Cayman Islands cancels call, approves CUC plan

The Cayman Islands' Electricity Regulatory Authority (ERA) has cancelled the 36MW call for additional generation capacity scheduled for a commissioning date of July 2014 commenced by the RFP dated March 23 last year. "As a result of unavoidable and unforeseen delays, the timetable and various milestones provided for by the RFP cannot now be achieved. In the ERA's view, the delays have had the regrettable result that it is left with no choice but to cancel the solicitation process," the watchdog said in a statement. The regulator added that a new call may be issued in the near future. In a separate report, Fortis (TSX: FTS) announced ERA approved Caribbean Utilities' ( CUC) 2013-17 capital investment plan for US$123mn related to non-generation installation capital expenditures. "Capital expenditures relating to additional generation installation are subject to ERA approval through a competitive bid process," according to the Canadian group's latest earnings report. Fortis' Caribbean portfolio includes an approximate 60% stake in CUC and three wholly owned utilities in the Turks and Caicos Islands; and a non-regulated generation asset in Belize.