Feb 28 2011 |
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Dubai to allow private companies to enter power, water industry
Monday, Feb 28, 2011
Gulf News
No plans to float Dewa in an initial public offering by government
Dubai: The Dubai government will soon issue two decrees ending the the government’s monopoly on power and water supply and allow private companies into the industry, a top government official said.
Currently the Dubai Electricity and Water Authority ( Dewa ) controls the emirate’s power and water supplies. The private sector has a limited role through district cooling operations, which are partly owned by the government.
“We are looking for public-private partnerships and already we are experiencing this in the Hassyan power and desalination plant.”
Al Tayer said his organisation is on a firm footing and has no plans to issue new bonds to pay off existing debts.
“ Dewa is going to pay its syndication loan worth Dh5.4 billion on two tranches of Dh2.7 billion each according to the initial plan that is due in April and October this year,” he told a news conference yesterday to announce details of the forthcoming Water, Energy and Environment Exhibition (Wetex) 2011.
Dewa is expected to sign a string of contracts for some of its ongoing projects worth Dh1 billion next week.
The budget of the utility is expected to be Dh1.9 billion this year. Dewa has added 45,000 new customers in recent months that raised its peak demand to 9,600 megawatts in recent months.
“We have enough reserve of power until 2015 and all our project will be focused on power and water transmission and distribution,” Al Tayer said.
By Zaher Bitar, Staff Reporter
© Gulf News 2011. All rights reserved.
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