Providenciales, Turks & Caicos Islands (April 18, 2008) - P.P.C. Ltd. ("PPC") submitted its 2007 Regulatory Filing to the Government of Turks and Caicos Islands on March 31, 2008. The Filing outlines the Company's performance in 2007 and its capital expansion plans for 2008.
"In 2007, PPC invested an unprecedented US$24 million in capital projects to meet the current and projected growth in energy sales resulting from our rapidly expanding customer base," explains Eddinton Powell, President and Chief Executive Officer, PPC. "This robust growth in customers and energy sales is being driven by the country's strong economic conditions, which are expected to continue over the next several years," he adds.
Energy sales were 146 gigawatt hours, 17% higher than in 2006; customer base grew more than 13% to approximately 8,700.
In 2007, as part of its capital investment to enhance reliability of electricity service and meet growth in energy demand, PPC purchased and commissioned two diesel-fired generating units with an installed generating capacity of almost 7 megawatts ("MW"). Four additional units, with a combined generating capacity of 13 MW, were purchased and will be installed in 2008 and 2009, increasing the Company's generating capacity by a further 25%.
Powell says that while PPC's 2007 rate of return on rate base was less than the permitted rate of return, the Company will not seek any rate increases in 2008. Moreover, PPC is reinvesting all its earnings to partially fund the significant capital investment needed to meet the strong growth in energy demand and provide reliable, quality energy to customers.
"We are busy completing our 2008 capital program, estimated at US$34 million, to ensure we meet our obligation to serve customers. Projects include the ongoing expansion and strengthening of the distribution system throughout Providenciales, North Caicos and Middle Caicos in support of customer growth and improved reliability," says Powell.
The Company's operational plans in 2008 also include the implementation of a 3- to 5-year Human Resource Development Plan, and the launch of a new Scholarship Program and Environmental Project.
P.P.C. Ltd. and Atlantic Equipment & Power Limited (Atlantic), indirect wholly owned subsidiaries of Fortis Inc., commonly known as Fortis Turks and Caicos, serve approximately 8,700 customers in the Turks & Caicos Islands. The Company is the sole provider of electricity in Providenciales, North Caicos, Middle Caicos and South Caicos. Fortis Turks and Caicos has a combined diesel-fired generating capacity of approximately 48 megawatts.
For further information, please contact:
VP, Customer & Corporate Service
P.P.C Limited (PPC)