Caribbean Utilities releases 2025 sustainability report

Executive Summary

• Caribbean Utilities Co. Ltd. released its 2025 Sustainability Update Report, detailing achievements from Jan 1 to Dec 31, 2024, including significant environmental, social, and governance milestones.
• The company announced a $50-million green notes issuance, which won the Global Banking & Markets Latin America award for debt deal of the year, alongside a $60-million capital investment plan for grid hardening (2025-2029).
• Financial metrics highlighted in the report include an EPS increase to $1.08 and a 3% dividend rate increase to 74 cents, while operational metrics show a System Average Interruption Duration Index of 1.8 hours.

Key Details

• Environmental Achievements:
  • Commissioned Grand Cayman's first utility-scale battery energy storage system with a capacity of 20 megawatts.
  • Accelerated system hardening and grid resiliency efforts, including the strategic undergrounding of key transmission lines.
  • Issued $50-million in green notes to finance impactful projects under the newly launched Green Financing Framework, which received an excellent rating from a second-party opinion provider.
  • The $50-million green notes deal was honored with the Global Banking & Markets Latin America award for debt deal of the year -- Caribbean.
  • Third-party verification was obtained for the company's Scope 1 greenhouse gas emissions.
• Capital Investment Plan (2025-2029):
  • $60.0 million allocated for grid hardening.
  • $6.6 million allocated for customer energy efficiency.
  • $2.6 million allocated for low-carbon transportation projects.
• Social Initiatives:
  • 50% of the board of directors are female.
  • Earned Investors In People Gold certification for the third consecutive time.
  • Staff completed over 26,000 hours of training.
  • Reported zero lost-time injuries.
• Governance & Financials:
  • Increased dividend rate by 3% to 74 cents.
  • Earnings per share (EPS) increased to $1.08.
  • System Average Interruption Duration Index (SAIDI) recorded at 1.8 hours, outperforming the North American benchmark of two hours.
• Strategic Goals:
  • Committed to supporting the Cayman Islands National Energy Policy goal of 70% renewable energy penetration by 2037.
  • Focus areas include energy transformation, affordability, system reliability, and resilience.

Notable Quotes

• "While some companies and jurisdictions around the world are scaling back their sustainability efforts, we remain firmly committed to advancing ours. Over the past year, we've made meaningful progress in expanding energy transition and grid resiliency investments and delivering innovative solutions that help our customers live more efficiently and conserve energy. Our goal is to continue working collaboratively to ensure we provide safe, reliable and affordable service to our customers. I'm proud of the team's ongoing engagement as responsible corporate citizens and their dedication to supporting employee development and growth," said president and chief executive officer Richard Hew.