CUC applies to ERA for base rate increase

(CNS Business): Grand Cayman’s power company has applied to the Electricity Regulatory Authority to increase its base rate by 0.7% to take effect in June. In a press release announcing its unaudited results for the first quarter ended 31 March, CUC said that its base rates, excluding fuel costs, have not changed since 2009 and remain lower than in 2002. In March 2012 it “submitted the calculation of a base rate increase of 0.7% to the Electricity Regulatory Authority for verification which would be effective for bills rendered from June 2012,” as prescribed by the terms of CUC’s licence. The firm also stated that net earnings have fallen by 39% compared to the same period in 2011. Read more on CNS Business