DEWA Denies Rate Hike

11 Nov 2007 by OOSKAnews Correspondent
duBai, united arab emirates

— The Dubai Electricity and Water Authority (DEWA) is refuting local media reports that it was poised to raise water and power tariffs. DEWA Managing Director and CEO Saeed al Tayer said reports that the state-owned utility was planning to increase rates to fund expansion projects and cover rising costs were "inaccurate." The English-language newspaper Gulf News had reported that DEWA could borrow as much as $19 billion USD over five years for investments as it seeks to increase capacity by 150 percent by 2012 "We are talking about future investments and not short-term plan. DEWA's strategy is to consider practical means of funding including cost-effectiveness," Tayer said in a press statement...

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