Caribbean Utilities Company Reports Significant Earnings Growth
- Net earnings for Q3 2024 reached $14.4 million, a 4% increase compared to Q3 2023.
- Revenue growth is driven by a 2% rise in customer numbers and increased residential energy consumption.
- The company's investments in infrastructure and sustainability projects aim to reduce costs and improve environmental performance.
On November 5, 2024, Caribbean Utilities Company, Ltd. revealed its unaudited financial results for the third quarter of 2024, reporting net earnings of $14.4 million, marking a 4% increase from the same period in 2023. Additionally, the company noted a 2% rise in kilowatt-hour sales and customer growth. Such positive performance is attributed to a combination of increased residential energy consumption and infrastructure investments that improved service resilience during adverse weather events, including Hurricane Beryl and Tropical Storm Helene. The company implemented various projects aimed at enhancing energy efficiency and sustainability, utilizing $50 million from its Green Financing Framework. Investments included extending and upgrading the distribution system, generation replacements, and installing battery energy storage systems. These projects are expected to significantly decrease fuel costs and CO2 emissions, aligning with the company’s commitment to improving environmental performance. The average fuel cost charge for Q3 2024 was reported at $0.23 per kWh. Furthermore, the ongoing development of renewable energy capacity and the installation of a 20-megawatt battery energy storage system underscore Caribbean Utilities' strategy for future growth and environmental responsibility. This proactive approach has translated into fewer power outages for customers, supporting a steady increase in the number of customers served. Overall, the results reflect Caribbean Utilities Company's robust operational performance and a focus on sustainability that enhances both economic and environmental outcomes for Grand Cayman.