Caribbean Utilities Company, Ltd. Customers Demand For Affordable And Fair Utility Rates sign now

We, the undersigned, your customers, are unhappy with Caribbean Utilities Company, Ltd. (CUC), and will no longer continue to quietly suffer your extortionate monthly bills, referred to as services, without challenging. It is unconscionable for CUC, as the Cayman Islands sole utility provider, to be demanding the lion share of our hard-earned wages.

We are especially unhappy with CUCs failure to acknowledge the majority of home or small business customers public outcries regarding the unfair practice of automatically passing through to your customers the increases in fuel costs each month for electricity services. CUC fiercely protects the shareholder but shows no accountability to its customers, but pay heed, 45\%+ of your revenues is derived almost entirely from selling power to 17,000+ residential customers (of 37,000+ permanent residents), you should not be so quick to ignore our grievances.

We were told that consumer rates for power would be reduced by 15 per cent as of January 2008, including the removal of the hurricane recovery surcharge, but your customers missed the double-talk, as you substituted that surcharge with the "Lic. & Reg. Fee." Under the new agreement, licence fees will be charged directly to customers on their electricity bills. Is there a reason why the public is paying CUC's Licence & Regulation Fees when to the publics knowledge, all other businesses are responsible for themselves when it comes to renewals with Government?

As part of the licence renewal agreement, CUC agreed to cease collecting the cost recovery surcharge, and CUC would be, basically walking away from CI$2.2 million in cost recovery surcharges, Electricity Regulatory Authority Managing Director Phil Thomas. Mr. Hew said, This was a concession we made in our negotiations for our new 20year licence.

What concession? According to the Canada NewsWire on May 27 2008 10:53 AM ET

CUC Announces Fourth Quarter and Year-End Results for the Period Ended April 30, 2008

Caribbean Utilities Company, Ltd. ("CUC" or "the Company") announced today its unaudited results for the fourth quarter and year ended April 30, 2008 (all figures in United States dollars).

Net earnings for fiscal 2008 were $23.8 million, a $ 5.3 million or 29\% increase from $18.5 million in fiscal 2007. Earnings per Class A Ordinary Share increased 29\% from $0.70 in 2007 to $0.90 in 2008. Kilowatt hours (kWh) sales growth for the year, initially forecast to be 8\%, came in at 6\% due to the impact of cooler and wetter weather conditions experienced in the first half of the year. The system peak of 92.7 Megawatts (MW) achieved in August 2007, grew 7\% over the summer 2006 peak. The Company is projecting growth of 5\% for fiscal 2009.

A one-time charge of $3.7 million in 2007 arising from a power plant restructuring initiative, contributed to the positive year over year earnings. Net earnings for the three months ended April 30, 2008 were $4.4 million, or $0.169 per Class A Ordinary Share, compared to $4.3 million, or $0.158 per Class A Ordinary Share for the same period last year. This 7\% increase in quarterly earnings and earnings per share was due to growth in kWh sales, the positive impact from the reduction in general and administrative expenses and movement in deferred fuel costs.

CUC customers have never been reimbursed for the service failures or price hikes despite complaints nor has anyone at CUC ever made any visible efforts to actively credit the accounts of customers that have been negatively affected by service outages.

We, the customers of Caribbean Utilities Company, Ltd. are demanding the following concessions:

A public apology acknowledging the companys failure to provide affordable service your customers can pay for;

A strong commitment to institute a policy of voluntarily reimbursing customers for service failures in the future;

A noticeable reduction which is as obvious as your increases on our electricity bills, and if this cannot be done, then we want to know why;

We want to know exactly how much the fuel costs CUC, and how much of a margin is tacked on before reselling it to your customers for a profit;

Extend the current reduction on utility rates and stop electricity bills from skyrocketing unnecessarily. Doing so will keep price fair at a time when consumers face higher gas and food costs; and

We want to know how accurate and reliable the satellite readings of our meters versus manual readings are.

Mr. Hew you previously stated, We will look at the impact on the consumer and their ability to pay our bills, too. Mr Hew, as the Chief Executive Officer, President and Director of CUC ... that time is now.

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Jessie FrazierBy:
Transport and infrastructureIn:
Petition target:
Caribbean Utilities Company, Ltd.


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