Caribbean Utilities Company increased its customers and sales last year.
The electricity provider’s annual results show 3% more customers and 2% sales growth per kilowatt-hour (kWh).
The company’s customer base grew from 32,185 to 33,119 during the 12 months ending on 31 Dec. 2022.
CUC also saw a 2% increase in the summer peak load to 113.6 MW on 11 Sept. 2022.
During the year, the utility had to grapple with rapidly rising fuel prices which impacted customer bills. The average price per gallon of diesel paid by CUC increased by 61% to US$4.67 compared with $2.90 in 2021.
CUC president and CEO Richard Hew said in a press release that 2022 was a positive year for the company. “Significant effort was made by CUC to innovate and progress major projects while continuing to offer operational excellence. The company responded well in the aftermath of Tropical Storm Ian and not many customers were without electricity service for a long period of time” he said.
During the year, CUC’s reliability performance surpassed the North American average for electricity service interruption, the company said.
CUC reported $33.2 million in net earnings for the year, $2.9 million more than in 2021, due to higher operating income and slightly lower finance charges.
Sales in kilowatt-hours increased by 13.6 million kWh to 674.1 million kWh in 2022, in response to more customers and higher average commercial consumption, which offset a decline in the average consumption by residential customers.
The average monthly temperature for 2022 was 82.9 degrees Fahrenheit compared to 83.1 degrees Fahrenheit in 2021. The average monthly rainfall for 2022 was higher at 4.6 inches than in 2021 (3.7 inches).
CUC said it continued to invest in its infrastructure and upgrade its systems. In 2022, two new 13 kilovolt feeders were completed and put into service. These feeders will provide improved reliability for approximately 13,000 residential customers in the Prospect and Newlands areas.
In September 2022, the company signed an agreement with technology group Wärtsilä for the supply of two 10 megawatt energy-storage systems, followed by an agreement in November with MAN Energy Solutions SE for lifecycle upgrades for five existing engines with a total capacity of 68 MW.
These upgrades will increase the fuel efficiency and extend the useful life of the engines and allow the use of alternate, cleaner fuel sources, the company said.
Looking ahead to 2023, Hew said most financial experts are predicting a global recession which means the Cayman Islands may likely see some slowing in the economy.
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