UNITED POWER COMPANY (SAOG)

United Power Company (SAOG) (the “Company”) was formed and registered as a joint stock Company on January 9th, 1995. The public currently owns 40% of the Company’s shares while the founder shareholders own 60%. The current founder shareholders are MENA Infrastructure Fund, International Finance Corporation (part of the World Bank Group),MGEC (Oman) Holding Limited  and Ministry of Defence Pension Fund of Oman.   Prior to formation of the Company, the then founder shareholders were awarded, following a competitive bidding process, the concession for a project consisting of a 90 MW gas-fired power sta

Outlook for 2011

Due to nature of its activities and the fixed contractual framework within which the Company operates we foresee no major change in the Company’s activities.   Due to tariff structure contained in the Power Purchase Agreement, the Phase I revenues shall be reduced beginning the last quarter of 2011.  This trend is not reflection of the operational performance of the Com

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Operation Highlights

  The total power exported by the plant in 2010 (Phases I and II) amounts to 1,321 GWh. The cumulative energy exported by the plant from initial commissioning is 14,786 GWh.  The maximum load recorded during the year was 312.4 MW on August 9, 2010 at 02:00 hrs.  The maximum ambient temperature recorded was 49°C on July 1, 2010 at 17:00 hrs and minimum temperature

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Financial Highlights

The variance in total revenue and net profit is due to tariff as contained in the Power Purchase Agreement.  This trend, as a consequence of the agreed tariff structure for the life of the Project, will continue in future years and bears no reflection on the operational performance of the Company.  The below trend should also be seen in the light of the fact that the value of the

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