Island Energy Ltd. has informed its customers in Cayman Brac and Little Cayman that it has been granted approval from the Utility Regulation and Competition Office (OfReg) to implement a 5.6% increase of its base rate, effective 1 January 2025.

The OfReg decision was made at a meeting on 10 December 2024. Post-paid customers will see the increase reflected on their January 2025 invoices, which are issued in late January and due in February). Prepaid customers will have the new rate applied to transactions beginning on 2 January 2025.

Since acquiring the assets of the Cayman Brac Power and Light Company in 2022, Island Energy Ltd., a Dart subsidiary, has invested over $4.5 million to improve the safety and reliability of electricity services across the Sister Islands. These investments include new-generation equipment, upgraded transmission networks, new service vehicles, facility renovations, and enhanced training and safety equipment. 

“These upgrades enhance the resilience of our network and equip our crews with the necessary tools required to ensure the highest levels of service delivery to our valued customers, which should also result in fewer and shorter unplanned outages,” said Jonathan Tibbetts, Island Energy general manager. 

He noted that while those improvements were essential to maintaining the safety and reliability of the electricity supply in the Sister Islands, they require appropriate funding. Base rates in Cayman Brac and Little Cayman have remained unchanged for over 20 years. Fluctuations in consumer bills over that time have been solely the result of the fuel surcharge component. Tibbetts explained.  

“We know that a notice of this nature is not one that you look forward to receiving, nor is there any perfect time to make such an announcement but we are committed to transparent and open communication with our valued customers,” Tibbetts stated in a letter to customers.

For more information on the base rate changes or for further information on the Island Energy Ltd. rate structure, visit www.islandenergy.ky or www.ofreg.ky.