Log In

In the recent past, electricity prices have been extraordinarily high in Bermuda. There are many reasons why. One is Bermuda’s small size. When a system has a peak load of just over 100MW and an operating a fleet of 20 generators, it’s almost impossi...

The decision on whether Algonquin Power & Utilities Corporation is acceptable to the Bermuda people as the 100 per cent foreign owner determining our future fate with respect to the control of our most important utility could not be approaching at a ...

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 dea...

Ascendant Group Ltd has donated $100,000 to food charity The Eliza DoLittle Society. In a statement, the parent company of electricity utility Belco said its contribution was aimed at helping those most impacted by the Covid-19 crisis. “What is clea...

A big fall in restructuring charges helped Ascendant Group Limited, the parent company of Belco, achieve a 129 per cent improvement in its full year profit, reporting net income of $12.4 million, or $1.27 per share, for 2019. That was up on the $5.4 ...

The annual general meeting of Ascendant Group Ltd, scheduled to be held March 27, has been postponed due to the Covid-19 pandemic. The board of directors of Ascendant, which includes power utility Belco among its holdings, said in a letter to shareho...

Dear Sir, In August of last year, the shareholders of Ascendant Group Ltd overwhelmingly voted in favour of selling the company to Algonquin Power and Utilities Corp. The sale of Ascendant to Algonquin will have significant benefits to Bermuda, the f...

Ascendant Group Ltd is celebrating International Women’s Day by participating in the Each for Equal campaign, the company said. Ascendant is the parent company of several industrial and service technology businesses, including Belco and the AG Holdin...

A deadline for a decision on the change of control of Belco to Canada’s Algonquin Power and Utilities Corporation has been extended to October. The Regulatory Authority will issue a final decision on the change of control application. A Bermuda gover...

Declining electricity sales and the impact of Hurricane Humberto caused Ascendant Group Ltd’s earnings to fall in the third quarter. The parent company of power utility Belco also took a $2.8 million restructuring charge related to the sale of the co...

Legal and financial advisory fees related to the sale of the Ascendant Group Ltd totalled $4.62 million in the first half of the year, contributing to a net loss of $1.9 million for the six-month period, the company reported. The loss compared to a p...

Dear Sir, I am a shareholder and a former board member of Belco. When I was the Permanent Secretary of the Ministry of Works and Engineering, I had many discussions with Garry Madeiros and Vince Ingham, the senior management of Belco. I had some succ...