📈 CUC reports 34% increase in summer earnings

Caribbean Utilities Company (CUC) has reported a notable increase in earnings over the summer months of this year. A combination of an expanding customer base and record-breaking heat led to a $3.5 million rise in the third quarter compared to the same period in 2022. The power provider's Q3 report indicated earnings of nearly $14 million, following a 2% customer growth and a new record peak load of 124MW in July. The average monthly temperature in July reached a historic high of 87.2°F, up from 85.4°F the previous year. 🌡️

President and CEO Richard Hew attributed the significant rise in electricity demand to the growing economy and unprecedented high temperatures. As of September 30, the total number of customers stood at 33,503, marking an increase of 638. Despite the profit boost for shareholders, Hew emphasized CUC's ongoing commitment to major projects like the battery energy storage system and natural gas conversion, aimed at reducing carbon emissions and stabilizing energy costs for customers. The power supplier is currently upgrading five generating units to enable them to use gas, as part of its efforts to meet base load and capacity needs while pursuing utility-scale renewable energy projects. ⚡