DEWA achieves phenomenal financial results in Q1, 2023

 

Dubai Electricity and Water Authority PJSC (DEWA), the Emirate of Dubai’s exclusive electricity and water services provider, has reported strong financial results for Q1 2023. DEWA recorded a quarterly revenue of AED 5.44 billion and net profit of AED 763 million, a 7.3 percent increase in revenue mainly driven by increased demand for electricity, water, and cooling services, and DEWA's other portfolio of assets. DEWA's Q1 2023 gross heat rate for power improved by 2.04 percent compared to the same period in the previous year, reflecting their targeted sustainability and environmental efforts.


DEWA has also set ambitious targets for the future, with plans to have a gross installed capacity of 20 GW and 730 MIGD of desalinated water by the end of 2030. Of this, DEWA plans to have 5 GW of installed renewable capacity, representing 25 percent production from renewable sources. With a focus on innovation and future shaping, DEWA establishes Disruptive Labs at Al Hudaiba building.


DEWA has set ambitious targets for the future, with plans to have a gross installed capacity of 20 GW and 730 MIGD of desalinated water by the end of 2030. Of this, DEWA plans to have 5 GW of installed renewable capacity, representing 25 percent production from renewable sources. With a focus on innovation and future shaping, DEWA establishes Disruptive Labs at Al Hudaiba building.

Dubai Electricity and Water Authority PJSC (DEWA), the Emirate of Dubai’s exclusive electricity and water services provider, has continued to excel in Q1 2023 with numerous awards, including the Great Place to Work Certificate, Leadership of the Year Award, Hydrogen Project of the Year Award, Research and Innovation Award, LinkedIn Learning Talent Awards, and 19th Annual Globee Cybersecurity International Award.



DEWA's focus on sustainability and environmental efforts is reflected in their Q1 2023 gross heat rate for power, which improved by 2.04 percent compared to the same period in the previous year. With a commitment to clean energy, DEWA added 100 MW of solar capacity during the quarter, and their installed generation capacity at the end of Q1

Comments

Post a Comment

Popular posts from this blog

UAE sends 14 tonnes of relief aid to Ukraine

Image
  In a show of continued commitment to humanitarian assistance, the United Arab Emirates (UAE) has sent 14 tonnes of relief aid to Ukraine. The aid was transported by an aircraft and included supplies such as blankets, personal care items, and LED bulbs to help the people manage the harsh winter conditions. This delivery of relief aid is just one part of the UAE's ongoing efforts to assist the Ukrainian people during the crisis. The country has established an air bridge that has sent 11 aircraft carrying approximately 550 tonnes of relief supplies to Ukraine. The supplies have included items such as medical equipment, food, and water. The UAE's commitment to helping those in need is not new. The country has a long history of providing humanitarian assistance to countries around the world. In fact, the UAE is one of the largest donors of humanitarian aid in the world, providing aid to countries affected by conflicts, natural disasters, and other crises. The UAE's efforts to ...
Read more

UAE Shares Digital Innovations in Payments and Remittances at G20 GPFI Meeting

Image
  The United Arab Emirates (UAE) has been an active participant in the Global Partnership for Financial Inclusion (GPFI) under the Finance Track of the G20 for 2023. Recently, the UAE participated in the second GPFI meeting, held on 6th-7th March in Hyderabad, India, under India's G20 Presidency. The meeting aimed to review the progress made on the GPFI workplan and the priority areas outlined for the group in 2023, including the development of the Financial Inclusion Action Plan 2023. The UAE delegation consisted of two members, Mariam Al Hajri, Deputy Director of the General Budget Department at the Ministry of Finance, and Faiza Al Awadi, Head of Financial Consumer Protection at the Consumer Protection Department at the Central Bank of the UAE. The delegation participated alongside other G20 members, invited countries, GPFI country members, and international organisations such as the World Bank and the International Monetary Fund (IMF). On the first day of the meeting, the UAE d...
Read more

ADNOC Gas Launches $2.5bn IPO on Abu Dhabi Stock Market

Image
  The Abu Dhabi National Oil Company (ADNOC) has recently announced the launch of its gas unit on the Abu Dhabi stock market. The newly formed gas unit, ADNOC Gas, is expected to raise $2.5 billion through an initial public offering (IPO), which aims to tap into the high demand for fuel in the region. ADNOC is one of the world's leading energy producers, operating across the entire hydrocarbon value chain. The company has a significant presence in the United Arab Emirates (UAE) and is a major contributor to the country's economy. The IPO of its gas unit is a significant development for the company and the region. ADNOC Gas only became operational at the beginning of this year, but the company has already generated a great deal of interest from investors. The offering was heavily oversubscribed, even after the company expanded the offering from 4.0 to 5.0 percent of its issued share capital in response to strong demand. The final price for the shares was set at 2.37 dirhams ($0....
Read more