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Cayman Islands Electricity Regulatory Authority ("ERA") Announces Cancellation of 36 MegaWatt Capacity Expansion Solicitation
Caribbean Utilities Company, Ltd. (TSX: CUP.U) ("CUC"or "the Company") is listed for tradin...
About this update from Caribbean Utilities Co. Ltd. Class A
[{"type":"text","content":"\n\n\nCaribbean Utilities Company, Ltd. (TSX: CUP.U) (\"CUC\"or \"the Company\")\n is listed for trading in United States dollars on the Toronto Stock\n Exchange.\n\n\nGRAND CAYMAN, Cayman Islands, July 15, 2013 /CNW/ - The Cayman Islands\n Electricity Regulatory Authority (ERA) announced today that, in its\n view, as a result of unavoidable and unforeseen delays, the timetable\n and various milestones provided for in the previously initiated 36\n MegaWatt (\"MW\") capacity expansion solicitation cannot now be achieved\n and it has taken the decision to cancel the solicitation process.\n\n\nThe solicitation had sought 18 MW of additional capacity in 2014 driven\n primarily by the upcoming retirements of some of the Company's\n generating units and a further 18 MW for as late as 2017, with the\n timing dependent on growth in demand for electricity based on a\n Certificate of Need submitted by CUC in November 2011.\n\n\nCUC President and Chief Executive Officer, Richard Hew stated that, \"CUC\n remains committed to providing a reliable electricity service to Grand\n Cayman.  The need for additional firm generating capacity remains and\n in light of the ERA's decision to cancel the solicitation, we will\n explore all cost effective options with the ERA, including temporary\n generation solutions, to meet reserve margin requirements for the\n summer of 2014 and until those firm capacity needs can be met.\"\n\n\nCUC provides electricity to Grand Cayman, Cayman Islands, under a\n non-exclusive Electricity Generation Licence expiring in 2029 and an\n exclusive Electricity Transmission and Distribution Licence expiring in\n 2028.  Further information is available at www.cuc-cayman.com.\n\n\nCaribbean Utilities Company, Ltd. (\"CUC\" or \"the Company\"), on occasion,\n includes forward-looking statements in its media releases, Canadian\n securities regulatory authorities filings, shareholder reports and\n other communications. Forward-looking statements include statements\n that are predictive in nature, depend upon future events or conditions,\n or include words such as \"expects\", \"anticipates\", \"plan\", \"believes\",\n \"estimates\", \"intends\", \"targets\", \"projects\", \"forecasts\", \"schedule\",\n or negative versions thereof and other similar expressions, or future\n or conditional verbs such as \"may\", \"will\",...