Caribbean Utilities Company, Ltd. (TSX: CUP.U) ("CUC"or "the Company")
is listed for trading in United States dollars on the Toronto Stock
GRAND CAYMAN, Cayman Islands, July 15, 2013 /CNW/ - The Cayman Islands
Electricity Regulatory Authority (ERA) announced today that, in its
view, as a result of unavoidable and unforeseen delays, the timetable
and various milestones provided for in the previously initiated 36
MegaWatt ("MW") capacity expansion solicitation cannot now be achieved
and it has taken the decision to cancel the solicitation process.
The solicitation had sought 18 MW of additional capacity in 2014 driven
primarily by the upcoming retirements of some of the Company's
generating units and a further 18 MW for as late as 2017, with the
timing dependent on growth in demand for electricity based on a
Certificate of Need submitted by CUC in November 2011.
CUC President and Chief Executive Officer, Richard Hew stated that, "CUC
remains committed to providing a reliable electricity service to Grand
Cayman. The need for additional firm generating capacity remains and
in light of the ERA's decision to cancel the solicitation, we will
explore all cost effective options with the ERA, including temporary
generation solutions, to meet reserve margin requirements for the
summer of 2014 and until those firm capacity needs can be met."
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:
Contact: Letitia Lawrence
Vice-President Finance & C.F.O.
Phone: (345) 949-5200
Fax: (345) 949-4621