Cayman 27 – ARCHIVE

OTEC defends pricing plans, refutes claims by OfReg boss

A renewal energy technology manufacturer on Thursday (13 December) defended its pricing proposal for a proposed project off the North Side shoreline.
Cayman OTEC International said its pricing structure would be substantially lower than the current energy rates being paid by consumers.
The company seeks to provide renewable energy to Caribbean Utilities Company through a set of floating power platforms.
Last month Cayman 27 aired a story with OfReg acting CEO Gregg Anderson saying, in Finance Committee, the regulator was awaiting a newly proposed pricing structure from the company. But OTEC said that’s incorrect.
According to a press release issued Thursday in response to the story OTEC said OfReg accepted the pricing back in June, but then in September was told that CUC contested its pricing.
OTEC said its still waiting to see CUC’s integrated resource plan in order to compare its proposed pricing to those proposed by CUC.

About the author

Reshma Ragoonath

Reshma Ragoonath

Reshma Ragoonath is a Trinidadian journalist with 18 years media experience with a strong background in print with her most recent stint at The Cayman Reporter. She has a BA in Mass Communications, as well as, an Associate degree in Journalism and Public Relations.

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