Revenues for the first quarter of 2024 were Dh5.8 billion, according to Dubai Electricity and Water Authority (Dewa), an increase of 6.7% over the same period the previous year.
Utility services provider's Q1 2024 net profit was Dh651 million, compared to Dh763 million in Q1 of the previous year. Operating profits from January to March 2024 increased by 11.6% to Dh995 million.
The company's gross electricity generation surged to a high of 10.3 TWh in the first quarter of 2024, up 6.2% over the 9.7 TWh recorded in the same period in 2023. Compared to the same period last year, it generated 1.46 TWh of clean power during the quarter, a 19.8% increase. In Q1, 2024, this clean power made up 14% of the total power output.
The electricity services provider based in Dubai reported a 7.24 percent rise in quarterly peak demand in Q1, 2024 compared to Q1, 2023, with 6.1 GW being reached. At 8,822 BTU/kWh, the quarterly gross heat rate was attained, which is 5.26 percent higher than the same period last year.
Dewa produced a record 34 billion imperial gallons of desalinated water in the first quarter of 2024, up 5.36 percent from the same period the year before. The demand for desalinated water peaked every day at 401 million imperial gallons, up 5.04 percent from the year before.
Dewa had 1,224,560 client accounts at the end of the first quarter of 2024, up 4.7% from 1,169,713 customer accounts the previous year.
It put into service two 181 11kV and three 132 kV substations in the first quarter.
Dewa intends to have 735 MIGD of desalinated water and an installed power capacity of about 20 GW by the end of 2030. Approximately 5.3 GW, or 27%, of the 20 GW will come from renewable sources. The company intends to use reverse osmosis technology to add 240 MIGD of desalination capacity during the same time frame.
