fp Turks and Caicos

FortisTCI and AEP Limited have submitted their Annual Regulatory Filings for the year ended Dec. 31, 2011, to the Electricity Commissioner.

Reflecting economic weakness of the local economy, the utility reported overall growth of 0.3 percent in energy demand. All sectors showed a decline in sales except for commercial and small hotels, driven primarily by a strong 2011 tourist season, according to the utility.

Sales for large hotels decreased because of extended closures following Hurricane Irene, and residential sales decreased by 2 percent as residents increased energy conservation efforts, the utility said.

The company reported earning profits of $8.7 million and spending $26.37 million for capital investments, including a second larger, more efficient generator for improved generating efficiency, reduced maintenance costs and improved reliability. It also finished a new corporate headquarters and customer service centre and built an 800,000-gallon fuel storage facility.

“Although we had an extremely busy year, the company and its employees rose to the challenge,” said Fortis TCI CEO Eddinton Powell. “Major headwinds included the continuing global recession and the impact of Hurricane Irene which resulted in the temporary closure of some of our commercial customers.”

“Despite the economic recession, we continued to be a significant investor which provided much needed buoyancy to the local economy. Our investments in both physical and human assets are part of the Company’s long term strategy to ensure that the TCI has one of the best electricity systems in the world.”

“The current spike in fuel prices, which has driven up the cost of electricity to our customers, remains one of our biggest challenges,” he said, citing a reduction in fuel usage. “We are committed to increasing fuel efficiency even further.”