CUC sales decrease

Electricity sales for the fourth quarter of 2010 were down, compared to the same period in 2009, and 12-month earnings were down 1 per cent compared to last year, according to the Caribbean Utilities Company report for the period ending 31 December, 2010.

Fourth-quarter sales for 2010 totalled 127.8 million kilowatt hours, compared to 142.2 million kWh for the same period in 2009. Electricity sales were adversely affected by significantly cooler temperatures, particularly in December, the report stated.

For the 12 months ending 31 December, 2010, Kilowatt-hour sales decreased by 1 per cent to 553.8 million kWh, compared to 558.1 million kWh in 2009, due to cooler than average temperatures in the fourth quarter, increased depreciation expense and an increase in finance charges, according to the report.

Electricity sales revenue for the fourth quarter of 2010 was $16.1 million compared to $17.9 million for the same period in 2009.

Electricity sales were up slightly for the 12 months ending 31 December, 2010, to $69.5 million, compared to $69.4 million for the same period in 2009.

Net earnings for the fourth quarter were $4.7 million, down from net earnings for the three months ending 31 December, 2009.

Net earnings for the 12 months ending 31 December, 2010, were down 1 percent at $19.9 million, compared to $20 million for the same period in 2009.

The total number of customers currently connected is 26,151, with a net 690 new customers added since 2009.

“Apart from the unusually cool weather in December, which caused significantly lower than expected sales, year-end results were as expected,” said Richard Hew, president and CEO of CUC.

“The company continued its response to the recessionary economic environment by trimming capital and operating expenditures to maintain financial stability while meeting the obligation of safe and reliable service to our customers.”

The report also stated that CUC continued to invest in infrastructure and equipment during 2010.

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