Caribbean Utilities Reports $17.5 Million Q3 2026 Net Earnings, Up $1.4 Million

Caribbean Utilities Company reported net earnings of $17.5 million for the third quarter of 2026, a $1.4 million increase from $16.1 million in the same period a year earlier, Newswire said on November 4, 2026. The company is the exclusive regulated electric utility on Grand Cayman, serving more than 33,000 residential, commercial and industrial customers under a government licence.

Caribbean Utilities' Third Quarter Results

Earnings per Class A Ordinary Share were $0.41 for the quarter, compared with $0.38 a year earlier. The company attributed the improvement to a 4% increase in kilowatt sales, a 2% base rate increase effective June 1, 2026, and lower depreciation expense following an approved extension of the useful lives of certain generating units. For the nine months ended September 30, 2026, net earnings were $39.8 million, up $4.6 million from $35.2 million.

Net fuel efficiency improved to 19.69 kWh/IG in the third quarter from 19.25 kWh/IG a year earlier. The company said battery energy storage and life cycle upgrade projects cut thermal spinning reserve requirements by up to 50%. Estimated fuel savings for the quarter were about 0.8 million IG, or 6.45%, representing an estimated $4.2 million reduction in fuel costs, or average savings of $118.45 per customer.

CUC completed a $160 million private placement of senior unsecured notes with institutional investors, the largest in its history. The financing includes an initial drawdown of $100 million on August 19, 2026, and an additional $60 million delayed-draw facility available on May 12, 2027. Of the initial funding, $30 million will be issued as Senior Unsecured Green Notes.

Caribbean Utilities' Funding and Regulatory Record

According to akta.pro company records, CUC was named by the Cayman energy regulator as a top-ranked bidder for a 22.5 MW solar project and submitted a 94 MW certificate of need for additional capacity, both targeted for online operation by 2028. The same records show net earnings of $47.4 million for fiscal 2025, an 11% increase of $4.7 million from the prior year, and three funding rounds on record, including the $100 million post-IPO debt in August 2026.

Earlier Caribbean Utilities Milestones

In August 2026, Caribbean Utilities closed the record $160 million private placement of senior unsecured notes with institutional investors, Newswire reported. In August 2026, the company reported second quarter 2026 net earnings of $15.0 million, up $3.5 million from the prior year, driven by lower depreciation and a rebound in electricity sales, according to Newswire. In September 2026, Markets Daily compared Caribbean Utilities with Exelon on valuation, dividends and analyst ratings, noting that Caribbean Utilities pays a higher dividend yield but has no analyst ratings.

Caribbean Utilities' Delayed-Draw Facility

The additional $60 million delayed-draw facility becomes available on May 12, 2027, according to the company's announcement. CUC's 2026 Sustainability Report, released in September 2026, is available through its investor relations page.