BELCO Responds To Minister’s Statement
BELCO has responded to the Ministerial Statement on the Integrated Resource Plan [IRP], correcting what they said were “inaccuracies about the plan’s timeline and BELCO’s role in developing it and reaffirming the Company’s commitment to Bermuda.”
A spokesperson said, “For almost 120 years, BELCO has served the 36,000 homes and businesses that rely on the electricity the company generates and distributes across Bermuda. The company’s mandate has always been to balance a reliable energy supply with sustainability, at a cost that is affordable, and to keep the best interest of the country at the heart of every decision it makes. BELCO recognises that electricity costs directly affect every household and business in Bermuda, and that affordability must remain central to any long-term energy plan.
“BELCO is powered by more than 250 Bermudian employees, including the engineers, technicians and support staff who operate the plant, maintain the grid and restore power after storms. The company is also investing in Bermuda’s next generation of energy professionals through paid summer internships, scholarships for Bermudian students pursuing engineering and energy-related studies, and ongoing training and development programmes. That same long-term commitment extends to the capital infrastructure Bermuda depends on today and will need for the decades ahead.
“Today’s Ministerial Statement leaves the public with an inaccurate picture of BELCO’s role and record on the Integrated Resource Plan [IRP]. The current IRP was not seven years in the making. The 2019 Integrated Resource Plan was the last plan published, but the work behind the current plan began in Q4 2022. BELCO submitted its first draft to the Regulatory Authority [RA] a year later, which then ran a public consultation and directed revisions, a process BELCO completed and returned to the RA as required. BELCO does not set that timeline, the RA does.
“As Bermuda’s licensed Transmission, Distribution and Retail holder, BELCO brings the qualified, licensed engineering expertise to draft the plan, because this is the work the company does every day. But the RA owns the process, owns the consultation, and owns the decision to approve and publish. Any assessment of the IRP must consider affordability alongside reliability, resilience and sustainability, because lower costs cannot be achieved through planning decisions that put the security of Bermuda’s electricity supply at risk.
“On the status of the plan itself, the record is also worth clarifying. The Integrated Resource Plan was approved and made public on the Regulatory Authority’s website on 3 July 2026. The subsequent suspension Order, which became operative after that approval, creates uncertainty about the legal and practical effect of suspending a process that had already reached approval and publication. BELCO is therefore seeking clear confirmation from the RA on where the approved and current IRP now stands. Customers, investors and stakeholders deserve one clear and accurate explanation of the IRP’s current status and next steps.
“BELCO remains open to guidance from Government and from the RA on the path forward, and takes its instruction from the RA, the independent body established under the Electricity Act to oversee this sector. BELCO believes the RA is best placed to lead this process precisely because of that independence, and any changes arising from Government’s policy work should continue to be led by the RA.”
“BELCO’s engineers have drafted this plan under the Regulatory Authority’s direction from day one,” said Wayne Caines, President of BELCO. “The RA sets the process, runs the consultation and makes the decision, and our ownership structure has never changed what this company is. BELCO was built by Bermudians and is staffed by more than 250 Bermudian employees who balance reliability, sustainability and affordability for our customers every day. We remain ready to work with the Regulatory Authority and with Government, in the best interests of the Bermudian consumer.”
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