NEW FILING BY CARIBBEAN UTILTIES COMPANY, LTD. TO STRENGTHEN GRAND CAYMAN'S GRID AND MEET 2027 ENERGY NEEDS

NEW FILING BY CARIBBEAN UTILTIES COMPANY, LTD. TO STRENGTHEN GRAND CAYMAN'S GRID AND MEET 2027 ENERGY NEEDS

Caribbean Utilities Company, Ltd. is listed for trading in United States dollars on the Toronto Stock Exchange under the trading symbol "CUP.U".  

GRAND CAYMAN, Cayman Islands, Sept. 19, 2025 /CNW/ - On August 1, 2025, Caribbean Utilities Company, Ltd. ("CUC") announced an agreed approach with the Utility Regulation and Competition Office ("URCO") to address the pressing demand for increased generating capacity in Grand Cayman. As part of this strategic alignment, CUC committed to withdraw its initial Certificate of Need ("CON") submitted on June 7, 2024. In conjunction with this withdrawal, URCO formally rescinded its Final Determination on CUC's Certificate of Need issued on April 24, 2025.  A key feature of this agreement was that solar generation coupled with battery storage may be able to provide firm capacity subject to industry standard analysis.

In alignment with the recently established agreement, CUC is pleased to confirm the submission of a new CON to the regulator for formal review. 

This updated filing outlines the generation resource requirements essential to meet Grand Cayman's projected energy demand with a need for additional generation capacity to be in place by 2027.

CUC's submission includes a comprehensive system analysis, detailed load forecasts, and operational benchmarking designed to ensure sufficient capacity and energy availability by June 2027.  The timeframe for supply of the needed capacity is very short, and it is likely that interim measures may need to be taken to fulfil the needs of the grid in the short term.

The new submission differs from the prior document in that the generation capacity and reliability requirements are outlined but no specific technology is recommended.  Instead, it is anticipated that URCO will issue a Request for Proposal ("RFP") and bidders will be allowed to propose alternate resource solutions to meet that need.

CUC conducted additional analyses to provide URCO with an example methodology to evaluate the potential contribution of alternate generation solutions, such as the Dispatchable Solar Photovoltaic ("DPV") project, which was recently issued as a request for proposal, to support forecasted load requirements.

President and CEO, Mr. Richard Hew states:

"CUC remains steadfast in its commitment to accelerating Grand Cayman's renewable energy transition, ensuring that it is secure, affordable, and delivers lasting benefits to households, businesses, and communities we serve." 

Through continued collaboration, innovation, and investment in sustainable technologies, CUC is dedicated to building a resilient energy future that promotes economic prosperity, environmental stewardship, and ensures affordable, equitable access to energy for all. As we move forward, CUC remains focused on delivering solutions that meet today's challenges while laying the foundation for a cleaner, more sustainable tomorrow.

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.

The Certificate of Need can be found on the CUC website at https://www.cuc-cayman.com/regulatory-submissions.

SOURCE Caribbean Utilities Company, Ltd.