chief executive of the company since 2006, is the American specialist in mergers and acquisitions who oversaw TAQA's transformation from a domestic power and water utility into an international energy concern with about US$24 billion (Dh88.15bn) of assets on four continents. In addition to power generation assets in the MENA region, India and the Caribbean, TAQA has amassed extensive oil and gas exploration and production concerns in Canada, the US and the North Sea, as well as pipeline, gas processing and gas storage facilities in western Europe.

"When I took this role a little over three years ago, the board tasked me to identify key acquisitions that would establish TAQA as a global company and give it a critical mass in three distinct segments," Mr Barker-Homek said. "With this first phase of development now largely complete, I have decided to pursue other career ambitions." Carl Sheldon, who was previously TAQA's general manager and general counsel, has been promoted to the newly created position of general manager. He joined the company in 2008 from the energy practice at the law firm Allen and Overy, where he ran its German and US operations.

"Carl is well known and respected within the group and brings to the role experience in both power and upstream business," said Hamad al Suwaidi, the chairman of TAQA. The company was shifting its operational focus from acquisitions to the integration of its global business, he said. But as recently as last week, Mr Barker-Homek had been commenting publicly on his plans to expand TAQA's asset portfolio to $60bn by 2012 with a focus on Africa and Asia. He told reporters he would be interested in acquiring power generation and transmission assets from British natural gas company BG Group and was planning investments in Iraq's electricity sector.

TAQA is 75 per cent owned by the Abu Dhabi Government, with its remaining share capital listed on the Abu Dhabi Securities Exchange. tcarlisle@thenational.ae