CUC’s profits heating up with increased sales

| 10/11/2015 | 0 Comments
Cayman News Service

Caribbean utilities Company (CUC)

(CNS Business): Large commercial sales, warm weather and a growth in customers have accounted for increased sales and profits for Grand Cayman’s power provider. Earnings for CUC for the nine months ended 30 September increased by more than $1.3 million compared to last year, the company said in its third quarter report published this week. Customers grew to 28,035, a 2% increase on 2014 numbers.

President and CEO Richard Hew said he was pleased with the growth and CUC was focused on providing “a safe, reliable and efficient service” while adopting sustainable and more environmentally friendly technology.

The new diesel power plant development in George Town, which includes a waste heat recovery steam turbine, is “progressing according to plan”, the firm said, adding that talks with Entropy Cayman Solar Limited were concluded and that firm will begin work on a 5 MW solar photovoltaic power plant in Bodden Town shortly. Meanwhile, CUC claimed the Consumer Owned Renewable Energy (CORE) programme had attracted more new customers, with 27 additional clients added in the third quarter.

Despite a number of blackouts, the firm said reliability of service was still at 99.97% for the third quarter.

The firm also said that because fuel costs were down, CUC consumers enjoyed lower bills for the last three months as the price per imperial gallon of fuel for the Third Quarter 2015 decreased 37% as the average fuel cost rate fell by about 9 cents  per kWh.

CUC Q3 2015 Interim Results MDA and Financial Statements


Category: Local Business, Utilities

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