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, May 1, 2024 /CNW/ - Caribbean Utilities Company, Ltd. ("CUC or "the Company") announced its consolidated unaudited results for the three months ended March 31, 2024 ("First Quarter 2024" or "Q1 2024") (all figures stated in United States Dollars). Highlights for Q1 2024 were as follows: Financial Growth Net Earnings for Q1 2024 totaled $6.2 million, 18% increase compared to Q1 2023. 6% increase in kilowatt-hour ("kWh") sales when compared to three months ended March 31, 2023 ("First Quarter 2023" or "Q1 2023"). 2% increase in total customers when compared to Q1 2023. Capital Expenditures Investments in sustainability includes purchase of more electric vehicles to add to the fleet, the utility scale Battery Energy Storage System project ("BESS") and the public electric vehicle charging station programme. Total capital expenditures for the three months ended March 31, 2024, totaled $19.3 million which included projects to improve grid resiliency, generation asset upgrades, and construction of infrastructure to transition to lower carbon energy. Two 10-megawatt ("MW") BESS located at Hydesville and Prospect sub-stations. Systems will be online in the first half of 2024 and the systems are anticipated to lower fuel costs and improve fuel efficiency by up to 5-6%. Carbon Reduction Initiatives Request for Qualification for the provision of Liquid Natural Gas as a transitional fuel was completed in 2023, this project is progressing with the Request for Proposal to be issued in 2024. Lifecycle upgrades for first generating unit were completed and work has commenced on the second of five units planned for upgrade. Upgrades will improve fuel efficiency and allow the engines to be easily converted to dual fuel when LNG is an option on Grand Cayman. 20 Electric Vehicle ("EV") charging stations installed with an anticipated further 20 charging stations by the end of 2024. Community Commitment and Recognition Continued commitment to community development showcased through partnerships and support programmes. Programmes assisted in Q1 2024 were Cayman Athletics through the hosting of the CARIFTA trials and Cayman Swimming through the hosting of the CUC Sea Swim. Green Diamond Award recipient in 2023 for recycling excellence and recycling over 2.7 million pounds of scrap metal, cable, transformers and other recyclable material. The Company continues to deliver reliable and safe electricity service to our customers. During the First Quarter, the Company continued to make progress on major projects that are aimed at reducing costs and carbon emissions.