Taqa chief executive plans ‘simplified’ corporate structure in shake-up

Edward LaFehr, the chief operating officer of the company that is also known as Taqa, is set to disclose details of the shake-up on April 22.

Above, a Taqa plant in Morocco. The company last month reported a loss of Dh1.1 billion last year. Courtesy Taqa
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Abu Dhabi National Energy will reveal a new “simplified” corporate structure this month under its new chief operating officer.

Edward LaFehr, the chief operating officer of the company that is also known as Taqa, is set to disclose details of the shake-up on April 22. The company last month reported a loss last year of Dh2.52 billion.

Mr LaFehr, formerly the head of Taqa's North American subsidiary, took over at the helm of the company in February after the departure of the chief executive Carl Sheldon.

Taqa also announced an accelerated timetable for the opening of the company’s Netherlands gas storage facility, and the fifth and sixth units of its Jorf Lasfar coal plant in Morocco, Wam reported yesterday.

Taqa is reshaping its business after its North American oil and gas operations were hit hard by the effect of a shale gas boom that has pushed natural gas prices to less than a quarter of their peak.

“My action plan for the coming 100 days has already begun,” said Mr LaFehr in a statement issued to Wam. “I am also committed to simplifying and strengthening the organisation, and rebalancing our profitability and growth agenda, which is about improving free cash flow and reducing debt leverage over time.”

Taqa’s existing operations spread over 11 countries and cover oil and gas and power and water generation.

Taqa stock fell 2.2 per cent yesterday to Dh1.30.

business@thenational.ae

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