Abu Dhabi National Energy Company PJSC marks first phase of internal improvement review

According to Fredric Lesage, TAQA's Group Vice President of Integration and Optimization, the purpose of the eight-month project is to align the corporate center and group's subsidiaries along structure, roles and responsibilities, controls, capabilities, and processes. It is scheduled for completion by 1 December of this year.

"TAQA's inorganic growth is lightening quick, but also substantial in size, compared with other similarly-positioned companies in our industry," said Lesage, "so our integration method - the way we quickly bring newly acquired companies into the group - has got to be process and policy driven to ensure optimization. And that's what the Genesis project will accomplish."

Project Genesis will design and deploy an integrated performance management system using key performance indicators (KPIs) to identify the best value creation opportunities and structure performance dialogue throughout the organization based on value creation. This system, TAQA management believes, will provide financial and operational transparency.

"The Genesis Project will allow us to better integrate newly-acquired businesses that have different organizational structures and systems, to identify and capture value from these acquisitions much faster, and to create a strong and consistent TAQA culture based on innovation, meritocracy, and diversity,"

concluded Lesage.

The review is being supported by international management consulting firm McKinsey & Company.

TAQA carries an Aa2 and AA- credit rating and was recently presented Best Borrower of the year 2007 by Euromoney Awards.