Power generation expansion plans shelved
(CNS): CUC and the ERA have announced that the planned project to expand local electricity generation has been cancelled. Government had been soliciting for bids on the project. However, based on the current economic conditions the medium term future load growth projections have been revised and the ERA believes the extra capacity won’t be needed. CUC said it is unlikely that there will be any need to warrant further expansion in the near term but both CUC and the ERA will be monitoring the country’s ongoing power needs.
Caribbean Utilities Company, which was one of two firms bidding on the capacity generating project as well as being Grand Cayman’s monopoly power provider, said it had been advised by the Cayman Islands Electricity Regulatory Authority (ERA) that the 32 MegaWatt expansion solicitation has stopped. Government was seeking 16 MW of additional capacity in 2012 and a further 16 MW in 2013 based on a Certificate of Need by CUC in March of 2009.
“While the current economic uncertainty makes precise forecasting difficult, CUC believes that, based on Grand Cayman large project starts and the general state of the Cayman Islands economy, growth during the period will not meet thresholds necessary to warrant capacity expansion in the near term,” CUC stated adding that it and the ERA would continue to monitor growth indicators and revise forecasts as necessary.
“The ERA has indicated it will commence a new solicitation at such time as large project starts and general economic recovery indicates a future need for additional capacity,” the power firm said in a release.
“CUC remains committed to providing a reliable electricity service to Grand Cayman and will continue to monitor key growth indicators and endeavour to secure additional capacity in a timely manner to meet customer demand,” CUC President and Chief Executive Officer, Richard Hew stated.
CUC provides electricity to Grand Cayman, Cayman Islands, under an Electricity Generation Licence expiring in 2029 and an exclusive Electricity Transmission and Distribution Licence expiring in 2028. Further information is available at www.cuccayman.com
Category: Business
Read My Lips "no new taxes"…..we will bring competition to CUC…I will have a soulution to the dump within 3 months if elected…for all you UDP supporters…HA!…I hope you are all happy…Come on Mac come with the real truth for once and stop fooling the people of these islands with your smoke and mirrors and smooth talk. PPM lowered our light bills…and you make them higer…I understand that you need to tax the people through CUC to subsidize your Boatswain, but tell me Mac, you said you saw that the PPM was spending to much, but yet you campaign on no new new taxes. Where you not in the L.A. and privy to the same information as PPM? Why has all these problems arrised after May 20? You said that PPM raised civil servants pay and yours so it would not look so bad..if that is the case, why don’t you donate that amount of your raise to the Pines? While you are at it, you can raise some money buy selling the busses you bought under your administration for your Boatswain Bay project that are just sitting in the open lot across from Camana Bay instead of insulting the Cayman People by talking pure rubbish about Caymanians do not like forigners. Here is a suggestion, instead of building division, why not tax the millions leaving this island through remittance services….oh never mind…I forgot who was a major funder of your campaign. You would rather tax the middle and upper class and have your grantees and supporters come to you with hands in cup. Go ahead, dredge the North Sound, raise taxes, give out some more status or PR, raise the building heights another 7 stories, sell Cayman Air, Get rid of Pirates Week, Scrap Miss Cayman, Build your Cruise Ship Pier, etc. The way I see it the party system has caused majority of the problems we are facing. Thank you for starting that in Cayman as well. It is time for you and Mr. Tibbetts to take a vacation and let some younger leadership lead this country. It won’t matter to me anyway because I can not live in my own country anymore and left with no other choice than to leave..Good bye my beloved Cayman. I will always love you and the greatest people on the earth.
Impassioned but absolutely correct.