The 60th Annual General Meeting (AGM) of LUCELEC marked a significant milestone, reflecting on a year of progress, challenges, and forward-looking initiatives. The meeting highlighted our Company’s financial and operational performance in 2024, strategic priorities, and key decisions in shaping our future.
From an operational perspective, in 2024, we recorded a 5.6% increase in sales, and a 2.6% increase in peak demand. However, fuel consumption also rose by 7.5% with a slight decline in fuel efficiency, and significant declines in performance in key technical areas including SAIFI, SAIDI and System Losses. Contrastingly our people metrics returned increasingly positive results in employee engagement and AIFR.
MD Gilroy Pultie presenting at LUCELEC’s 60th AGM
A major operational challenge occurred when a damaged cable took part of our power plant offline for six weeks. This incident underscored the importance of infrastructure resilience and risk mitigation, both of which are now central to our company’s strategic planning.
Some of the major SBP2025 achievements in 2024 included the enhancements to strategy reporting (ESM Platform), the completion of the 20 Year Generation & Transmission & Distribution Plan (Company’s Integrated Resource and Resilience Plan – IRRP); the Clean Energy Maturity Model (CEM) and the launch of the Prepaid Metering Pilot Project.
Looking ahead, LUCELEC is committed to driving our strategic business plan. Reliable, affordable and sustainable energy services, driving the transition to clean energy and diversifying our operations. Energyze Holdings Inc. (EHI) is expected to drive diversification opportunities. From a risk management perspective our focus is on finding the right balance. Several key projects are underway, including the launch of the prepaid metering solution in August 2025 and the development of a 10 MW solar farm, targeted for completion by early 2027.
Attendees of LUCELEC’s 60th AGM
Our company is also advancing discussions with the Government and regulatory bodies on a proposed power plant in the island’s southern region. Other capital investments are planned to support grid resiliency and modernization with the replacement of aging assets high on the agenda.
Recognizing the importance of public engagement, LUCELEC will intensify efforts to educate stakeholders about our role in renewable energy implementation.
Internally, the focus will be on organizational culture strengthening and embedding change management. Succession planning continues to be a major priority, particularly for critical roles nearing retirement. This initiative aims to ensure continuity and preserve institutional knowledge across the organization.
Shareholders approved the 2024 Director’s Report and the Auditor’s Report for the year ended December 31, 2024. Ernst & Young was appointed as the new statutory auditor for a three-year term beginning January 1, 2025. The shareholders also approved a final dividend, scheduled for payment on May 23, 2025.
The meeting also saw the election of Dr. Bernard La Corbinere and the re-election of directors retiring by rotation, including Mr. Everistus Jn Marie, Mr Calixte I.S.N. George and and Mrs. Lisa Ann Fraser, reaffirming confidence in our company’s leadership.
As LUCELEC moves forward, our focus remains on innovation, sustainability, and resilience. The initiatives outlined at the AGM reflect a clear commitment to delivering value to customers, shareholders, and the wider community, while navigating the evolving energy landscape with purpose and responsibility.
