DEWA reports 2012 profits of $1.2bn
Revenue increased 6.95% Y-O-Y as interest costs and debt reduced
Dubai Electricity and Water Authority (DEWA) has released its financial statement for 2012, showing a 6% rise in profit for the year to US $1.2 billion. Revenue was up to $4.27 billion last year, from $4 billion in 2011.
DEWA said that investments to boost network reliability and operating efficiency had contributed to a rise in operational capacities – with year-end electricity capacity of 9,646 MW (8,718 MW in 2011), and water output capacity of 470 MIGD (400 MIGD in 2011). Power demand last year peaked in July at 6,637 MW – a 6.94% gain on the year before.
Notable future projects outlined included the award of a 13 MW solar PV power plant contract, called a ‘prelude’ to the 1,000 MW Sheikh Mohammed Bin Rashid solar plant planned for the Emirate. DEWA also reported that a feasibility study into clean coal based generation had been completed and would be “pursued in our drive for energy sources diversification”.
Emirates Central Cooling System Corporation (EMPOWER), in which DEWA holds a 70% stake, achieved a net surplus of $54 million, with a turnover of $191 million.
The Directors’ Report on the statement said that there had been a “significant improvement in gross heat rate achieved in our Generating Stations as compared to previous year[s] which has optimised fuel consumption and favourably impacted the Surplus earned. The healthy cash generation from operations was adequate to fund all capital investment requirements and also to pre-pay some of the loans maturing in future”.