Asharq Al-awsat English Middle-east and International News and Opinion from Asharq Al-awsat Newspaper

Dubai Utility Earns $3.3b Revenue in First Half of 2022

Dubai Utility Earns $3.3b Revenue in First Half of 2022

Friday, 12 August, 2022 - 07:45
DEWA says nearly 10 percent of this generation is from Solar. (WAM)

Dubai Electricity and Water Authority (DEWA) reported Thursday a quarterly revenue of AED7.01 billion ($1.9 billion) and a net profit of AED2.61 billion ($710 million) in its second quarter 2022 financial results. For the first half 2022, DEWA's revenue is AED12.08 billion, and net profit is AED3.30 billion.

DEWA's first half revenue increase of 15 percent to AED12.08 billion was mainly driven by an increase in demand. Energy demand in Dubai during the first half of 2022 increased by 6.3 percent compared to the same period in 2021.

Demand for energy in the first half of 2022 reached 23.27 TWh compared to 21.9 TWh in the first half of 2021.

Nearly 10 percent of this generation is from Solar. Similarly, water demand in the same period grew by 6.4 percent, state news agency WAM reported.

DEWA's peak demand in the first half of 2022 was 9.4 GW, representing a 7 percent increase over last year.

By the end of the second quarter, DEWA served 1,126,121 customers, representing a 5.12 percent increase from the same time last year.

Saeed Mohammed Al Tayer, MD & CEO of DEWA, said: "DEWA's half year financial results demonstrate our commitment to advancing strategic priorities of sustainability focused smart growth, enhanced customer happiness, operational excellence and attractive capital returns for our shareholders."

"In line with our strategy, we continue to provide a robust infrastructure to keep pace with rapid developments in Dubai and provide our services to more than a million customers according to the highest standards of availability, reliability, efficiency, and safety."

In the first half of 2022, DEWA's installed capacity increased by 700 megawatts (MW) to 14,117 MW. This includes 600 MW from the Hassyan Power Complex, which runs on natural gas and 100 MW from the 5th phase of the Mohammed bin Rashid Al Maktoum Solar Park (MBR Solar Park), which runs on photovoltaic (PV) solar panels. MBR Solar Park is the largest single-site solar park in the world, built on the Independent Power Producer (IPP) model, with a planned capacity of 5,000 MW by 2030.

By June 2022, DEWA's 250 MW pumped-storage hydroelectric power station, which is being constructed in Hatta, was 44 percent complete. It will have a storage capacity of 1,500 megawatt-hours and a life span of up to 80 years. This is the first power station of its kind in the GCC.

In addition, DEWA achieved 85 percent completion of its 120 MIG Nakhali water reservoir, 84percent completion of its 60 MIG Lusaily Reservoir, and 11 percent completion of its 120 MIG Hassyan Reservoir.

Editor Picks