Doha: Qatar Electricity and Water Company (QEWC) yesterday reported net profit of QR389m for the first quarter (Q1) ended 31 March 2022 compared to a net profit of QR372m for the same period in 2021. Under the chairmanship of Minister of State for Energy Affairs H E Saad bin Sherida Al Kaabi, the Board of Directors (BOD) of QEWC approved the financial results for the first quarter ended on 31 March 2022.
QEWC reported revenue of QR565m compared to QR601m during the same period in 2021. Operating profits amounted to QR332m in the first quarter this year compared to QR277m during the same period in 2021.
Cash flows from operations remain strong when compared to the same period in the previous year. QEWC recorded operational cash flows of QR443m compared to operational cash flows of QR297m during the same period in the previous year.
During the year, QEWC market share in Qatar in the supply of electricity was 67 percent and desalinated water was 72 percent. The company aims for successful continuation to focus on the renewable energy domain in 2022 through Siraj Energy, and aiming to expand into international markets through its subsidiary Nebras Power.
QEWC remains to be in an excellent financial position with a strong credit rating of ‘A1’ with stable outlook from Moody’s QEWC owns and operates seven power and/or water stations in Qatar and has partnering with major international companies to own and operate another 5 power and/or water companies in Qatar. Through its subsidiary ‘Nebras Power’ QEWC invests in power and water assets globally. Despite the effects of the COVID-19 pandemic globally, QEWC’s operations remained stable in Q1, 2022.
The Siraj-1 Solar Power Plant Project, QEWC’s latest project will become the first of its kind to produce electricity using photovoltaic technology in Qatar. Located in Al Kharsaah area, the plant will be able to produce 800 MW at full capacity and is expected to account for one tenth of the current peak electricity demand in Qatar.
The project is currently being executed via a Special Purpose Vehicle, 60 percent owned by Siraj Energy (a joint venture owned 49 percent by QEWC and 51 percent by QatarEnergy) and 40 percent owned by a joint consortium of Marubeni Corp (Japan) and Total Solar International (France).
Kahramaa intends to develop a new power and water plant (Facility E) by 2024-2025. The facility is expected to have 2,600 MW power capacity and 100 MIGD water capacity and will be located in Ras Abu Fontas. QEWC is expected to own 55 percent share in the project.
QEWC, along with its JVs, has a total capacity of 10,590 MW of electricity and 543 MIGD of water. In addition, Nebras Power holds more than 2,000 MW of electricity capacity through a mixture of natural gas, coal, and solar power outside Qatar, on equity-adjusted basis.
