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Topic: Electricity Regulatory Authority
Legal drafters penning an 82-page law to create a unified regulatory office for Cayman’s utility providers did not solicit opinions from the half-dozen affected companies, instead they only consulted their controlling agencies.
In an eight-page response to Cayman Water Company CEO Rick McTaggart, government has sought to counter calls to withdraw and rewrite proposed legislation creating a single office regulating Cayman’s utility companies.
Cayman Islands lawmakers are set to review and approve an unprecedented number of bills in the Legislative Assembly meeting that begins Tuesday, some of which involve complex, long-standing issues that have been before parliament for more than a decade.
Utility chiefs have reacted cautiously to Monday’s publication of a draft law creating a unified commission to oversee water, electricity, telephone and fuel providers, while dissolving separate regulatory bodies previously responsible for each industry.
A Baltimore-based renewable-energy company has revealed a late-May accord with the Caribbean Utilities Company to generate approximately 8 percent of Cayman’s electricity using ocean-based technology that exploits variable water temperatures to create power.
The Caribbean Utilities Company and its overseers the Electricity Regulatory Authority are in talks to change the way the utility charges commercial customers, implementing a scheme called “demand billing.”
Government could get new powers to control fuel prices and prevent “collusive practices” in the industry under planned new legislation.
The Cayman Islands government is in discussions with Sir Richard Branson’s Carbon War Room initiative to make Cayman part of the “Ten Island Challenge,” which seeks to help small islands move away from fossil fuels.
Caribbean Utilities Company has announced a 0.1 percent increase in the company’s base rate, adding approximately 11 cents to typical monthly bills.
A “marginal” rise in electricity rates appears to be imminent, although the Caribbean Utilities Company is tight-lipped about the increase, saying only it is too early to discuss details.
Groundbreaking will take place Monday for Cayman’s first solar farm, which will begin generating power in October.
Caribbean Utilities Company has raised the cap on its program that allows individuals to produce their own renewable energy, but has lowered the price it pays for the power.
Cayman’s electricity and telecoms regulators are preparing for the “imminent” merger of the independent bodies into one Public Utilities Commission.
Executives from the company designing Cayman’s first floating platform for generating electricity from the ocean hope to complete a power purchase agreement with the Caribbean Utilities Company by late next month.