Taqa to Continue Awarding Bergermeer Gas Storage Contracts
Abu Dhabi National Energy Co. (TAQA), the state-run utility known as Taqa, said it will continue to award natural-gas storage contracts at the Bergermeer project in the Netherlands according to this year’s schedule.
The Dutch Council of State temporarily suspended the underground gas storage project pending a review of objections by parties including local authorities, the court said in a statement on its website on Aug. 8. The “final verdict” of the Dutch Council is expected in early 2012, Taqa said in an e- mailed statement today.
“The project partners TAQA and Energie Beheer Nederland are confident that the National Zoning Plan will be upheld in the final appeal decision by the Council of State,” the company said.
The Bergermeer gas-storage field, which will begin operations in 2014, will offer 46 terrawatt-hours of gas storage capacity, almost doubling the Netherlands’ total, Taqa said in the statement. The company will this year start awarding up to 11.3 terrawatt-hours of storage capacity for 2014 and will hold an additional open season next year for space starting in 2015.
The shares fell as much as 4.1 percent and traded 0.8 percent lower at 1.2 dirhams at 12:31 p.m. in Abu Dhabi. The stock has lost 19 percent this year, compared with a 5.9 percent decline in the emirate’s benchmark ADX General Index.
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