Dewa’s year is looking up: The Dubai Electricity and Water Authority (Dewa) reported a 6.9% y-o-y increase in net income in the third quarter of the year to AED 3.4 bn, according to a financial statement (pdf) released on Friday. Dewa’s revenues were up 10.2% y-o-y in 3Q reaching AED 9.4 bn, according to a statement.

An even more impressive quarterly performance: Dewa reported a 71.5% q-o-q increase in net income and a 29.2% q-o-q increase in revenues compared to last quarter.

What’s driving Dewa’s rising revenues? The 3Q revenue increase was driven by increased demand for electricity, water, and cooling services as well as a boost in revenues from Dewa’s other portfolio of assets, the statement notes. Total power generation grew by around 8.8% compared to last year mainly driven by a 29.9% increase in green energy, the statement explained.

Dewa’s best quarter yet: “We have achieved the highest quarterly revenue, operating profit, Ebitda, and net profit in Dewa’s history with an outstanding 9.9% growth in [the latter],” CEO and Managing Director of Dewa Saeed Al Tayer said in the statement.

Looking ahead: Dewa aims to have 5 GW of renewable capacity installed by 2030, representing 25% of Dubai’s energy mix, the statement said.