CARIBBEAN UTILTIES COMPANY, LTD ANNOUNCES THE REQUEST FOR QUALIFCATION FOR NATURAL GAS

The Caribbean Utilities Company, Ltd. is listed for trading in United States dollars on the Toronto Stock Exchange under the trading symbol "CUP.U". 

GRAND CAYMAN, Cayman Islands, Sept. 7, 2023 /CNW/ - In an effort to reduce the cost of energy production and reduce carbon emissions, the Caribbean Utilities Company, Ltd ("CUC") is seeking qualification submissions from prospective natural gas suppliers.

As a part of the Cayman Islands National Energy Policy ("NEP") and the Company's Integrated Resource Plan ("IRP"), the Company is committed to increase the use of clean energy and reduce greenhouse gas emissions over the long term. In 2022, the Company initiated an infrastructure project to upgrade 68 megawatts (MW) of diesel generation to enable the use of natural gas as a fuel. Natural gas is cleaner burning fuel than diesel and produces 30% less carbon emissions. The acquisition of a supply of natural gas will increase the energy diversity on Grand Cayman.

The initiative will assist the Company to ensure alignment with the draft revised 2023-2050 NEP policy targets, which call for the majority of energy to come from renewable and sustainable sources within the policy period.  As the Company and Grand Cayman continue to grow and expand, we are delighted to launch this process in support of the transition to cleaner energy solutions.

Qualified suppliers interested in developing a natural gas supply solution for CUC are invited to submit written notification of interest by submission of a statement of qualifications no later than September 15, 2023, at 2:00pm local Cayman Islands time. The following information must be included:

• Company Name
• Contact Person Name
• Mailing Address
• Telephone
• Email
• Describe at least one similar gas supply solution that the company has directly implemented, and include links to publicly available information on this project (<500 words)

Submissions should be sent to [email protected].

Forward looking statements include statements that are predictive in nature, depend upon future events or conditions, or include words such as "expects", "anticipates", "plan", "believes", "estimates", "intends", "targets", "projects", "forecasts", "schedule", or negative versions thereof and other similar expressions, or future or conditional verbs such as "may", "will", "should", "would" and "could". Forward looking statements are based on underlying assumptions and management's beliefs, estimates and opinions, and are subject to inherent risks and uncertainties surrounding future expectations generally that may cause actual results to vary from plans, targets and estimates. Some of the important risks and uncertainties that could affect forward looking statements are described in the MD&A in the section labeled "Business Risks" and include but are not limited to operational, general economic, market and business conditions, regulatory developments and weather. CUC cautions readers that actual results may vary significantly from those expected should certain risks or uncertainties materialize, or should underlying assumptions prove incorrect. Forward-looking statements are provided for the purpose of providing information about management's current expectations and plans relating to the future. Readers are cautioned that such information may not be appropriate for other purposes. The Company disclaims any intention or obligation to update or revise any forward-looking statements, whether as a result of new information, future events or otherwise except as required by law.

SOURCE Caribbean Utilities Company, Ltd.