By: Zawya

Abu Dhabi-listed TAQA said total capital expenditure (capex) rose 46 percent year-on-year (YoY) to 3.2 billion UAE dirhams ($871.34 million) in the first quarter of 2026.

Transmission & distribution (T&D) capex stood at AED 1.5 billion, doubling YoY, driven by the execution of key special projects and the phasing of business-as-usual network enhancements and upgrades, the company said in its first-quarter financial statement.

The water solutions segment’s capital expenditure surged 58 percent YoY to AED 284 million amid a higher volume of development projects transferred during the period, restoration works, asset enhancements, network rehabilitation, and other ongoing projects.

Capex in the oil & gas (O&G) segment rose 36 percent YoY to AED 927 million, driven by investments in new gas processing infrastructure in the Central West area, Canada. The project comprises the development of a gas processing facility and associated pipeline infrastructure, with commissioning expected in 2027.

The distribution segment’s capital spending jumped 88 percent  YoY to AED 593 million, primarily due to a higher volume of development projects transferred during the period.

However, generation capex fell 27  percent YoY to AED 601 million, primarily due to the phasing of construction work in progress, the statement said.

TAQA said revenues fell to AED 13.7 billion in the first quarter of 2026, compared to AED 14.1 billion in the same period last year. Net income attributable to shareholders remained stable at AED 2.1 billion.