CUC Announces Third Quarter Results for the Period Ended January 31, 2008

    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, March 12 /CNW/ - Caribbean Utilities
Company, Ltd. ("CUC" or "the Company") announced today its unaudited results
for the third quarter ended January 31, 2008 (all figures in United States
    Sales for the third quarter of fiscal 2008 reflected continuing economic
growth in Grand Cayman at 129.3 million kilowatt hours ("kWh"), up 6% from
121.8 million kWh for the same period in fiscal 2007. Net earnings were
$5.3 million, up $5.9 million from losses of $0.6 million for the third
quarter of fiscal 2007. The increase results from power plant restructuring in
fiscal 2007, sales growth, lower maintenance costs and the movement in fuel
cost deferral. Positive earnings impacts were partially offset by the
termination of the Hurricane Ivan Cost Recovery surcharge and the introduction
of restructured lower electricity rates effective January 1, 2008. Earnings on
Class A Ordinary Shares were $5.1 million or $0.204 per Class A Ordinary
Share, as compared to losses of $0.7 million or $0.033 per Class A Ordinary
Share for the third quarter of fiscal 2007.
    Year-to-date net earnings were $19.3 million compared to $14.3 million
for the same period in fiscal 2007. Earnings on Class A Ordinary Shares for
the nine months ended January 31, 2008 were $18.5 million, or $0.732 per Class
A Ordinary Share, a 35% increase from $13.7 million or $0.541 per Class A
Ordinary Share for the nine months ended January 31, 2007. Earnings on Class A
Ordinary Shares were 6% higher compared to earnings on Class A Ordinary Shares
for the nine months ended January 31, 2007, excluding the Power Plant
Restructuring, of $0.691.
    "As we approach fiscal 2008 year-end, our primary objective is to
conclude the licence negotiations and provide greater focus on our day to day
operations to further enhance value to our stakeholders," remarked Richard
Hew, CUC President and Chief Executive Officer. "CUC remains committed to
supporting the continued steady growth in Grand Cayman through disciplined
management, engineering expertise, established strategic alliances and the
integration of new and efficient technologies as they emerge and are proven
    CUC's Third Quarter Report for the period ended January 31, 2008 is
attached to this release and incorporated by reference and can be accessed by
clicking the link below:

    The Management's Discussion and Analysis section of this report contains
a detailed discussion of CUC's unaudited third quarter financial results, the
Cayman Islands economy, liquidity and capital resources, capital expenditures
and the business risks facing the Company. The release and Third Quarter
Report can be accessed at (Investor Relations/Press
Releases) and at

    CUC is the sole provider of electricity to Grand Cayman, Cayman Islands.
Further information is available at

    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 by their very nature and are subject to certain risks
and uncertainties that may cause actual results to vary from plans, targets
and estimates. Such risks and uncertainties include but are not limited to
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. 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

    %SEDAR: 00002251E

For further information:

For further information: Letitia Lawrence, Vice President Finance and
Chief Financial Officer, Phone: (345) 914-1124, E-Mail:

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