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Caribbean Utilities Company, Ltd Announces Unaudited Results for the three and nine months ended September 30, 2022
Caribbean Utilities Company, Ltd Announces Unaudited Results for the three and nine month...
About this update from Caribbean Utilities Co. Ltd. Class A
[{"type":"text","content":"\n \n \n \n Caribbean Utilities Company, Ltd Announces Unaudited Results for the three and nine months ended September 30, 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 Oct. 28, 2022\n \n \n /CNW/ - Caribbean Utilities Company, Ltd. (TSX: CUP.U) (\"CUC\" or \"the Company\") announced today its unaudited results for the three and nine months ended\n \n September 30, 2022\n \n (all dollar amounts are stated in\n \n United States\n \n dollars).\n \n \n \n \n \n \n \n \n \n The results for the Company for the three months ended\n \n September 30, 2022\n \n (\"Third Quarter 2022\" or \"Q3 2022\") show growing customer numbers and energy sales, but with lower average consumption by residential customers in the face of high fuel prices. The Company successfully facilitated a Cayman Islands Government Fuel Cost Relief programme to assist residential customers. Depreciation charges increased for the quarter related to the Seven Mile Beach and Prospect Substations and other growth-related capital projects coming into service. Reliability and safety results were as planned and the Company endured Tropical Storm Ian with minimal physical damage. Earnings increased marginally for the quarter over the same period last year.\n \n \n A highlight of the Third Quarter 2022 was the signing of an agreement with the technology group Wärtsilä.  Wärtsilä will supply two 10-megawatt /10 megawatt-hour energy storage systems to CUC. This project is primarily designed to reduce the online or spinning reserve requirement presently provided by diesel engines and will improved fuel efficiency by approximately 6%, with a corresponding reduction in CO\n \n 2\n \n emissions. This is CUC's first energy storage facility and it will also enable the Company to increase the amount of intermittent renewable ener...