Abu Dhabi National Energy Company, TAQA, announced that the consolidated net profit for the nine-month period ended on September 30, 2019, was negatively impacted by unfavorable mark-to-market movements generated by an energy price reduction and the reimplementation of the regional greenhouse gas initiative in New Jersey, which impacted Red Oak, the group’s US-based power asset, citing Emirates News Agency.

According to TAQA’s press release, the consolidated net income fell 21% to AED 925 million, with TAQA’s share of net profits down 54% to AED 198 million, compared to the nine-month period last year.

TAQA recorded steady revenues of AED 13.1 billion for the period ended in September 2019, representing a slight decrease of 3% compared to the corresponding period in 2018.

The power and water segment’s revenues remained stable at AED 8.7 billion and were 9% lower at AED 4.4 billion for the oil and gas segment due to lower volumes and realized prices in Europe.

Moreover, Global power technical availability averaged 94.5%, with oil and gas production up 1% to 123,322 barrels of oil equivalent per day (boe/d).

The Group also reported AED 7 billion in Earnings Before Interest, Taxes, Depreciation, and Amortization (EBITDA), representing a 5% reduction compared to the previous year, mainly driven by lower revenue along with reduced income from associates due to one-off insurance proceeds at Sohar Aluminum in 2018.