Caribbean Utilities Company, Ltd reports results of generation bid
Caribbean Utilities Company, Ltd. is listed for trading in United States dollars on the Toronto Stock Exchange.
GRAND CAYMAN, Cayman Islands, Feb. 11, 2013 /CNW/ - The Electricity Regulatory Authority ("ERA") has advised Caribbean Utilities Company, Ltd. ("CUC") that DECCO Ltd., a subsidiary of Dart Management Ltd., has been selected to develop and operate two additional 18 MegaWatt ("MW") units of power generation capacity on Grand Cayman. The first of the two units will be required for 2014 and the second unit will be required as late as 2017, with the timing dependent on growth in demand for electricity.
In accordance with the process outlined in CUC's Transmission and Distribution Licence, CUC will now enter into negotiations leading to a long-term power purchase agreement with DECCO Ltd.
President and CEO of CUC Mr. Richard Hew stated, "We look forward to reviewing the winning bid and entering into discussions with DECCO Ltd. leading to a power purchase agreement. CUC remains committed to offering a safe, reliable and efficient service at least cost to our customers."
Caribbean Utilities Company, Ltd. ("CUC" or "the Company"), on occasion, includes forward-looking statements in its media releases, Canadian securities regulatory authorities filings, shareholder reports and other communications. Forward-looking statements include statements that are predictive in nature, depend upon future events or conditions, or include words such as "expects", "anticipates", "plan", "believes", "estimates", "intends", "targets", "projects", "forecasts", "schedule", or negative versions thereof and other similar expressions, or future or conditional verbs such as "may", "will", "should", "would" and "could". Forward-looking statements are based on underlying assumptions and management's beliefs, estimates and opinions, and are subject to certain risks and uncertainties surrounding future expectations generally that may cause actual results to vary from plans, targets and estimates. Such risks and uncertainties include but are not limited to operational, general economic, market and business conditions, regulatory developments and weather conditions. CUC cautions readers that actual results may vary significantly from those expected should certain risks or uncertainties materialize or should underlying assumptions prove incorrect. Forward-looking statements are provided for the purpose of providing information about management's current expectations and plans relating to the future. Readers are cautioned that such information may not be appropriate for other purposes. The Company disclaims any intention or obligation to update or revise any forward-looking statements, whether as a result of new information, future events or otherwise except as required by law.
SOURCE: Caribbean Utilities Company, Ltd.For further information:
Vice-President Finance & C.F.O.
Phone: (345) 949-5200
Fax: (345) 949-4621