Caribbean Utilities Company, Ltd. is listed for trading in United States
dollars on the Toronto Stock Exchange.
(TSX: CUP.U)
GRAND CAYMAN, Cayman Islands, Feb. 11, 2013 /CNW/ - The Electricity
Regulatory Authority ("ERA") has advised Caribbean Utilities Company,
Ltd. ("CUC") that DECCO Ltd., a subsidiary of Dart Management Ltd., has
been selected to develop and operate two additional 18 MegaWatt ("MW")
units of power generation capacity on Grand Cayman. The first of the
two units will be required for 2014 and the second unit will be
required as late as 2017, with the timing dependent on growth in demand
for electricity.
In accordance with the process outlined in CUC's Transmission and
Distribution Licence, CUC will now enter into negotiations leading to a
long-term power purchase agreement with DECCO Ltd.
President and CEO of CUC Mr. Richard Hew stated, "We look forward to
reviewing the winning bid and entering into discussions with DECCO Ltd.
leading to a power purchase agreement. CUC remains committed to
offering a safe, reliable and efficient service at least cost to our
customers."
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.
