Company Overview

Caribbean Utilities Company, Ltd. (CUPUF) is a regulated electric utility company that generates, transmits, and distributes electricity on Grand Cayman, serving as the sole public electricity provider for the island. The company operates within the electric power generation and distribution industry, providing essential utility services to residential, commercial, and industrial customers. Its primary revenue driver is the sale of electricity under a government‑regulated tariff framework that allows for cost recovery and a defined return on invested capital.

Founded in 1966, the company has evolved from a small local utility into a modern power provider supporting the Cayman Islands’ economic growth, particularly in tourism and financial services. Caribbean Utilities Company is publicly traded and is majority‑owned by Fortis Inc., a North American regulated utility holding company. Its long operating history, exclusive license to supply electricity on Grand Cayman, and predictable regulatory structure provide a stable operating profile and long‑term cash flow visibility.

Business Operations

Caribbean Utilities Company operates a vertically integrated electricity system encompassing generation, transmission, and distribution. Its core operations include conventional thermal generation, renewable energy integration, and grid infrastructure management. Revenue is generated almost entirely from electricity sales to end users, with fuel costs passed through to customers via a regulated fuel surcharge mechanism.

Operations are concentrated domestically on Grand Cayman, with no direct utility operations outside the Cayman Islands. The company owns and operates power plants, substations, transmission lines, and distribution networks, and has invested in utility‑scale solar generation and grid modernization technologies. It operates as a subsidiary of Caribbean Utilities Company, Ltd. under the broader ownership and strategic oversight of Fortis Inc..

Strategic Position & Investments

The company’s strategic direction centers on system reliability, renewable energy adoption, and emissions reduction while maintaining affordability and regulatory compliance. Key growth initiatives include expanding solar generation capacity, enhancing grid resilience to extreme weather events, and upgrading infrastructure to support electric vehicle adoption and distributed energy resources.

Capital investments are primarily directed toward regulated rate‑base assets, including new generation facilities, renewable energy projects, and transmission and distribution upgrades. Caribbean Utilities Company does not operate a diversified investment portfolio but benefits from technical expertise, capital access, and strategic guidance through its parent company, Fortis Inc., which supports long‑term planning and disciplined capital allocation.

Geographic Footprint

Caribbean Utilities Company’s operations are exclusively focused on Grand Cayman, where it maintains generation facilities, transmission infrastructure, and a comprehensive distribution network. Its headquarters and all operational assets are located within the Cayman Islands, reflecting its role as a local monopoly utility.

While its physical footprint is limited to one island, the company has indirect international exposure through ownership by Canada‑based Fortis Inc., which operates regulated utilities across North America and the Caribbean. This relationship provides access to international best practices in utility management, regulatory compliance, and infrastructure development.

Leadership & Governance

The company operates under a board‑governed structure consistent with public utility standards, emphasizing regulatory transparency, operational reliability, and long‑term shareholder value. Its leadership philosophy focuses on safety, system resilience, environmental responsibility, and constructive engagement with regulators and the local community.

Key executives include:

• Ritch Miller – President and Chief Executive Officer
• Paul Deegan – Chief Financial Officer
• Mark Stoner – Chief Operating Officer
• David Patterson – Director of Corporate Services

The executive team works closely with the board of directors and the parent company, Fortis Inc., to align operational execution with long‑term strategic and regulatory objectives.