Igor Lost BELCO Sales/Restoration: $1.2 Million

May 11, 2011

igorsatnight-1-99_wm-620x413In the release of the Ascendant Group Limited 2010 audited fiscal year report, the company said that the financial effect of Hurricane Igor to BELCO was approximately $1.2 million, as a result of lost sales and restoration costs.

Hurricane Igor passed over the Island on 19 September, leaving approximately 29,000 customers without power. Although power to all customers was restored within a week, the financial effect to BELCO was approximately $1.2 million through lost sales and restoration costs.

Hurricane Igor was initially expected to be a strong hit on the island, however weakened as it approached Bermuda, down to a Category 1 from a Category 4 hurricane, causing some minor damage and widespread electrical outages, but sparing the island any severe damage, such as we sustained during the strike by Hurricane Fabian in 2003.

BELCO’s 2010 earnings fell approximately $2.95 million to $16.71 million versus $19.66 million achieved in 2009.

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