May 1, 2020

The Utilities Regulation and Competition Authority, URCA, is required by law (s.41(1)) to prepare and publish annually a report on its performance for the previous year.  This report is to include a financial report comparing budgeted and actual revenue and expenditure, summary of key performance indicators and summary of the organizations activities whether planned or unplanned.

The law mandates that this report is published on or before 30 April of each year.  URCA, in compliance with its mandate, publishes each year its annual report on its website and other social media platforms.  A critical component of this report is the regulated sectors’ market review information and most importantly, its audited financial reports.  Due to the Emergency COVID-19 Orders concerning the global coronavirus pandemic implemented by the Government in March and the subsequent social distancing directives, URCA has had to adjust its operations and to review its projects timetable for 2020.  The COVID-19 emergency circumstances and this period of adjustment has resulted in unintentional and unavoidable delay in the processing and receipt of information necessary for the timely completion and publication of URCA’s Annual Report and Annual Plan by the stipulated 30 April deadline. 

URCA apologizes to its stakeholders, particularly its licensees and undertakes to have the same published on or before 8 Friday May 2020.