Canada’s Algonquin Power & Utilities Corp, the ultimate parent of Belco, has reported a jump in 2023 profits in its Regulated Services Group, attributable in part to rate increases in Bermuda.

Oakville, Ontario-headquartered Algonquin said: “The Regulated Services Group recorded year-over-year growth in divisional operating profit of 10.5 per cent due to the implementation of new rates and recovery of investments at the company's CalPeco, Empire, Granite State and Bermuda Electric Systems as well as the Park Water and Pine Bluff Water Systems.”

The company, which is the parent of Belco owner Liberty, reported annual adjusted net earnings of $372 million, a decrease of 11 per cent year-over-year.

Fourth quarter adjusted net earnings were $115.5 million, an increase of 18 per cent over the prior year quarter.

Chris Huskilson, interim chief executive officer of Algonquin, said: “2023 was a decision year for the company, with the termination of the Kentucky Power transaction and announcement of the planned refocusing of the company, including the proposed sale of our renewables business.

“We expect 2024 to be a transition year as we seek to reposition the company towards a more efficient operating profile and a renewed strategy for the future.

“Despite headwinds in 2023, we made progress. Our Regulated Services Group posted double-digit divisional operating profit growth primarily from new rate implementations, reflecting recovery of and returns on investments we made in our systems.

“Additionally, our renewables business placed in service 453MW (megawatts) of wind and solar generation. We are excited that in the midst of taking steps to simplify and focus the company, our two businesses continued to grow.”