A labour dispute between Belco and the Electrical Supply Trade Union has been resolved, according to a statement from the energy provider.

A Belco spokesman said this afternoon: “Over the past weeks, representatives from both the ESTU and Belco have been engaged in open and constructive dialogue with the aim of reaching an amicable agreement.

“Those discussions have culminated in a mutually beneficial resolution that addresses matters referred to the Employment and Labour Relations Tribunal for determination on July 18.

“With mutual consent, this matter has been withdrawn from the Labour Relations Tribunal.

“Belco's legacy is built on a valued workforce and a customer-centric approach, and those guiding principles will not waver.”

It is understood the dispute arose over management plans to “restructure” the company, which sparked fears of possible redundancies among employees.

The ESTU executive said on June 10 that it had been in discussions with Belco about austerity measures being considered, including redundancies.

The union issued a 21-day strike notice three days later after the department launched an investigation, and the long-running dispute was finally sent to arbitration last month.