CARIBBEAN UTILITIES COMPANY, LTD (CUC) ANNOUNCES UNAUDITED THIRD QUARTER RESULTS
The Caribbean Utilities Company, Ltd. is listed for trading in United States dollars on the Toronto Stock Exchange under the trading symbol “CUP.U”.
Grand Cayman, Cayman Islands – The Caribbean Utilities Company, Ltd. (“CUC or “the Company”) announced its unaudited results for the three- and nine-months ending September 30, 2023 (all figures are in United States Dollars).
Highlights
- Net earnings for the three months ended September 30, 2023 (“Third Quarter 2023” or “Q3 2023”) were $13.9 million, a $3.5 million or 34% increase compared to the three months ended September 30, 2022 (“Third Quarter 2022” or “Q3 2022”).
- 10% increase in kilowatt-hour (“kWh”) sales in Q3 2023 compared to Q3 2022 driven by the 2% customer growth and increase in average customer consumption.
- New record peak load of 124 megawatts (MW) experienced in July 2023 with no disruption to service.
- Average monthly temperature for Q3 2023 hit a historic high of 87.2F compared to 85.4F in Q2 2022.
- Continued progress on the installation of battery energy storage systems expected to be commissioned during the first half of 2024.
- Request for qualifications sought for the supply of natural gas as an alternative fuel to generate firm capacity while the Company continues its focus on utility-scale renewable energy projects.
- Release of 2023 Sustainability Update Report – focus on the Company’s progress on environmental, social and governance initiatives.
- Renewal of annual property insurance with no reported claims in the past 10 years.
- Collaborated with the Ministry of Sustainability and Climate Resiliency on a home energy efficiency programme (CHEER) for vulnerable persons on Grand Cayman.
“A growing economy and record high temperatures drove a significant increase in consumer demand for electricity; the Company continues to meet this demand safely and reliably. We continue progress with major projects such as the battery energy storage system and natural gas conversion which will lower our carbon emissions and stabilize energy costs for our customers. We look forward to participating in any utility scale renewable energy bid conducted by the Utility Regulation and Competition Office (“OFREG”)” which we believe will bring energy cost reductions for consumers,” said Mr. Richard Hew, President and Chief Executive Officer.