The Utility Regulation and Competition Office (URCO) expanded its oversight of the Cayman Islands’ energy, fuels, information and communications technology (ICT) and water sectors in 2025.
It did this while strengthening its leadership team and technical expertise, according to its Annual Report 2025.
The regulator described the year as one of organisational rebuilding.
By year-end, it employed 28 full-time staff after appointing an executive director of energy and a director of economics and regulatory affairs, while Cabinet reappointed several non-executive directors to a board that met 18 times during the year.
In the electricity sector, URCO continued regulating Caribbean Utilities Company, Island Energy Limited and Bodden Town Solar I Limited.
The office reviewed fuel cost adjustments, capital investment plans, electricity rate submissions and performance standards.
It also monitored service interruptions across Grand Cayman, Cayman Brac and Little Cayman.
The regulator issued the final request for proposals for a 22.5-megawatt dispatchable solar photovoltaic project with battery energy storage. The project is targeted to begin commercial operations by June 2028.
The report said residential applications to the Consumer Owned Renewable Energy subscription programme increased 85% after revised CORE rates introduced in late 2024.
It also found Grand Cayman’s average residential electricity price of US$0.37 per kilowatt-hour was below the regional average of $0.38 per kWh in a comparison of six Caribbean utilities.
URCO increased its regulatory activity in the fuels sector, completing 805 inspections against a target of 350 to 400 and supervising 450 fuel pump calibrations.
It continued publishing weekly retail fuel prices and completed a final draft of national fuel quality standards for gasoline, propane and diesel after two rounds of public consultation.
In telecommunications, the regulator approved spectrum allocations to support Paradise’s 5G rollout and licensed Starlink to provide satellite-based telecommunications services.
It introduced a regulatory framework for satellite-based providers, issued the first ICT Consumer Protection Regulations, advanced infrastructure-sharing initiatives and modernised aircraft radio licence fees.
For the water sector, URCO said it was preparing to issue a new operating licence to Cayman Water Company.
The licence was set to include updated rate-setting mechanisms and enforceable service standards and expected to be executed in early 2026.
The report also said most formal complaints received during 2025 came from the ICT and energy sectors.
The majority were submitted electronically and handled through the regulator’s established complaint resolution procedures.
