UAE Equity Research - Dubai Electricity and Water Authority (DEWA) 3Q25 - First Look Note
As of 3Q25, DEWA served 1,309,206 customer accounts, reflecting a 4.7% increase compared to 3Q24. In 3Q25, DEWA commissioned two 132 kV substations and five hundred and twenty 11 kV substations, bringing its total installed power generation capacity to 17,979 MW in 9M25.