Qatar Electricity sees 2010 results better than 2009

Ras Abu Fontas A1 desalination plant to begin operations by next month.

QATAR ELECTRICITY: Qatar Electricity is a publicly listed company that is partly owned by the government. (Getty Images)

QATAR ELECTRICITY: Qatar Electricity is a publicly listed company that is partly owned by the government. (Getty Images)

Qatar Electricity & Water Co, owner of power and desalination stations in the Arabian Gulf emirate, expects an improvement in its financial results this year as it starts new plants, the company’s general manager said.

In a press conference on Wednesday in Doha, Fahad Al Mohannadi said: “What I can assure you is that our result this year will be better than last year."

Qatar Electricity, which is 43 percent state owned, in February reported a 22 percent rise in 2009 net income to 922 million riyals ($253 million).

The company may benefit as the emirate uses its estimated 896 trillion cubic feet (25 trillion cubic meters) of gas reserves to build industrial, chemical, power and desalination plants.

The country aims to raise its electric generating capacity to 9,000 megawatts by 2012 from 4,200 megawatts as of last May, according to state controlled Qatar National Bank.

Qatar has sufficient electric generation capacity to last until 2016 at the latest, Al Mohannadi said today. The company’s Ras Abu Fontas A1 desalination plant will start operation by next month, he said.

The first phase of Ras Laffan C, in which Qatar Electricity owns a stake, started producing electricity and the new Mesaieed power station reached full capacity earlier this year.

Qatar General Electricity and Water Corp, the country’s state owned utility, has asked companies to submit proposals for projects to raise the country’s water production capacity by 30 million gallons (114 million liters) by 2013, he said.

Qatar Electricity plans to submit a proposal to the utility within two weeks, Al Mohannadi said. The proposal may include upgrades to the company’s Ras Abu Fontas B2 plant that would raise the facility’s water output by as much as 15 million gallons.

The plant has annual capacity to produce 29 million gallons a year of water and 567 megawatts of power, according to the company.

Qatar Electricity shares, up 3 percent this year, fell 0.6 percent to 103.1 riyals on the Qatar Exchange today.

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