Dubai's daily electricity load peaked to 9,074 MW this year, compared to 8,516 MW in 2019.
That's according to Dubai Electricity and Water Authority (DEWA), which added that the 6.6 per cent year-on-year increase is the highest since 2012.
"This increase in the peak load is a testimony to the boost of social and economic activities in Dubai. DEWA has an installed capacity of 11,700MW of electricity and 470 MIG of water per day," explained Saeed Mohammed Al Tayer, MD & CEO of DEWA.
Meanwhile, DEWA reduced losses in electricity transmission and distribution networks to 3.2 per cent, compared to 6-7 per cent recorded in Europe and the US.
This comes as water network losses decreased to 6.6 per cent, compared to 15 per cent in North America.
Al Tayer highlighted that DEWA achieved a new world record in electricity Customer Minutes Lost (CML) per year. DEWA recorded 1.86 minutes, in Dubai, compared to around 15 minutes recorded by leading electricity companies in the European Union.
Global equity markets, including from the U.S., Europe and Asia, rose while oil prices fell on Wednesday, as traders cheered news of ceasefire proposals to de-escalate the ongoing conflict in the Middle East.
Australia's centre-left government has introduced legislation in the parliament to double penalties for fuel price gouging on Wednesday as global supply disruptions due to the Iran war triggered fuel shortages in some rural regions.
Gulf markets ended mixed on Tuesday, with Qatar extending losses while other bourses steadied as investors parsed conflicting signals on potential US-Iran talks.
Australia and the European Union on Tuesday signed a trade deal marking the culmination of years of negotiations, as Europe seeks to diversify its export markets and expand ties beyond its traditional partners.
Weaponising the Strait of Hormuz is an act of economic terrorism with global impact far beyond energy markets, asserted Dr. Sultan bin Ahmed Al Jaber, Minister of Industry and Advanced Technology, while addressing CERAWeek in Houston, Texas.
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