Business
Caribbean Utilities Company, Ltd. announces its results for the twelve-month period ended December 31, 2021
Caribbean Utilities Company, Ltd. announces its results for the twelve-month period ended...
About this update from Caribbean Utilities Co. Ltd. Class A
[{"type":"text","content":"\n \n \n \n Caribbean Utilities Company, Ltd. announces its results for the twelve-month period ended December 31, 2021\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 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 GRAND CAYMAN\n \n ,\n \n Cayman Islands\n \n ,\n \n Feb. 11, 2022\n \n /CNW/ - Caribbean Utilities Company, Ltd. (TSX: CUP.U) (\"CUC\" or \"the Company\") announced today its audited results for the twelve-month period ended\n \n December 31, 2021\n \n (all figures in\n \n United States\n \n dollars).\n \n \n \n \n \n \n \n \n \n President and CEO of Caribbean Utilities Company, Ltd, Mr.\n \n Richard Hew\n \n says that during the past two years the Company has invested over\n \n $100 million\n \n in infrastructure to ensure the delivery of safe, reliable, affordable and sustainable electricity to our customers, while improving efficiencies to control operating costs.\n \n \n Reflecting on the past year, Mr. Hew stated, \"Despite the COVID-19 challenges, the Company made good progress on a number of projects during the past year. The\n \n Cayman Islands'\n \n economy continued to be impacted in 2021 by the COVID-19 pandemic as the tourism industry remained closed for most of the year. However, the economy proved to be resilient, showing growth in the financial services sector and in the construction sector with new condominiums, commercial buildings and single-family homes driving the Company's 3% kWh sales growth. We are very proud of the excellent service provided by our employees who have been able to quickly adapt throughout a multitude of changing circumstances.\"\n \n \n The Company continues to monitor the impact of rising fuel costs on customer bills and is committed to increasing renewable energy connected to the grid in accordance with its Integrated Resource Plan (\"IRP\").  The IRP recommends pursuing natural gas as a diesel fuel replacement and increasing the utilizati...