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Dubai Electricity and Water Authority announced a net profit of 763 million dirhams, an increase of 10.4% compared to the first quarter of last year. (Revenues for the past twelve months amounted to 27.7 billion dirhams, and net profit amounted to 8.1 billion dirhams). The consolidated annual revenue increase of DEWA for the first quarter came by 7.3% to reach 5.44 billion dirhams, mainly driven by an increase in demand for electricity, water and cooling services, as well as an increase in the revenues of the authority’s other assets portfolio, as the quarterly revenue growth for electricity services increased by 7.2%. And for water services by 7.0%, and for cooling services by 4.6%, and revenues from other assets of the Authority increased by 11.2%.
The volume of energy demand during the first quarter of 2023 reached 9.66 TWh, compared to 9.17 TWh during the same period in 2022, an increase of 5.3%. The average energy consumption of customers during the first quarter of 2023 was higher than the average energy consumption during the same period in 2022.
The heat rate for electricity and water (the amount of heat needed to produce kWh) in DEWA during the first quarter was 9,317 BTU/kWh, representing an improvement of 2.04% compared to the same period last year, which reflects DEWA’s efforts in the field of sustainability Preserving the environment.
During the first quarter of 2023, water demand reached 32.3 billion imperial gallons, compared to 30.4 billion imperial gallons in 2022, an increase of 6.25%. The average consumption of water by customers during the first quarter of this year was higher than the average consumption in the same period last year.
By the end of the first quarter of 2023, DEWA provided its services to 1,169,713 customers, an increase of 12,212 customers compared to the last quarter of last year, and 51,022 customers compared to the first quarter of 2022.
Saeed Al Tayer: Confidence and optimism about the operational and financial performance for the year 2023 and beyond
Inaugurating 7 new stations and adding 100 megawatts of solar energy
Installing 1,129,816 electricity meters and 1,010,924 water meters
Saeed Mohammed Al Tayer, Managing Director and CEO of Dubai Electricity and Water Authority, said: “We continue in the authority the path of excellence and sustainable growth, guided by the vision of His Highness Sheikh Mohammed bin Rashid Al Maktoum, Vice President and Prime Minister of the UAE and Ruler of Dubai, may God protect him, and the directives of His Highness Sheikh Hamdan bin Mohammed bin Rashid Al Maktoum, Crown Prince of Dubai and Chairman of the Executive Council, and His Highness Sheikh Maktoum bin Mohammed bin Rashid Al Maktoum, First Deputy Ruler of Dubai, Deputy Prime Minister and Minister of Finance. The Authority’s results in the first quarter of 2023 exceeded our expectations, reflecting the strong growth witnessed by the Emirate of Dubai. We are full of confidence and optimism about DEWA’s operational and financial performance for the year 2023 and beyond, as the authority’s strategy focuses on achieving sustainable returns, sustaining growth and doubling the value of growth in the future, which forms the cornerstone of the basic value proposition for the shareholders of the authority.”
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Al Tayer added: DEWA’s efforts support the Dubai Economic Agenda (D33), which aims to double the size of Dubai’s economy over the next decade. Our strategies, growth pillars, and capital commitments are well positioned to achieve our ambitions in the field of energy transition within the framework of the Dubai Clean Energy Strategy 2050 and the carbon neutrality strategy. 2050 for the Emirate of Dubai to provide 100% of the energy production capacity from clean energy sources by 2050, while meeting the strong demand for the authority’s portfolio of exclusive services and products.
stations of the first quarter
By the end of the first quarter of 2023, DEWA had inaugurated four 132kV transmission stations, and three 33kV stations. The authority also completed the installation of 1,129,816 smart electricity meters (an increase of 21,286 meters compared to December 2022), and 1,010,924 smart water meters (an increase of 14,007 meters compared to December 2022).
During the first quarter of 2023, DEWA added 100 megawatts of solar power. By the end of the first quarter, the company’s total production capacity was 14.6 gigawatts, of which 2.1 gigawatts was from renewable energy. The completion rate of the H station, which is being implemented by the Authority in the Al Aweer region, reached 95.49%, while the completion rate of the hydroelectric station with pumping and storage technology in Hatta reached 65.2%. The company’s production capacity of desalinated water, which amounts to 490 million gallons per day, has not changed.
By the end of 2030, DEWA plans to have an installed capacity of 20 gigawatts of electricity and 730 million gallons of desalinated water per day. Of the 20 gigawatts, DEWA plans to obtain 5 gigawatts from renewable energy, representing 25% of the production from renewable sources. The company plans to add 240 million gallons of desalination capacity using reverse osmosis technology.
