CARIBBEAN UTILITIES COMPANY, LTD. ANNOUNCES THE APPOINTMENT OF VICE PRESIDENT ENERGY OPERATIONS

The Caribbean Utilities Company, Ltd. is listed for trading in United States dollars on the Toronto Stock Exchange under the trading symbol "CUP.U".  

GRAND CAYMAN, Cayman Islands, Nov. 24, 2023 /CNW/ - Caribbean Utilities Company, Ltd. (TSX: CUP.U) ("CUC" or "the Company") is pleased to announce the appointment of  Dr. Stephen Jay as an Executive Officer of the Company serving as Vice President of Energy Operations. Dr. Jay holds a doctorate in Electrical and Mechanical Engineering and brings a wealth of knowledge with over 30 years' experience in strategy development, asset management, electricity markets and regulation, renewable generation development and technological innovation.

Prior to his appointment with CUC, Dr. Jay was with Transpower New Zealand Ltd. as the Executive General Manager Operations. Dr. Jay has a wealth of experience including strong leadership skills, active collaboration with the New Zealand market regulator including the development of renewable energy systems, and assistance with positioning the country for a lower carbon emission future.

As the President of the Electricity Engineers Association, a national not-for-profit organization that represents the self-governance, safety and asset management best practice for the generation, distribution and transmission companies in New Zealand; Dr. Jay provided insight into renewable energy thought leadership, technology integration and asset management.

"We are pleased to have Dr. Jay with the Company as the Vice President of Energy Operations. His expertise and knowledge gained in New Zealand are a welcomed addition to the CUC team as we transition to a low carbon energy future," stated Mr. Richard Hew, President and Chief Exective Officer.

The principal activity of the Company is to generate, transmit and distribute electricity in its licence area of Grand Cayman, Cayman Islands pursuant to a 20-year Transmission & Distribution ("T&D") Licence and a 25-year non-exclusive Generation Licence (the "Generation Licence" and together with the T&D licence, the "Licences") granted by the Cayman Islands Government (the "Government", "CIG"). The T&D Licence, which expires in April 2028, contains provisions for an automatic 20-year renewal and the Company has reasonable expectation of renewal until April 2048. The Generation Licence expires in November 2039.  Further information is available at www.cuc-cayman.com.

Caribbean Utilities Company, Ltd. ("CUC" or "the Company"), on occasion, includes forward-looking statements in its media releases, Canadian securities regulatory authorities filings, shareholder reports and other communications. Forward-looking statements include statements that are predictive in nature, depend upon future events or conditions, or include words such as "expects", "anticipates", "plan", "believes", "estimates", "intends", "targets", "projects", "forecasts", "schedule", or negative versions thereof and other similar expressions, or future or conditional verbs such as "may", "will", "should", "would" and "could".  Forward-looking statements are based on underlying assumptions and management's beliefs, estimates and opinions, and are subject to certain risks and uncertainties surrounding future expectations generally that may cause actual results to vary from plans, targets and estimates. Such risks and uncertainties include but are not limited to operational, general economic, market and business conditions, regulatory developments and weather conditions. CUC cautions readers that actual results may vary significantly from those expected should certain risks or uncertainties materialize or should underlying assumptions prove incorrect.  Forward-looking statements are provided for the purpose of providing information about management's current expectations and plans relating to the future.  Readers are cautioned that such information may not be appropriate for other purposes. The Company disclaims any intention or obligation to update or revise any forward-looking statements, whether as a result of new information, future events or otherwise except as required by law.

SOURCE Caribbean Utilities Company, Ltd.

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