Environmental charity Greenrock has backed a bid by Finance Minister Bob Richards to end power firm Belco’s monopoly and generate more power from renewable sources.

Greenrock executive director Gordon Johnson said Government should encourage businesses working on supplying new sources of power and reduce the Island’s dependence on oil.

He added: “Belco has been, and I am sure it will continue to be, a very good business partner in our community and of Greenrock’s, but it is necessary to introduce competition in this sector.”

Mr Johnson was speaking after Mr Richards said a lack of competition for Belco was a contributing factor to the Island’s failure to pull its way out of recession.

And he added that the high cost of electricity was “a great burden” for ordinary Bermudians, whose spending power was reduced due to the high cost of “just keeping the lights on.”

Mr Richards said Government and the Regulatory Authority would take steps to increase competition from alternative energy providers and ensure “fair and equitable” access to the Belco supply network for new power companies.

Mr Johnson said the Island had to look at the way power was produced and generated and what advances could be made since Belco was created more than a century ago.

He added: “We are seeing the effects of competition within the telecommunications market right now, which is being reflected by the introduction of better deals for the consumer.

“I am sure that the same thing can happen with the electricity market.

“We must create a legacy that, in addition to increasing our competitiveness, also benefits the average Bermudian in terms of reducing their costs and their reliance only on fossil fuels.

“To this end, while we absolutely welcome Government’s Budget announcement, we also look forward to learning how it will be accompanied by incentives, policy and a plan to encourage alternative sources of power.”

Mr Johnson added that Greenrock would be promoting participation in the global Earth Hour on Saturday, March 29 — when people are encouraged to attend special events and turn off power for an hour between 8.30pm and 9.30pm.

He said the charity wanted to assist in the creation of a legacy that decreases Bermuda’s reliance on fossil fuels and reduce the cost of electricity.

Mr Richards’ Budget speech said the price that firms producing solar, wind or wave energy to access the Belco grid was “crucial to their economic success or failure.”

He added that the Belco monopoly required “close attention and regulation.”