Dubai: Dewa reports Dh3.3 billion profit during first half of 2022

The Dubai Electricity and Water Authority (Dewa) on Thursday announced Dh2.61 billion net profit for the second quarter of 2022, up by 37 per cent year-on-year as energy demand increased in the emirate.

Its second quarter revenues rose 14 per cent to over Dh7 billion.

The utility services provider reported Dh3.3 billion net profit for the first half of 2022, an increase of 33 per cent, while revenues jumped 15 per cent to Dh12.08 billion during the January-June period.

Energy demand in Dubai during the first half of 2022 increased by 6.3 per cent compared to the same period in 2021, reaching 23.27 TWh compared to 21.9 TWh in the first half of 2021. Nearly 10 per cent of this generation is from solar. Similarly, water demand in the same period grew by 6.4 per cent.

Dewa's peak demand in the first half of 2022 was 9.4 GW, which represents a 7 per cent increase over the same period of last year. By the end of the second quarter, Dewa served 1,126,121 customers, representing a 5.12 per cent increase from the same time last year.

Empower, Dewa's majority-owned subsidiary, recorded Dh1.154 billion revenues and Dh432 million net profit in H1 2022, representing a 16 per cent and 11 per cent increase, respectively, versus the same period in the last year.

"Continued focus on project delivery, innovation and accelerating our digital transformation has bolstered our results through the first six months of 2022. We maintain the significant capacity to deploy capital through a disciplined investment strategy with a focus on meeting the aspirations of the Emirate of Dubai," said Saeed Mohammed Al Tayer, managing director and CEO of Dewa.

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, which runs on photovoltaic (PV) solar panels.

By June 2022, Dewa's 250 MW pumped-storage hydroelectric power station, which is being constructed in Hatta, was 44 per cent 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.