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CUC Chair Receives Canadian Trade Award as Bills Rise Under Licence Regulator Cannot Block
October 25, 2026, 2:38 PM · 9 min read · Ask
Sheree Ebanks, Chair of the Board of Caribbean Utilities Company, who was given a Woman in Energy award by the High Commission of Canada on 15 October — Photo: Courtesy of Caribbean Utilities Company
The chair of Grand Cayman's only electricity supplier received a Canadian government award on 15 October.
Sheree Ebanks, Chair of the Board of Caribbean Utilities Company, Ltd. (CUC), was presented with a "Woman in Energy" award by the High Commission of Canada at the Jamaica Pegasus Hotel in Kingston, CUC said in a release dated 15 October 2026. Mark Berman, High Commissioner of Canada to Jamaica and The Bahamas, said in the release: "The Cayman Islands' energy future is being shaped by people with vision, technical depth and the determination to deliver, and Sheree Ebanks is one of them."
The award coincides with Caymanians facing higher energy bills. CUC's own figures show a household using its average of 1,158 kilowatt-hours a month is paying about CI$50 more than in May, with the Government covering a further CI$17.43 of fuel cost, and the company reported a 31% rise in quarterly profit in July that it said was helped by a base-rate increase from 1 June.
CUC's answer: hedging, and an 80% claim
Asked by The Caymanian Journal (TCJ) why it passes the full monthly movement in diesel prices to customers rather than hedging or smoothing it, a CUC spokesperson said in written responses provided on 20 October 2026: "Hedging provides certainty, but it does not necessarily provide the lowest price." The spokesperson said: "In the case of fuel cost variances as high as being seen in current conditions smoothing by the Utility is usually not feasible which is why many Governments throughout the region such as Jamaica, Anguilla, Bermuda and Grenada have provided cost assistance."
The spokesperson said: "The Company has initiatives it is capable of deploying, once the appropriate approvals are received, that could displace up to 80% of Grand Cayman's diesel usage for electricity generation within 3 years. This displacement would occur with cleaner energy at less than half the current cost of diesel. These projects would result in over $75 million per annum in fuel cost savings for electricity consumers when compared against today's diesel costs." CUC did not name the projects or approvals.
Asked how many of its directors are nominated or employed by Fortis, the spokesperson said: "We are proud to note that this requested information is publicly available. The majority of CUC's board members are Caymanian independent directors." CUC's Management Information Circular of 20 March 2026 lists 12 directors. Three are Fortis executive vice-presidents, Stuart Lochray, Regan O'Dea and Gary Smith, and are classed as not independent because of that. Richard Hew, CUC's President and Chief Executive Officer, is not independent. Kay Menzies, who ran Fortis Belize until 31 October 2025, is listed as independent but "deemed to be not independent" for audit-committee purposes. The other seven, including Ebanks, are independent directors based in Grand Cayman.
The circular shows Ebanks was paid a retainer of US$92,000 as Chair in 2025, rising to US$97,500 under a structure shareholders approved in May 2026, and held 8,053 Class A shares worth US$108,716 at 20 March 2026. On the Chair's fees and shareholding, the spokesperson said: "As a publicly listed company, CUC is committed to transparency and accountability in its financial reporting."
On the award, the spokesperson said: "CUC is not involved with the event and cannot speak to the funding of the event or the awards which are issued by a separate entity, which is the High Commission of Canada. We are proud of our chairperson, along with other women in the region, who were recent recipients of the Women in Energy award presented by the High Commission of Canada at the above-mentioned summit."
The 2008 licence
The reason the regulator could not refuse the June rise is a licence the Government granted CUC in April 2008. The Electricity Transmission and Distribution Licence gives CUC the exclusive right to carry and sell electricity on Grand Cayman for 20 years. Its Condition 25 contains a formula, the Rate Cap and Adjustment Mechanism, that resets CUC's base rates every 1 June in line with Cayman and U.S. inflation, excluding food and fuel. The licence also sets a target return on CUC's assets, which the company said is 8.50% to 10.50% for 2026.
URCO said in its 13 July statement: "Once that verification is complete, URCO has no lawful discretion to 'block' an adjustment that the licence requires. To do so would be to disregard the licence conditions, invite successful legal challenge and undermine the rule of law." It said: "Any change to the way electricity rates are set requires amending the licence itself through a lawful process led by the Government and conducted in consultation with CUC."
The licence expires in April 2028. CUC said in its first quarter 2026 report that it "contains provisions for an automatic 20-year renewal" and that the company "has reasonable expectation of renewal until April 2048". URCO said in July that it "has signalled to CUC and the public that the licence needs to be updated and has initiated talks along these lines. This includes automatic rate adjustments." It said the work "can only be done in partnership with the support of the government" and that Rolston Anglin MP, Minister for Finance and Economic Development, had "already signalled support in this area".
What Caymanians have said about their bills
Leader of the Opposition Joey Hew MP said in a statement on 15 July 2026 that the regulator had not answered "the central question facing Caymanian families and businesses". He said: "If scheduled CUC base-rate increases were deferred in 2020 and again in 2022 to provide consumers with temporary relief during periods of economic hardship, why was a similar approach not pursued in 2026?