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.