Caribbean Utilities Company, Ltd Announces Unaudited Results for the three and nine months ended September 30, 2022 – QNT Press Release


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, Oct. 28, 2022 /CNW/ – Caribbean Utilities Company, Ltd. (TSX:CUP) (“CUC” or “the Company”) announced today its unaudited results for the three and nine months ended September 30, 2022 (all dollar amounts are stated in United States dollars).

The results for the Company for the three months ended September 30, 2022 (“Third Quarter 2022” or “Q3 2022”) show growing customer numbers and energy sales, but with lower average consumption by residential customers in the face of high fuel prices. The Company successfully facilitated a Cayman Islands Government Fuel Cost Relief programme to assist residential customers. Depreciation charges increased for the quarter related to the Seven Mile Beach and Prospect Substations and other growth-related capital projects coming into service. Reliability and safety results were as planned and the Company endured Tropical Storm Ian with minimal physical damage. Earnings increased marginally for the quarter over the same period last year.

A highlight of the Third Quarter 2022 was the signing of an agreement with the technology group Wärtsilä. Wärtsilä will supply two 10-megawatt /10 megawatt-hour energy storage systems to CUC. This project is primarily designed to reduce the online or spinning reserve requirement presently provided by diesel engines and will improve fuel efficiency by approximately 6%, with a corresponding reduction in CO2 emissions. This is CUC’s first energy storage facility and it will also enable the Company to increase the amount of intermittent renewable energy connected to the grid on Grand Cayman while improving grid stability, reliability and power quality.

During Third Quarter 2022, as part of the Company’s ongoing restructuring programme, CUC announced the promotion of four Caymanians to its management team. CUC also released its first Sustainability report which discusses programmes that demonstrate CUC’s commitment to the high standards in Environmental, Social and Governance initiatives.

Global fuel prices continued to rise in the third quarter impacting CUC’s fuel costs. Power generation expenses for Q3 2022 totalled $52.4 millionan increase of 70% compared to power generation expenses of $30.8 million for the three months ended September 30, 2021 (“Third Quarter 2021” or “Q3 2021”). This is primarily due …

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