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FINANCIAL NEWS
UAE’s Dewa H1 revenue grows 42% to USD1.79b
24 Aug 2011
(MENAFN) Dubai Electricity and Water Authority’s (Dewa) council member, Waleed Salman, said that due to an increase in the company’s tariffs, in the first six months of 2011, the utility’s revenue hiked 42 percent to USD1.79 billion, reported The National.
Salman added that power and water prices grew by 15 percent in January, moreover, net income in the period went up 9 percent reaching USD443 million, whereas the emirate’s residents paid USD544 million more on water and electricity bills.
He also said that Dewa started working on the Hassyan power and water plant which was estimated to cost USD1.5 billion, and would be the company’s first private venture, moreover, the state utility planned to introduce ultra-modern clean coal and solar power to its energy mix.
It is worth noting that the Hassyan plant, which capacity will reach 1.500 megawatts, would be located near the Abu Dhabi border.
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