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, Sept. 25 /CNW/ - Caribbean Utilities Company, Ltd. ("CUC" or the "Company") has been advised by the ERA that, based on the ERA's review of current economic conditions and revised medium term future load growth projections provided by CUC, it has cancelled the previously initiated 32 MegaWatt ("MW") capacity expansion solicitation.
The solicitation had sought 16 MW of additional capacity in 2012 and a further 16 MW in 2013 based on a Certificate of Need submitted by CUC in March of 2009. While the current economic uncertainty makes precise forecasting difficult, CUC believes that, based on Grand Cayman large project starts and the general state of the Cayman Islands economy, growth during the period will not meet thresholds necessary to warrant capacity expansion in the near term. CUC and the ERA will continue to monitor growth indicators and revise forecasts as necessary and the ERA has indicated it will commence a new solicitation at such time as large project starts and general economic recovery indicates a future need for additional capacity.
CUC President and Chief Executive Officer, Richard Hew stated that, "CUC remains committed to providing a reliable electricity service to Grand Cayman and will continue to monitor key growth indicators and endeavor to secure additional capacity in a timely manner to meet customer demand."
CUC provides electricity to Grand Cayman, Cayman Islands, under an Electricity Generation Licence expiring in 2029 and an exclusive Electricity Transmission and Distribution Licence expiring in 2028. Further information is available at www.cuc-cayman.com.
CUC includes forward-looking statements in this material. 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 inherent risks and uncertainties surrounding future expectations generally that may cause actual results to vary from plans, targets and estimates. Some of the important risks and uncertainties that could affect forward looking statements are described in the MD&A in the section labeled "Business Risks" and include but are not limited to general economic, market and business conditions, regulatory developments and weather. 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: For further information: Doug Murray, Corporate Secretary, Phone: (345) 914-1245, E-Mail: email@example.com