Caribbean Utilities Company, Ltd. is listed for trading in United States dollars on the Toronto Stock Exchange (TSX: CUP.U)
GRAND CAYMAN, Cayman Islands, Oct. 3, 2014 /CNW/ - The Electricity Regulatory Authority ("ERA") announced today that the Caribbean Utilities Company, Ltd. ("CUC") bid for new generation capacity has been selected as the top proposal of the bids submitted in response to the ERA's request for proposals issued on January 31, 2014. As a result, CUC will develop and operate a new 39.7 megawatts ("MW") diesel power plant including a 2.7 MW waste heat recovery steam turbine. The project cost is estimated at US$85 million and the plant will be commissioned no later than June 2016.
President and CEO Mr. Richard Hew says, "CUC put a significant amount of effort into developing a very competitive proposal and having won we have demonstrated that CUC represents the best value for electricity consumers in Grand Cayman."
Mr. Hew added, "This project will require a significant, long-term financial undertaking by CUC to deliver the benefits of safe, reliable, and highly efficient production of electricity for consumers in Grand Cayman. We now look forward to signing agreements with our equipment provider MAN Diesel & Turbo of Augsburg, Germany and primary construction contractor BWSC of Denmark, to build and commission the new power plant."
CUC provides electricity to Grand Cayman, Cayman Islands, under a non-exclusive 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.
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: Letitia Lawrence, Vice-President Finance & C.F.O., Phone: (345) 949-5200, Fax: (345) 949-4621