CARIBBEAN UTILITIES COMPANY, LTD. RELEASES ITS 2023 SUSTAINABILITY UPDATE REPORT

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, Sept. 25, 2023 /CNW/ - Caribbean Utilities Company, Ltd. ("CUC or the "Company") is pleased to release its 2023 Sustainability Update Report. This report provides an update on the Company's progress on environmental, social and governance ("ESG") initiatives since the release of the 2022 Sustainability Report.

Report Highlights include:

Caribbean Utilities Company, Ltd Sustainability Update Report 2023 (CNW Group/Caribbean Utilities Company, Ltd.)

• Environmental:
  • Developed a "Road to Renewables" marketing campaign;
  • In 2022, there were no fuel spills or releases with an associated fine and environmental procedures have been followed.
• Social:
  • 55% female directors on the Board of Directors for the Company;
  • 50% of executive team are female;
  • 45% of management team are female;
  • US$ 465,000 in community donations;
  • Employees volunteered 919 hours for community projects.
• Governance:
  • Reviewed and updated ESG Materiality Assessment;
  • 100% of employees received training on CUC's Code of Business Conduct and Ethics Policy and Anti-Corruption Policy.

"Over the past year, the CUC team has been working on one of our core values – Teamwork. Our goal as a company is to collaboratively work with industry stakeholders to ensure that we continue to deliver safe, reliable, and affordable service to our customers. Our team has been working assiduously to assist the regulator with the upcoming competitive bid process for utility-scale renewable energy. Growing the utility-scale renewable energy portfolio will significantly reduce greenhouse gas emissions and provide a low and more stable cost of energy to the electricity grid in line with our commitment to the United Nations Sustainable Development Goal 7 which is Affordable and Clean Energy," said President and CEO, Mr. Richard Hew.

The Company is committed to the reduction of CO₂e emissions and to deliver more renewable and sustainable energy to our customers in Grand Cayman. The Company has targets of a 60% reduction in greenhouse gas emissions by 2030 and 70% of the energy on the grid coming from renewable energy sources by 2037. Focus will be given to the Company's Sustainable Energy Plan and Grid Resiliency and Modernisation Plan to meet these targets.

In the future, renewable energy options remain a top priority for CUC and the Company will continue to work closely with the regulator and all stakeholders to ensure that a sustainable, reliable, and affordable energy future is available to all consumers.

To access a copy of the report, please visit the Company's website at www.cuc-cayman.com.

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 inherent risks and uncertainties surrounding future expectations generally that may cause actual results to vary from plans, targets, and estimates. Some of the important risks and uncertainties that could affect forward looking statements are described in the MD&A in the section labelled "Business Risks" and include but are not limited to operational, general economic, market and business conditions, regulatory developments, and weather. 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.

Jessica Pawlik, Manager, External Communications, E-Mail: [email protected]