Planning sought for solar power

| 11/11/2014 | 1 Comment

(CNS Business): A renewable energy providers which is currently in discussions with Caribbean Utilities Company (CUC), the power distributors for Grand Cayman, has applied for planning permission to start the development of a 5MW solar power plant.

According to CUC, which is currently the sole supplier of electricity for the island, it is anticipated that the output from this renewable energy project will be available to CUC in 2016. Without naming the company which is planning to be the first to develop solar energy for the Cayman Islands, CUC said it there were economic and environmental benefits to be derived from renewable energy sources.

“These renewable energy sources will replace some of the diesel fuel presently used in our generators,”the power firm stated.

In October 2014, the Electricity Regulatory Authority (ERA) announced that CUC’s bid to supply new generation capacity had been selected as the top proposal of the bids submitted in response to the authority’s request for proposals issued on 31 January 2014.

As a result, CUC said it will develop and operate a new 39.7 megawatts diesel power plant including a 2.7 MW waste heat recovery steam turbine. The project cost is estimated at $85 million and the plant will be commissioned no later than June 2016.

“This project will require a significant, long-term financial undertaking by CUC to deliver the benefits of the highly efficient production of electricity for consumers in Grand Cayman,” CUC stated in its Third Quarter report. “The Company is now moving forward to the signing of agreements with its equipment provider MAN Diesel & Turbo of Augsburg, Germany and the primary construction contractor BWSC of Denmark, to build and commission the new power plant.”

CUC’s net earnings for the Third Quarter were up $0.2 million over the $6 million for the three months ended 30 September 2013, which the firm said was due to higher electricity sales revenues, lower finance charges and higher other income.  Overall this year the first nine months of this year totalled $15.4 million, an increase of $0.7 million over the January through September figures for 2013.

A 5% increase in sales in the Third Quarter was driven by warmer weather conditions in 2014 and an increase in the number of customers, which grew by 1% to 27,560 by 30 September 2014.

President and CEO, Richard Hew, said, “The Company continues to focus on delivering a safe and reliable service to its customers while at the same time managing costs and improving efficiencies. As the local economy continues to emerge from the recent recession, the company stands ready to meet the demands of any accompanying growth in our customer base.”

CUC Q3 2014 Results, MDA Financial Statements and Notes

Related article: New diesel generators will reduce power bills

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Category: Alternative Energy, Local Business, Technology

Comments (1)

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  1. Real recognize real says:

    The company there going to use is called first solar or Nre energy those two are number one, two top best solar companies in the world. Yes CUC the Internet is not limited so it’s no secert.

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