Abu Dhabi energy company to be converted into joint stock company
President Sheikh Khalifa issued a decree to set up the new entity
Abu Dhabi has converted Abu Dhabi Company for Energy into a joint stock company, according to a new decree from President Sheikh Khalifa.
The company and its assets will be owned by Abu Dhabi Development Holding, according to a statement published on Sunday by the state-run Wam news agency.
Abu Dhabi is expanding the scope of water and power generation in the emirate with the development of solar projects and nuclear energy.
Last month, the Department of Energy launched the Abu Dhabi Integrated Energy Model during Abu Dhabi Sustainability Week “to provide a road map for the energy sector in the upcoming period, in line with the Abu Dhabi Economic Vision 2030,” Wam reported last month.
Mohammed Al Falasi, the Under-Secretary of the department, told Wam last year that the goal is to generate 7 per cent of the emirate’s power from renewables by 2020.
Updated: February 11, 2019 10:33 AM