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, Feb. 9, 2024 /CNW/ – Caribbean Utilities Company, Ltd. (“CUC or “the Company”) announced its audited results for the twelve months ended December 31, 2023 (“Fiscal 2023”) (all figures are in United States Dollars).   

Highlights for 2023 were as follows:   

Financial Growth

Net Earnings increased by 17% to $38.7 million.
8% in kilowatt-hour (“kWh”) sales.
1% increase in total customers.
9% increase in system peak demand to 124.1 megawatts (“MW”).

Investments in Sustainability

Capital expenditures of $97.6 million included projects to improve grid resiliency, generation asset upgrades, and construction of infrastructure to transition to lower carbon energy.
Progress made on installation of the 20 MW Battery Energy Storage System.
Renewable Energy supply contracts reached 20.5MW in capacity for customer programmes. The 5MW solar farm is in addition to this capacity.

Carbon Reduction Initiatives

Completion of Request for Qualification for Liquefied Natural Gas (“LNG”) supply procurement.
Lifecycle upgrades for 68MW generation are in progress with expected completion of 2 of the units (32 MW) in 2024.
Roll out of new Electric Vehicle (“EV”) fleet and execution of EV charging station programme.

Operational Achievements

System Average Interruption Duration Index (“SAIDI”) is the tool used to measure the amount of outage time. In 2023, the Company achieved an average annual outage duration time of 1.7 hours per customer which surpasses the United States average 2022 results.

Community Commitment and Recognition

Completion of phase 1 of Land Acquisition Programme to support future Renewable Energy facilities.
Investors in People Gold certification for outstanding achievements in employee support.
Active participation in the National Energy Policy revision through representation on the advisory council.
Commitment to community development showcased through partnerships and support programmes.

The Company continues to deliver reliable and safe electricity service to our customers. The major projects that are aimed at reducing costs and carbon emissions, namely, the lifecycle upgrades of five engines (68MW capacity) extending their useful life, improving fuel efficiency and preparing them to operate on natural gas as well as the implementation of the battery energy storage systems, have progressed well and we look forward to the completion of these projects. During 2023 there was a new electricity peak demand record of 124.1 MW set on Grand Cayman. The annual average record temperatures experienced and the associated increase in cooling load, along with a 1% growth in connected customers, contributed to the peak demand growth and the 8% increase in energy (kWh) sales.

Net Earnings and Sales Revenues  

Net earnings for Fiscal 2023 were

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