The license, which took effect August 1, was awarded by the Cayman Islands Utility Regulation and Competition Office to the subsidiary of Consolidated Water. Chief Executive Rick McTaggart noted that the deal creates a modern operational structure for the region, replacing the previous long-standing agreement.

Under the new terms, customers will see lower costs for water consumption, as the license mandates a roughly 6.5% price cut per gallon. The contract also formalizes a transparent schedule for base rates and monthly meter rental fees, with provisions allowing for annual adjustments every July to account for changing economic conditions.