The Caribbean Utilities Company, Ltd. is listed for trading in United States dollars on the Toronto Stock Exchange under the trading symbol “CUP.U”.
Caribbean Utilities Company, Ltd. (“CUC or the “Company”) is pleased to announce the release of its 2024 Sustainability Report which covers CUC’s sustainability performance from January 1, 2023, to December 31, 2023. This comprehensive report captures the Company’s ongoing dedication to environmental stewardship, social responsibility, and economic sustainability, as well as its commitment to fostering a more sustainable future for Grand Cayman.
Highlights include:
• Environmental
o Continued advancement in system hardening and grid resiliency, including the undergrounding of main transmission lines.
o Completion of the country’s first utility-scale battery energy storage system. The systems are now fully operational and will provide savings on fuel by up to 6%.
o $62 million dollars have been allocated for alternative energy and resiliency projects, included in the Company’s 2024-2028 Capital Investment Plan.
o Green Diamond Award winner for recycling excellence.
• Social
o 64% of the Board of Directors are female.
o Recipients of the Investors in People Gold certification for the third time.
o Over 14k hours of employee training completed.
o $403k in community donations.
o Over 1k of volunteer hours dedicated to community projects.
• Governance
o 3% increase in dividend rate to US$0.74.
o As a direct result of CUC’s ongoing investments in resiliency, for 2023, customers experienced an average power outage of only 1.7 hours for the entire year, which was better than North American standards.
o Earnings per Share of US$1.00.
“During 2023, CUC has remained committed to our goals to reduce our carbon footprint, continue to support our community and find better solutions for our customers to live well and save energy. Our goal as a company is to collaboratively work together with all stakeholders to ensure that we continue to deliver safe, reliable, and affordable service to our customers.
CUC has been an engaged corporate citizen, a responsible steward of our environment, and has worked closely with the regulator on the recent certificate of need submission which called for 100 megawatts (“MW”) of utilityscale solar and 36.1 MW of firm power. The Company is committed to the introduction of renewables on the grid and to the reduction of costs for customers. Utility Scale Solar and the proposed introduction of liquified natural gas as a transitional fuel will significantly reduce Green House Gas (“GHG”) emissions and provide lower and more stable cost energy to the electricity grid,” said President and CEO, Mr. Richard Hew.
The Company is committed to the reduction of carbon emissions and the introduction of more renewable energy on its grid. CUC has targets that aim to reduce 60% of GHG emissions by 2030 and rely on 70% renewable energy by 2037. The achievement of the CUC’s Sustainable Energy Plan and Grid Resiliency and Modernisation Plan will enable the Company to meet these targets.
To access a copy of the report, please visit the Company’s website at www.cuc-cayman.com .
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