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CUC announces wind project request for expressions of interest
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About this update from Caribbean Utilities Co. Ltd. Class A
[{"type":"text","content":"\n\n\n\nLISTED FOR TRADING IN UNITED STATES FUNDS ON THE TORONTO STOCK\n\n\nEXCHANGE/TRADING SYMBOL: CUP.U\n\n\nGRAND CAYMAN, Cayman Islands, July 24 /CNW/ - Caribbean Utilities\nCompany, Ltd. ("CUC" or "the Company") today announced that it will formally\nrequest expressions of interest from qualified wind generation developers for\nwind generation project of up to 10 megaWatt ("MW") on the island of Grand\nCayman, Cayman Islands. A formal Request for Expressions of Interest will be\nposted on the CUC website which can be found at www.cuc.ky. Expressions of\ninterest should be directed to Andrew Small, Vice President of Transmission\nand Distribution.\n\n\nCUC will consider each alternative on its own merits and may select more\nthan one party with whom to pursue further discussion. Depending on the\noutcome of those discussions, CUC will enter one or more Power Purchase\nAgreements ("PPA") with Independent Power Producers ("IPP") to purchase all\navailable generation from each such party. The Electricity Regulatory\nAuthority ("ERA") has endorsed this initiative and any PPA or generation\nlicence arising from the initiative will be subject to ERA approval.\n\n\nAn interested party will be required to undertake further wind studies to\nsupplement CUC's existing data, complete an environmental impact study,\nprovide detailed site, civil, electrical and mechanical designs, and undertake\nother work to procure, install, commission and confirm reliability of the\ngeneration capacity. The IPP will also operate the facility.\n\n\nIn 2003, CUC completed a 12 month, two-site wind study with the support\nof an independent consultant. At that time, wind generation was not considered\nviable based on the measured wind intensity and duration and the lower cost of\nthe prevailing diesel generation. CUC believes that this source of energy may\nnow prove viable with reasonable assumptions regarding future fuel prices,\ncapital costs and operating costs. The wind measurement data arising from the\n2003 study will be made available to qualified interested parties.\n\n\nCUC currently relies upon diesel generation to produce electricity for\nGrand Cayman. CUC's power system is comprised of 17 generating units\n(15 diesel and two gas turbines) with a combined capacity of 136.6 megaWatts.\...