CUC cleared for 1.8% rate hike
(CNS): The Utility Regulation and Competition Office, OfReg, has given CUC a green light for another 1.8% base rate hike which the Grand Cayman monopoly power provider said is expected to increase the average residential bill by around $2.12. Light bills will be going-up, by what CUC said was a “marginal increase”, on meter readings at the end of June for bills that will go out in early July. Officials claimed that through the improvement in the running of its operations and increased efficiency, it has “been working hard to keep rates down”.
This increase impacts the base rate only and not the Fuel Cost Charge or the Licence and Regulatory Fees Charge. CUC said the increase was based on a formula which incorporates data to determine a relevant inflation factor or price level index based on an average of 60% of the change in the Cayman Islands Consumer Price Index (CI CPI) and 40% of the change in the United States of America Consumer Price Index.
President and CEO of CUC Richard Hew said in a release about the rate hike the firm had invested US$52.4 million on modern, efficient and reliable equipment.
“The efficiency of CUC’s operations has enabled CUC to keep any required base rate adjustments below the level of general inflation,” Hew stated. “The company remains focused on increasing the reliability of its service and continues to seek ways to keep costs at a reasonable level which will ultimately benefit our customers,” he added.
Category: Local News
CUC prices going up and Cayman Airways charging baggage all approved by our Government.
Does anyone in this Government living the same lives as anyone outside it??? How much more of this high cost of living can we take? Better yet, how much of this are we willing to take..
I have no choice but to pay CUC as one of my “masters” but I will never ever fly Cayman Airways again. Loyalty cuts both ways and when you start taking advantage of my loyalty then we must part ways…
Wonderful news. Those who live well off the sweat of CUC’s hardworking “customers” (duh, like we’ve a choice) should be hanging their heads in shame. Shame on the whole rotten money-grabbing bunch of you. Hey, try and grow a conscience, okay?
Stick it to us CUC!
Jesus is just $2 more a month… calm down!
Ok, so you pay it for me if it’s no problem. Otherwise don’t assume we are all millionaires. Add this to blatant petrol price rigging, supermarkets who seem to increase prices 2% every month, restaurant prices creeping up monthly and you get why people are pissed off.
We are seeing these go up with the fuel price adjustment because of the price of oil and this extra 1.8%
If CUC made improvements recently – why do we still have frequent power outages? Our Government and the OfReg are doing NOTHING to help its people survive in these islands. I need to reconsider where I’m going to retire. At this rate, I’ll take my money and run to a Central American or European country where I can survive.
Government is useless and corrupt.
Who needs a man with all the unwanted “D” I’m getting from CUC.
And CUC continues to stick it a little further up our a$$!! How can this highway robbery go on? Water Authority is no better. The crooks get even more crooked.
If only CUC could find a way to cut their operating expenses by building a solar farm or something – then those savings could be reflected on the public. Not.
ya what ever happened to that mantra? they increased the prices to adjust for the solar farm. now the solar farm is in full swing. Surely it must be paid off by now. So where is the savings? Oh right. the savings are passed onto the share holders.
Is there anyways to stop CUC from being a Monopoly? Cuz they straight Charge.
Don’t most politicians have shares in CUC? This is great news for them!
Investing $52.4M in modern, efficient and reliable equipment that we the customers pay through the a$$ for. Unless you have a modern, efficient and reliable people operating and maintaining it it’s just a licence to print money. CNS do you know if CUC still have that guaranteed 15% profit margin?
Oh good!! Just in time for summer!!
Why don’t they do this in the winter so we can ease into it??????? CUC you really are stupid. You suck.
I wonder if CUC could itemize the $52.4 millions to justify the improvements , or is OFReg just giving the green light without seeing the justification. I can’t believe that they work hard to keep the price down, every time I read the price is going up .
The company remains focused on increasing the reliability of its service and continues to seek ways to keep costs at a reasonable level which will ultimately benefit our customers … but in the next couple years, you will go up again? Christ .. you greeedy people are killing life for everyone …. GREED will KILL YOU!
seriously? so disgusted in the CAYMAN ISLANDS!!!! its becoming a disgusting place to live ….
The major problem here is that we sit back and let this Govt and previous Governments get away with ‘murder’! We need to band together and protest the high cost of living, high gas prices, high rent, high utility bills and the low income. Until we can do that this sort of thing will never stop. What has OfReg done to help the Caymanians struggling to make ends meet with regard to the regulation of high gas prices and electricity bills? I can tell you they’ve done nothing except collect fat salaries and approve the increases, (which are usually around the hottest time of the year), in order to ensure CUC capitalises to the fullest! This is just another Board created to hire friends of politicians!!! #fedupenoughisenough
what a wonderful day it will be when renewable energy is affordable to the masses.
Won’t happen in Cayman as CUC will make certain that solar remains on the slow track by making certain that few financial incentives are put in place for solar. A piecemeal approach to solar is the wrong way to go.
RIDICULOUS & SHAMEFUL
That won’t be until the very last barrel of oil has been burnt.
We need to increase the public bus rates, taxi rates, tour bus rate, the fishing boat rates, stingray city boat rates etc.etc,etc.
First off, the prices for Stingray City Charters are ridiculously high for a job that requires you to drive a boat and park it. and then they charge 60$ for photos. like wat ????
Second wouldn’t you want to lower bus rates, so that more people would go on them reducing the amount of traffic on the road?
A 2% increase on cost of goods and services yearly, but where’s my COL adjustment? Haven’t seen that in many moons. Guess it’s back to selling coconuts for me.
Yeh, that new solar power so damn expensive…
The authorised pillaging of the Cayman community continues.
What a surprise!!!! OfReg is just another useless Authority that does nothing to help the Caymanian people, they surely help big business to squeeze more out of us. #Shameful