Caribbean Utilities Company, Ltd. is listed for trading in
United States dollars on the
Toronto Stock Exchange (TSX: CUP.U)
GRAND CAYMAN, Cayman Islands, Oct. 3,
2014 /CNW/ - The Electricity Regulatory Authority
("ERA") announced today that the Caribbean Utilities Company, Ltd.
("CUC") bid for new generation capacity has been selected as the
top proposal of the bids submitted in response to the ERA's request
for proposals issued on January 31,
2014. As a result, CUC will develop and operate a new 39.7
megawatts ("MW") diesel power plant including a 2.7 MW waste heat
recovery steam turbine. The project cost is estimated at
US$85 million and the plant will be
commissioned no later than June
2016.
President and CEO Mr. Richard Hew
says, "CUC put a significant amount of effort into developing a
very competitive proposal and having won we have demonstrated that
CUC represents the best value for electricity consumers in
Grand Cayman."
Mr. Hew added, "This project will require a significant,
long-term financial undertaking by CUC to deliver the benefits of
safe, reliable, and highly efficient production of electricity for
consumers in Grand Cayman. We now
look forward to signing agreements with our equipment provider MAN
Diesel & Turbo of Augsburg, Germany and primary construction contractor
BWSC of Denmark, to build and
commission the new power plant."
CUC provides electricity to Grand
Cayman, Cayman Islands,
under a non-exclusive Electricity Generation Licence expiring in
2029 and an exclusive Electricity Transmission and Distribution
Licence expiring in 2028. Further information is available at
www.cuc-cayman.com.
Caribbean Utilities Company, Ltd. ("CUC" or "the Company"), on
occasion, includes forward-looking statements in its media
releases, Canadian securities regulatory authorities filings,
shareholder reports and other communications. Forward-looking
statements include statements that are predictive in nature, depend
upon future events or conditions, or include words such as
"expects", "anticipates", "plan", "believes", "estimates",
"intends", "targets", "projects", "forecasts", "schedule", or
negative versions thereof and other similar expressions, or future
or conditional verbs such as "may", "will", "should", "would" and
"could". Forward-looking statements are based on underlying
assumptions and management's beliefs, estimates and opinions, and
are subject to certain risks and uncertainties surrounding future
expectations generally that may cause actual results to vary from
plans, targets and estimates. Such risks and uncertainties include
but are not limited to operational, general economic, market and
business conditions, regulatory developments and weather
conditions. CUC cautions readers that actual results may vary
significantly from those expected should certain risks or
uncertainties materialize or should underlying assumptions prove
incorrect. Forward-looking statements are provided for the
purpose of providing information about management's current
expectations and plans relating to the future. Readers are
cautioned that such information may not be appropriate for other
purposes. The Company disclaims any intention or obligation to
update or revise any forward-looking statements, whether as a
result of new information, future events or otherwise except as
required by law.
SOURCE Caribbean Utilities Company, Ltd.