The Regulatory Authority is inviting comment from the public on the proposed change of control of utility Belco.

Algonquin Power and Utilities Corporation, a Canadian group, has agreed to acquire Ascendant Group Ltd, parent company of Belco, in a deal worth more than $360 million. Ascendant’s board and shareholders have approved the takeover, which is now awaiting approval from the RA, the rehulator that oversees the electricity and telecommunications sectors.

The deadline for comments to be submitted is May 4, 2020.

Specifically, the RA is seeking comments which address the following:

Whether the proposed transaction will likely:

• Promote and preserve competition

• Promote the interests of the residents and consumers of Bermuda

• Promote the development of the Bermudian economy, Bermudian employment and Bermudian ownership

• Promote innovation

• Fulfil any additional functions specified by sectoral legislation

• Create an entity with a dominant position or enhance an existing dominant position in any relevant electricity markets

• Substantially lessen competition in any relevant market

• Harm the public interest.

Whether the proposed transaction seeks to:

• Protect the interests of end users with respect to prices and affordability and the adequacy, reliability and quality of electricity services

• Ensure the safety, sustainability and reliability of electricity supply in Bermuda, so that Bermuda continues to be well positioned to compete in the international business and global tourism markets

• Provide sectoral participants and end users with non-discriminatory interconnection to transmission and distribution systems

• Encourage electricity conservation and the efficient use of electricity

• Promote economic efficiency and sustainability in the generation, transmission, distribution and sale of electricity

• Bermuda’s energy plan for renewable energy or Integrated Resource Plan.

Comments should be sent to the RA at electricity@ra.bm or by visiting the RA’s website at www.ra.bm and selecting the public consultation/comments link on or before 11:59pm on May 4, 2020