TAQA AND RBS SEMPRA COMMODITIES ANNOUNCE CREATION OF TAQA GEN X JOINT VENTURE

New York / Abu Dhabi / Ann Arbor, December 10, 2008: - Abu Dhabi National Energy Company PJSC (TAQA), a global energy company, and RBS Sempra Commodities, a leading commodity company, today announced the creation of TAQA Gen X, a joint venture focused on investments in the downstream energy business in North America.

TAQA Gen X also announced its first investment today; an agreement to acquire from JPMorgan all of the outstanding equity interest in JPMorgan's indirect subsidiary BE Red Oak Holding LLC, which will result in the transfer of control of BE Red Oak LLC. BE Red Oak LLC holds a tolling agreement for the Red Oak power plant (Red Oak) located in Sayreville, New Jersey.

The terms of the acquisition were not disclosed. The transaction is subject to various regulatory approvals, including approval from the Federal Energy Regulatory Commission.

TAQA Gen X filed an application for FERC approval on November 14, 2008. Red Oak is an 830 MW combined cycle gas turbine power plant which is located within the PJM interconnection, L.L.C., region. TAQA Gen X will not own or operate the plant. Operations will
continue to be run by AES Red Oak L.L.C., a subsidiary of AES, which has operated the plant since the start of commercial operations.

TAQA’s primary involvement in the joint venture will include long-term strategic decision-making, while RBS Sempra Commodities will provide trading infrastructure and expertise, manage commodity risks associated with the plant and procure the gas required to operate and dispatch the facility. Commenting on the JV’s first acquisition, Peter Barker-Homek, Chief Executive Officer of TAQA, said: “This joint venture further reinforces TAQA’s strategic objectives of becoming a fully integrated global energy company. Working with local and national stakeholders, TAQA Gen X will play an active role in ensuring the long-term power demands for the region continue to be met. We plan on scaling the JV over time to managing some 10,000 MW of clean burning, high efficiency and environmentally friendly power."

“RBS Sempra Commodities brings world-class energy and risk management skills to the joint venture and we believe that together we will create a market leading energy partnership, which is well equipped to make the most of downstream investment opportunities.” Reflecting on the relationship, David Messer, RBS Commodities Chief Executive Officer, said: “The combination of the RBS Sempra Commodities’ energy risk management platform with TAQA’s worldclass operational and asset management experience, creates a powerful growth platform to take advantage of opportunities in the US power market.”

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