Quit blaming CUC for our high cost of living or anything else.
CUC is a public company listed on the Toronto stock exchange.
Anyone can log on and look at their current and past annual reports. These show a small but uneven increase in CUC’s profit over the years.
If anyone thinks that CUC is ripping off Cayman with high electricity prices, then why don’t they buy CUC’s stock? Perhaps the Government should buy some.
However, CUC’s books do not reflect that CUC is receiving any undue income from its operations. They show a small and somewhat uneven increase over the years.
I don’t own any CUC shares, simply because I can find many other stocks which return much more to their investors.
One major problem with people is that they never know what they have until they lose it.
We are seeing this again, in the general attitude that Cayman has towards CUC.
Everyone wants a free lunch and they think there is some way they can get one.
Cayman arguably has the best developed and operated electrical utility in the Caribbean.
Our electrical demand is now approaching 100 megawatts, with peak loads, which may exceed that figure.
Yet CUC has performed the necessary planning, and has already made the necessary investments, in order to reliably deliver this power.
In addition, CUC expertly and very quickly brought us through hurricane Ivan.
So what do we hear from the people and their politicians? Any congratulations or warm feelings toward CUC? No.
Instead we keep hearing that CUC is the main reason for our high cost of living.
We hear that CUC needs competition so they will be forced to lower rates.
We hear that CUC should buy their fuel from South America, or some other cheaper place.
Well, unfortunately, oil is a world commodity, is auctioned daily to international buyers, and trades at world prices.
So cheaper oil is not an option.
However, CUC should open up its electrical grid for connection of solar, wind, wave, ocean thermal or other power if someone wants to provide it.
This is a good idea and I don’t think CUC would object if it is given a level playing field. I will present some ways that this may be done in a future letter.
If we insist on pursuing the mythical free lunch, all we will get is declining service, decreased reliability, brownouts, power interruptions, and higher prices.
I hate high cost electricity as much as anyone.
However my clear priority, which I think all of us share, is to have power at my place whenever I throw a switch.
We should all just sit back, relax, and enjoy the good power utility with which we are blessed.
P.E. Electrical (retired)