Dubai Electricity & Water Authority PJSC

Dubai Electricity and Water Authority PJSC (DEWA) has announced its record annual operating and financial results for 2023. The company reported its highest ever annual revenue and operating profit, alongside the highest recorded annual power generation of 56.1 TWh and clean power generation of 6.2 TWh. DEWA also achieved a peak demand of 10.4 GW and a record total installed capacity of 15.7 GW. The company's consolidated revenue increased by 7% to AED 29.2 billion in 2023, driven by increased demand for electricity, water, and cooling services. DEWA's full year audited results are expected to be released in the first week of March 2024.

The Board of Directors of the Dubai Electricity and Water Authority (DEWA) has approved the release of the company's preliminary and unaudited financial statements for 2023. They have also approved the agenda for DEWA's Annual General Assembly meeting of shareholders for the financial year ending December 2023. The board endorsed a cash dividend of AED3.1 billion (6.2 fils per share) for the second half of 2023, which is intended to be paid to eligible shareholders in April 2024, subject to shareholder approval at the annual general assembly. The board has approved the invitation for the Annual Assembly meeting of shareholders on 28 March 2024, subject to the approval of the UAE Securities and Commodities Authority. This invitation is expected to be published in the first week of March 2024. Other business matters were also reviewed.

The Dubai Electricity and Water Authority (DEWA) reported a 59% increase in usage of its EV Green Charger services for electric vehicles in 2023. The initiative recorded over 1.1 million charging sessions throughout the year. Since 2015, DEWA has provided more than 23,000 MWh of electricity for EV charging, powering over 117 million kilometres of electric vehicle distance. The number of EVs in Dubai reached 25,929 by the end of 2023, and the number of EV owners registered under the initiative increased from 14 in 2015 to over 13,959 by the end of 2023. The initiative supports the UAE’s position as a leader in EV adoption and aligns with Dubai’s strategic objectives for sustainability and reduction of greenhouse gas emissions.

On 22nd January 2024, Aakash Nijhawan, the Group Head of Investor Relations at Dubai Electricity and Water Authority PJSC (DEWA), notified Mr. Hamed Ahmed Ali, the CEO of Dubai Financial Market, about a Board of Directors meeting. The meeting is scheduled for Thursday, February 8th, 2024 at 9:00 am. The agenda includes the release of DEWA's preliminary and unaudited financial statements for the year 2023 and discussion of other business matters.

The Dubai Electricity and Water Authority (DEWA) has started operational testing for the 829 MW fourth phase of its H-Station power plant in Al Aweer. The tests include the initial operation of turbines and power generators and connecting to the power grid. The project, which is worth AED 1.1 billion, will increase the total capacity of the H-Station to 2,825 MW. The testing will ensure the quality and reliability of the units’ operations on the network and will continue until the project is completed in Q2 2024. The project is being implemented by a consortium including Siemens Energy and Elsewedy Power, with contributions from other local and regional companies.

The Dubai Electricity and Water Authority (DEWA) commissioned 1,414 distribution substations of 11kV across Dubai in 2023. The project took 996,648 man-hours and was executed according to high health and safety standards. This is part of DEWA's initiative to build a state-of-the-art infrastructure to keep pace with sustainable development requirements in Dubai, supporting the goals of the Dubai 2040 Urban Masterplan. The total number of medium voltage substations (11 kV and 6.6 kV) reached 44,015 stations by the end of 2023. All substations were implemented according to the highest standards of quality, efficiency, and safety using the latest digital technologies.

The Dubai Electricity and Water Authority (DEWA) has set two new records at the Mohammed bin Rashid Al Maktoum Solar Park. The park now hosts the 'Tallest Concentrated Solar Power Tower' at 263.126 metres and the 'largest thermal energy storage plant' at 5,907 megawatt hours using Concentrated Solar Power (CSP) based on parabolic basin complex with Molten Salt technology. These records were set in the park's 4th phase, which uses CSP and photovoltaic solar panel technologies. The certificates were received by DEWA's MD & CEO, HE Saeed Mohammed Al Tayer, at COP28, hosted by the UAE at Expo City Dubai.

Dubai Electricity and Water Authority PJSC (DEWA) has announced record operating and financial results for Q3 2023, marking the highest reported quarterly revenue, operating profit, EBITDA and net profit in the company's history. DEWA reported a 10.2% growth in quarterly revenue, 13.9% growth in operating profit, and 9.9% growth in EBITDA. The company also saw a robust net profit growth of 6.9%. There was a quarterly growth of 8.8% for electricity generation and 5.4% for water. The company's net cash from operating activities increased by AED 754 million to AED 9.8 billion, an 8.3% increase compared to the same period last year. Total power generation in Q3 reached 18.897 TWh, a growth of approximately 8.8% compared to the same quarter in 2022.