Home Topics Caribbean Utilities Company (CUC)
Topic: Caribbean Utilities Company (CUC)
Caribbean Utilities Company posted net earnings of $3.3 million in the first quarter of 2021, half-a-million dollars less than during the same period last year.
Electriq will supply 10 homes in Grand Cayman with its PowerPod energy storage system to showcase the technology.
Border closures and coronavirus-related lockdown measures have caused a decline in Caribbean Utilities Company’s full-year electricity sales and earnings.
EY’s Robert Moncrieff, Global Insurance International and Transactions Tax Services leader, has joined the EY region of the Bahamas, Bermuda, British Virgin Islands and Cayman Islands.
Caribbean Utilities Company has implemented a programme that so far has exported the equivalent of almost three "football fields" of recyclable materials, including electrical transformers, waste oil, rubber, copper, steel, brass, aluminium, streetlights, wire, wood and concrete.
As a result of COVID-19, CUC's net earnings for the first nine months of 2020 dropped by $4.2 million, to $18.7 million, compared to the same period last year.
Caribbean Utilities Company is inviting existing shareholders to buy more shares with a rights offering, aiming to raise as much as US$47.8 million.
Caribbean Utilities Company reported an operating income of US$5.6 million in the second quarter of 2020, a decrease of $2.6 million compared to the same period last year. CUC said the results “reflect the impact COVID-19 has had on our business and Grand Cayman’s economy”.
Seven local power line technicians and technician helpers have joined teams on the ground in the Bahamas assisting with hurricane relief efforts. The men, all employees of the Caribbean Utilities Company’s Transmission and Distribution Operations department, left for the Abaco Islands on Friday.