Dubai Electricity and Water Authority (Dewa) has reported a significant increase in revenue in the first quarter of 2024. The utility services provider generated Dh5.8 billion in revenues, up by 6.7 per cent from the same quarter last year. Despite a decrease in net profit to Dh651 million compared to Dh763 million in Q1 of the previous year, operating profits saw a notable increase of 11.6 per cent, reaching Dh995 million during the January-March 2024 period. This growth can largely be attributed to a high demand for electricity and water, with a 6.4 per cent increase in electricity demand and a 5.9 per cent increase in water demand.
Saeed Mohammed Al Tayer, the managing director and CEO of Dewa, emphasized the company’s commitment to sustainable growth and innovative operational excellence. He highlighted the alignment of Dewa’s strategies, initiatives, and capital commitments with the ambitious energy transition goals outlined in the Dubai Clean Energy Strategy 2050 and the Dubai Net Zero Carbon Emissions Strategy 2050. These long-term strategies aim to provide 100 per cent of the required energy from clean sources by 2050, contributing to a more sustainable and environmentally friendly future.
Dewa’s EBITDA increased by 9.0 per cent to Dh2.6 billion in the first quarter of 2024, with net cash from operations also showing a substantial growth of Dh692 million to Dh3.3 billion, a 26.9 per cent increase from the same period last year. The company’s gross power generation reached 10.3 TWh in Q1 2024, with 1.46 TWh generated from clean power sources, representing a significant increase from the previous year. Clean power accounted for 14 per cent of the total power generated in the first quarter of 2024, demonstrating Dewa’s commitment to renewable energy sources.
Dewa’s focus on sustainability is further evident in its efforts to increase the production of desalinated water using efficient technology. Total desalinated water production grew by 5.36 per cent in the first quarter of 2024, reaching a record of 34 billion imperial gallons. The company also saw an increase in customer accounts, with 1,224,560 accounts at the end of Q1 2024, compared to 1,169,713 accounts a year ago, representing a 4.7 per cent increase. Dewa aims to continue its expansion and improvement of infrastructure, with plans to commission new substations and increase both power capacity and desalinated water production by the end of 2030.
Looking ahead, Dewa plans to have an installed power capacity of approximately 20 GW and 735 MIGD of desalinated water by 2030, with around 5.3 GW coming from renewable sources. The company is also set to add 240 MIGD of desalination capacity using reverse osmosis technology in the same period. These goals align with Dewa’s commitment to sustainability, innovation, and meeting the energy needs of Dubai in a responsible and environmentally conscious manner. Through strategic planning and investment in clean energy technologies, Dewa is paving the way for a more sustainable future for the city and its residents.
