07:21 AM EDT, 08/06/2025 (MT Newswires) -- Caribbean Utilities (CUP-U.TO) overnight Tuesday said its earnings rose in the second quarter.

The company's net earnings for the quarter advanced to US$11.5 million, or US$0.27 per Class A ordinary share, up from US$10.1 million, or US$0.26 per share, in the year-ago quarter. The company said the increase was primarily driven by higher operating income and a decrease in power generation and maintenance costs.

The company also reported a 2% increase in customers in the second quarter compared to the year-ago quarter, with electricity sales revenues inching up to US$32.6 million from US$31.3 million.

"The realized overall annual cost savings for our customers through fuel cost savings via efficiency measures and price reductions demonstrate our commitment to investing in projects that are driving affordability for our customers," said Caribbean Utilities President and Chief Executive Richard Hew.

The company also said it will submit a new certificate of need (CON) to the Cayman Islands Utility Regulation and Competition Office (URCO) by Sept. 5, which will define the generation resource requirements necessary to support Grand Cayman's projected energy demand from 2027 onward.

This comes after the company voluntarily withdrew its CON originally submitted on June 7, 2024 as part of an agreement with URCO to address the urgent need for additional generating capacity requirements for Grand Cayman.

The company and URCO have also agreed that Condition 31 of the company's transmission and distribution licence, does not preclude the provision of firm capacity generation from renewable sources. Additionally, both parties are "actively engaged in the modernization of the CUC Transmission and Distribution Licence" to align with evolving regulatory, infrastructure, and operational needs, said the company.