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Dubai Electricity and Water Authority (DEWA), the emirate’s sole provider of electricity and water services, recorded revenue of AED7.01 billion ($1.91 billion) in the second quarter (Q2).
Net profit for the period was AED2.61 billion ($710.59 million), DEWA said.
In the first half of 2022, DEWA recorded a total revenue of AED12.08 billion and a net profit of AED3.3 billion.
strong financial performance
It said DEWA’s first-half revenue rose 15% to AED12.08 billion, mainly driven by increased demand and the transition to a normal tariff structure.
Energy demand in Dubai increased by 6.3% in the first half of 2022 compared to the same period in 2021 (23.27 TWh vs 21.9 TWh). Nearly 10 percent of this generation comes from solar energy.
Likewise, water demand increased by 6.4% over the same period.
DEWA’s peak electricity demand in the first half of 2022 was 9.4 GW, up 7% from the same period last year.
By the end of the second quarter, DEWA had served 1,126,121 customers, a year-on-year increase of 5.12%.
Segment revenue and profit of DEWA’s majority-owned subsidiary Empower also achieved record growth. In the first half of the year, Empower’s revenue was AED1.154 billion and its net profit was AED432 million, up 16% and 11% year-on-year, respectively.
“DEWA’s half-year financial results demonstrate our commitment to advancing our strategic focus on smart growth with a focus on sustainability, improved customer satisfaction, operational excellence and attractive returns on capital for shareholders. Continued focus on project delivery, innovation and accelerating our digital transformation, solidifying our performance in the first six months of 2022,” said Saeed Mohammed Al Tayer, MD and CEO, DEWA.
“We maintain a strong capital allocation capability through a disciplined investment strategy focused on meeting the aspirations of the Emirate of Dubai. In line with our
strategy, we continue to provide a robust infrastructure to keep up with Dubai’s rapid growth and serve over one million customers according to the highest standards of availability, reliability, efficiency and security,” he said.
“We will continue to implement pioneering projects to diversify Dubai’s clean and renewable energy sources and deliver on our wise leadership’s vision for a bright and sustainable future for generations to come,” added Al Tayer.
major achievements
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 (running on natural gas) and 100 MW (running on photovoltaic (PV) solar panel operation). MBR
The solar park is the largest single-site solar park in the world, built on the Independent Power Producer (IPP) model, with a planned installed capacity of 5,000 MW by 2030.
DEWA’s 250 MW pumped-storage hydropower plant under construction in Hatta is 44% complete by June 2022. It has a storage capacity of 1,500 MWh and a lifespan of up to 80 years. This is the first power station of its kind in the GCC.
In addition, DEWA’s 120 MIG Nakhali Reservoir is 85% complete, its 60 MIG Lusailly Reservoir is 84% complete and its 120 MIG Hassyan is 11% complete
reservoir.
In addition, DEWA commissioned 287 (11kV) substations in Dubai in the first half of 2022. The company’s transmission and distribution network currently has 78 (33kV) substations and 42,093 medium voltage (11kV) substations in operation.
The company also put into operation 1 (400kV) substation and 10 (132kV) substations, bringing the total number of substations to 26 (400kV) and 329 (132kV) substations. DEWA also completed the laying of 100 km of 132 kV cable and 802 km of medium voltage cable.
In June 2022, DEWA launched the first-of-its-kind Automated Smart Grid Restoration System (ASGR) in the MENA region to enhance the control, management and monitoring of its electrical grid. The system works 24/7 without any human intervention. It uses an intelligent, innovative central system to locate faults in the grid, isolate them and restore service automatically. This improves grid automation, fault detection and connection retrieval.
In the second quarter of 2022, as part of the Smart Living initiative, DEWA added a self-assessment tool for residential customers to easily understand their consumption patterns. This is part of DEWA’s efforts to make Dubai residences more sustainable and efficient.Smart Living Initiative services save up to 8 billion gallons since launch
of water.
DEWA is the first utility company in the world to use nanosatellites to monitor and improve the operation, maintenance and planning of its power and water networks. In May 2022, DEWA signed a memorandum of understanding with French global satellite operator Eutelsat to provide technical support for DEWA’s Space-D program and DEWA’s 3U nanosatellite DEWASAT1. This will facilitate the development of nanosatellite Internet of Things (IoT) terminals and enhance connectivity between DEWA assets and their nanosatellites. Additionally, DEWA is actively leveraging drone technology, using advanced drones for asset inspections to support Dubai’s growing infrastructure. – arab trade news agency
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