Bermuda Energy Services Co. Ltd. (Besco), the subsidiary of Belco Holdings Ltd. has completed more than three quarters of a million dollars worth of energy conservation projects in the first five months of the year.

And Belco said yesterday that a further twice that amount has either been awarded or is underway. Besco has so far been awarded a total of nearly $2.4 million worth of work, evidence of the usefulness of the 1966 investment in the subsidiary.

The utility's quarterly newsletter has stated that energy services projects completed in the first five months totalled $811,400. An additional $1,579,900 in contracts are either currently underway or have been awarded. The total value of work awarded is $2,391,300.

Meanwhile, Bermuda Gas & Utility Co. Ltd. (BGU) is reporting a 7.66 percent increase in overall sales through April. The majority of this increase, 4.56 percent, is a result of increased gas prices passed on by the supplier.

Gas volume was up only slightly, 0.14 percent, when compared to last year.

Appliance sales were up 8.15 percent while service and parts sales were up 9.28 percent.

But Bermuda Electric Light Co.'s total kilowatt hour sales through May were actually down 1.36 percent over the same period in 1996. Residential sales were flat, with a marginal growth of 0.06 percent. In the large demand sector there was a decline in useage of 4.73 percent.

President and CEO, Garry Madeiros, said, "The majority of this decline is due to a decrease in usage by many of the large hotels and office buildings on the Island, which is attributable to two factors; savings which have been achieved through energy savings projects either completed or recommended by Besco, or other local companies, plus a 2.6 percent decline in the occupancy rate for large hotels for the first four months of the year.

"This decrease in usage by large demand customers was partially offset by a sales increase of 3.01 percent in the small commercial category.'' Belco Holdings has declared a dividend of 30 cents per share for the second quarter of 1997. The market price of Belco Holdings stock per share was $21 as of June 13, an increase of $1.50 from the publication of the last quarterly report.

Garry Madeiros