Tag: CUC
Warm weather and new customers boost CUC profit
(CNS Business): Both the weather and an increase in customers helped to drive profits up for Caribbean Utilities Company (CUC) in the first quarter of this year, despite increased depreciation, maintenance and amortization costs, according to results released by the power provider on Grand Cayman. The firm also claimed that it had a 99.9% reliability […]
CORE programme grows another 2MW
(CNS Business): The Electricity Regulatory Authority (ERA) has sanction an expansion of Caribbean Utilities Company’s Consumer-Owned Renewable Energy (CORE) Generation Programme, which will see more residential and commercial customers who are using alternative power, such as solar and wind, to feed back another two megawatts of power to the grid. The Feed-in Tariffs (FITs) programme, […]
CUC boss rings trading bell at Toronto exchange
(CNS Business): Richard Hew, the President and CEO of Caribbean Utilities Company, Grand Cayman’s private sector power provider, rang the bell to open the day’s trading on the Toronto Stock Exchange on Friday to mark the firm’s 50th anniversary celebrations and 25 years of trading on Canadian exchange. CUC, which marks 50 years of incorporation […]
Price hike fuels CUC profits in 2015
(CNS Business): Grand Cayman’s power provider, CUC, cleared a $2 million profit last year as a result of a 3% growth in sales and a hike in the base rate last June, according to its latest financial report. In the last quarter of the year the electricity company saw a an 8% growth in sales, […]
CUC’s profits heating up with increased sales
(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. […]
CUC and OTEC still hopeful about ocean energy
(CNS): The development of a commercial ocean thermal energy conversion system in the Cayman Islands remains a real possibility, according to both CUC and industry experts, Cayman OTEC. It is almost four years since CUC signed a non-binding ‘term sheet’ with the firm to begin a feasibility study in Grand Cayman, which is seen as […]
CUC claims 99.95% reliability in latest results
(CNS Business): Grand Cayman’s monopoly provider claimed that it had a near perfect rate of keeping the island connected in the second quarter of this year. Despite a blackout across George Town in April that lasted more than four hours, Caribbean Utilities Company (CUC) said that customers on average experienced less than one outage lasting under an […]
Power outage costly for small businesses
(CNS Business): The island-wide power outage that left customers all over Grand Cayman without power on Friday proved costly for some small business owners, some of whom are now considering purchasing a back-up generator after losing a day’s worth of business. Carey Burns, owner of Karma Closet & Kids Karma Closet wanted to know, “Is CUC going […]
CUC in legal wrangle with telecom firms
(CNS Business): A legal battle has begun as Caribbean Utilities Company Ltd (CUC) seeks a restraining order against two local cable providers in the Cayman Islands. According to papers filed with the Grand Court, CUC officials claim both Logic and C3 used CUC’s utility poles to hang cable lines without permission. CUC filed two writs […]
CUC increases customers but earnings fall
(CNS): Grand Cayman’s power company reported a slight drop in sales during the first quarter of 2015, despite growing its customer base by some 2%. During the first three months of this year CUC saw 435 more customers connected to the grid than in 2014 and at 31 March it had 27,873 customers. But officials […]
CUC black out seizes up George Town
(CNS): Offices, local business, retailers, the courts, government departments, schools and homes across George Town and large parts of Grand Cayman were hit by a more than four-hour power blackout Tuesday — the second one in just a week. The outage led to early closing for schools and many businesses without generators in and around the […]
Regulator approves growth in CORE power
(CNS Business): The Electricity Regulatory Authority has approved an extension in the capacity of the consumer-owned renewable energy generation programme, known as CORE by 1MW and extended the contracts to 25 years. The ERA and Caribbean Utilities Company said the growth of the programme, which allows CUC customers to feed renewable energy from private solar panels […]
CUC sells off shares to raise $30M
(CNS Business): Shareholders in Caribbean Utilities Company (CUC) are being invited to buy more shares in the local power provider as it seeks to raise around US$31 million to help fund extra generating capacity. The rights offering to existing shareholders only, for Class A ordinary shares, opens on 27 March and will close on 30 […]
Cooler weather cuts CUC profits
(CNS Business): Power consumption was down 3% for the last quarter of CUC’s financial year due to cooler weather, the firm said yesterday as it released its figures for the three months ended December 31. But the monopoly power provider and its shareholders are not out of pocket, since a growth in customer numbers boosted net earnings for the year to $20.8 […]
CUC to use more client generated power
(CNS): The Electricity Regulatory Authority has approved a revision to the current Feed-in Tariffs (FITs) programme, which allows people who have their own source of alternative power generation, such as solar panels and wind turbines, to remain connected to the CUC grid and feedback electricity they generate. The revision increases the maximum total capacity available […]
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