Cayman Islands regulator okays new FiTs for consumer-owned green power systems
Sep 4, 2012 - The Electricity Regulatory Authority (ERA) of the Cayman Islands yesterday announced the approval of new feed-in tariff (FiT) rates for the Consumer-Owned Renewable Energy Generation Programme (CORE).
The CORE programme enables the customers of Caribbean Utilities Co (CUC) in Grand Cayman to connect their own renewable energy systems to CUC's distribution system and reduce their monthly bills by generating their own power.
The rates under the revised FiT scheme will be KYD 0.385 (USD 0.470/EUR 0.373) per kWh for residential customers and KYD 0.375 cents per kWh for commercial customers over 20 years. The FiT rate that was effective from February 1, 2011, to August 30, 2012, was KYD 0.37 per kWh.
A total of 2 MW of green power capacity will be allowed to be connected to the CUC Transmission and Distribution System under the new FIT programme. CUC and the ERA will review the limit annually or when the CORE portfolio is fully subscribed.