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CARIBBEAN UTILITIES COMPANY, LTD. ANNOUNCES FIRST QUARTER 2025 RESULTS
CARIBBEAN UTILITIES COMPANY, LTD. ANNOUNCES FIRST QUARTER 2025 RESULTS Canada NewsWire ...
About this update from Caribbean Utilities Co. Ltd. Class A
[{"type":"text","content":"\n\n\n\n CARIBBEAN UTILITIES COMPANY, LTD. ANNOUNCES FIRST QUARTER 2025 RESULTS\n \n\n /* Style Definitions */\nspan.prnews_span\n{\nfont-size:8pt;\nfont-family:\"Arial\";\ncolor:black;\n}\na.prnews_a\n{\ncolor:blue;\n}\nli.prnews_li\n{\nfont-size:8pt;\nfont-family:\"Arial\";\ncolor:black;\n}\np.prnews_p\n{\nfont-size:0.62em;\nfont-family:\"Arial\";\ncolor:black;\nmargin:0in;\n}\n \n\n\n\n\n\n Canada NewsWire\n \n\n\n\n\n Caribbean Utilities Company, Ltd. is listed for trading in\n \n United States\n \n dollars on the Toronto Stock Exchange under the trading symbol \"CUP.U\".\n \n\n\n\n\n GRAND CAYMAN\n \n ,\n \n Cayman Islands\n \n\n ,\n \n\n May 7, 2025\n \n\n /CNW/ - Caribbean Utilities Company, Ltd. (\"CUC or the \"Company\") announced its consolidated unaudited results for the three months ended\n \n March 31, 2025\n \n (\"First Quarter 2025\" or \"Q1 2025\") (all figures stated in\n \n United States\n \n Dollars).\n \n\n\n\n\n\n\n\n\n\n Highlights for the period were as follows:\n \n\n\n\n Approval of the majority of the 2025-2029 Capital Investment Plan (\"CIP\") by the regulator. The capital plan will enable further investments in grid hardening, customer affordability programmes, and projects to support low-carbon energy transformation.\n \n\n\n Customer Affordability\n \n\n\n Upgrades to existing thermal generation have led to improved fuel efficiency. Decreasing fuel prices, the aforementioned upgrades, combined with the implementation of battery energy systems (\"BESS\"), have led to the successful reduction of fuel factor charges for customers by 20% for Q1 2025 when compared to the three months ended\n \n March 31, 2024\n \n (\"First Quarter 2024\" or \"Q1 2024\"). Fuel costs are passed through to consumers on a two-month lag basis with no markup.\n \n\n\n Financial Growth\n \n\n\n Capital expenditure of\n \n $21.9 million\n \n was primarily related to distribution system extension and upgrades, life cycle upgrades of generating units and resiliency projects.\n \n\n Net earnings for the First Quarter 2025 were\n \n $7.6 million\n \n , a\n \n $1.4 million\n \n increase compared to net earnings of\n \n $6.2 million\n \n for the First Quarter 2024.\n \n\n 2% increase in kilowatt-hour (\"kWh\") sales.\n \n\n For Q1 2025, the quarterly dividend for Class A shares was\n \n $0.185\n \n per share compared to\n \n $0.18\n \...