Business
Caribbean Utilities Company, Ltd. announces its results for the twelve-month period ended December 31, 2022
Caribbean Utilities Company, Ltd. announces its results for the twelve-month period ended Decembe...
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, 2022\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 \n GRAND CAYMAN\n \n ,\n \n Cayman Islands\n \n \n ,\n \n \n Feb. 10, 2023\n \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, 2022\n \n (all figures in\n \n United States\n \n dollars).\n \n \n \n \n \n \n \n \n \n Despite the challenges of 2022, with rising inflationary pressures and fuel cost, the\n \n Cayman Islands\n \n economy proved to be resilient. New customers and developments in the construction sector was the driving factor for the Company's 2% kWh sales growth and a 2% increase in the summer peak load.\n \n \n There was also an increase in the Company's customer base, the total customers as at\n \n December 31, 2022\n \n were 33,119, an increase of 934 or 3% compared to 32,185 customers as at\n \n December 31\n \n , 2021.\n \n \n During 2022, the Company and the community had to cope with rising fuel costs and the impact on customer bills.  The Company's average price per imperial gallon (\"IG\") of fuel for the twelve months ended\n \n December 31, 2022\n \n increased by 61% to\n \n $4.67\n \n in comparison to\n \n $2.90\n \n for the twelve months ended\n \n December 31\n \n , 2021.\n \n \n In\n \n July 2022\n \n , the Cayman Islands Government initiated the Electricity Assistance Relief Programme to assist residential customers with the impact of high fuel prices through to the end of the year.  In addition, in\n \n October 2022\n \n , the regulator approved the proposed CUC Fuel Relief Programme applicable to all customers to reduce the financial impact of the fuel cost spike to all customer from\n \n October 1, 2022\n \n to\n \n December 31, 2022\n...