Grand Cayman, March 10, 2026
[Grand Cayman, Cayman Islands] – Caribbean Utilities Company, Ltd. (“CUC” or the
“Company”) welcomes approval of the Certificate of Need (“CON”) by the Utility
Regulation and Competition Office (“URCO” or the “Regulator”), paving the way for
increased generation capacity to support Grand Cayman’s continued growth.

URCO has approved CUC’s revised CON, submitted on February 10, 2026. The CON
identifies Grand Cayman’s future electricity needs, and establishes the
requirements for the development of 94 megawatts (“MW”) of additional generation
capacity. The required capacity has been structured into three distinct capacity
blocks, allowing for the participation of alternate generation technologies and
resources in meeting the electricity generation needs.

Under its Transmission and Distribution licence, CUC is required to submit a CON to
the Regulator to outline projected electricity demand. Following this submission,
the Regulator will launch a competitive procurement process to secure new
generation resources needed to meet future demand.

CUC continues to make significant investments in the reliability and resilience of
Grand Cayman’s electricity system, investing as much as US$100 million annually to
serve the households, businesses, and communities that rely on it. Since 2020,
these investments have contributed to a 50% reduction in outage time.

Electricity demand continues to increase on Grand Cayman, with a record peak
load of 129.5MW being recorded on July 31, 2025. Meeting future demand will
require timely increases in generation capacity to ensure adequate generation
reserves, as required under CUC’s licence, and to maintain a secure and reliable
supply.

Mr Richard Hew, CUC President and CEO said:

“Energy is an essential service; the approval of the CON is an important step
towards meeting Grand Cayman’s growing electricity demand and providing a
safe and reliable supply of electricity to the households and businesses we
serve in the coming years.”

CUC has published the full CON document on its website, available
 here.