Bermuda Electric Light

What Bermuda Electric Light does

Bermuda Electric Light Company Limited (BELCO) is the sole licensed electricity supplier for the island of Bermuda, operating a vertically integrated generation, transmission, distribution, and retail utility under rates set by the Regulatory Authority of Bermuda. Founded in 1909 and headquartered at 27 Serpentine Road, Pembroke, the company is a wholly owned subsidiary of Liberty Group Limited, which in turn is owned by Algonquin Power & Utilities Corp. (NYSE: AQN). It serves all customer segments on the island — residential, small commercial, large demand, and solar/distributed generation — through direct supply and a regulated tariff structure that includes a quarterly-adjusted Fuel Adjustment Rate (FAR) component.

BELCO generates electricity at its Pembroche central plant using Heavy Fuel Oil and No. 2 diesel engines, with the modern North Power Station commissioned in 2020 delivering approximately $50M in annual fuel cost savings versus the prior aging facility. Its Nolan Smith Battery Energy Storage System (10MW capacity, 5MWh storage) was the first utility-scale BESS in the Caribbean and has won the Caribbean Renewable Energy Forum's Best Energy Storage Project award. The Advanced Metering Infrastructure rollout is 85% complete, enabling two-way communication, hourly usage data, outage detection, and customer self-service via the portal. A Grid Modernization Project, an Integrated Resource Plan targeting 85% renewables by 2035, and a Solar Connection program for distributed-generation interconnects together signal a multi-decade transition off fossil generation.

Revenue is derived from usage-based electricity sales across three regulated rate tiers, billed monthly, with fuel costs passed through quarterly via the FAR at no margin to BELCO. Customer engagement is supported through the online portal, mobile app, partner payment centers across the island, and storm-mutual-assistance access via CARILEC.

Name

Bermuda Electric Light

Legal name

Bermuda Electric Light Company Limited

Website

https://belco.bm

Company type

Private

Founded year

1909

Operating status

Operating

Headcount range

101–250 employees

Short description

Bermuda Electric Light Company Limited (BELCO) is the regulated monopoly electricity supplier for the island of Bermuda, operating vertically integrated generation, transmission, distribution, and retail services for residential, commercial, and distributed-generation customers. It is a subsidiary of Liberty Group, owned by Algonquin Power & Utilities Corp.

Ownership category

akta.pro rank

Headquarters

HQ city

Hamilton

HQ country

Bermuda

Offices3 records

Markets served

GTM type

B2C

Offering type

Services

Cost components

Supply Chain, Infrastructure, Personnel, Operations, Technology or R&D

Revenue model

1. Electricity Generation and Sales: BELCO generates electricity using Heavy Fuel Oil (HFO) and No. 2 diesel engines at its central plant in Pembroke. The company sells electricity directly to all customer segments in Bermuda with rates regulated by the Regulatory Authority of Bermuda.
2. Transmission and Distribution Services: BELCO operates and maintains the transmission and distribution grid throughout Bermuda Island, providing reliable electricity delivery services to all customers.
3. Retail Electricity Services: Customer-facing services including billing, account management, new service connections, and grid connection for solar customers (Solar Connection program).

Pricing tiers

Go-to-market motion1 record

Distribution channels5 records

Marketing channels4 records

Core offering

Bermuda Electric Light Company (BELCO) is the sole vertically integrated electricity supplier in Bermuda, generating power at its Pembroke plant using Heavy Fuel Oil and diesel, transmitting and distributing it across the island, and retailing it to residential, small commercial, and demand customers under rates regulated by the Regulatory Authority of Bermuda. The company supports this core utility offering with advanced metering infrastructure (AMI), the Nolan Smith Battery Energy Storage System, an online customer portal, and a Solar Connection program for distributed generation customers.

Product overview

BELCO (Bermuda Electric Light Company Limited) is Bermuda's sole electricity supplier, operating as a vertically integrated utility providing generation, transmission, distribution, and retail services. The company offers a unified product portfolio centered on electricity supply, supported by advanced metering infrastructure (AMI), the Nolan Smith Battery Energy Storage System (BESS), and grid modernization. Customer-facing digital services include an online account portal for bill payment, usage monitoring, and outage reporting. The company is a wholly owned subsidiary of Liberty Group Limited, which is owned by Algonquin Power & Utilities Corp.

Differentiator

Problem solved

Functional benefit

Products and services

• Electricity Generation, Transmission and Distribution Vertically integrated electricity supply service: generation at the Pembroke plant (Heavy Fuel Oil and No. 2 diesel engines), transmission and distribution grid across Bermuda Island, and retail delivery to residential, small commercial, and demand customer classes under regulator-set rates.
• Nolan Smith Battery Energy Storage System (BESS)

Quantifiable outcome

• $50 million annual fuel cost savings since North Power Station commissioning in 2020
• +3 more outcomes

Named customers3 records

Segments4 records

Ideal customer profiles4 records

Technology focussed No

API detail

Has API

No

API docs

API detail

Core technology

AI maturity

App detail

Feature3 records

Partnerships

Two partnerships are on record, tiered major and core.

• Caribbean Electric Utilities Services Corporation (CARILEC)majorStrategic or Co-development PartnerRegional association of Caribbean electric utilities. BELCO participates in mutual assistance program allowing request for line workers from other member utilities during major hurricane restoration efforts.
• Regulatory Authority of BermudacoreOthersIndependent regulatory body responsible for setting electricity rates in Bermuda since 2016. Approves BELCO's Fuel Adjustment Rate (FAR) quarterly and rate restructuring proposals.

Scale indicators8 records

Recent moves9 records

Expansion highlights5 records

Market position

Strengths1 record

Weaknesses5 records

Competitive moat5 records

Customer concentration

• Xx.com/belcobermuda
• Facebookfacebook.com/belcobermuda
• LinkedInlinkedin.com/company/bermuda-electric-light-company-limited
• Instagraminstagram.com/belcobermuda

Revenue estimate

Valuation estimate

Number of profiles

Profiles8 records

Funding overview

Funding rounds

Investors

Funding detail is available on the Subscription and Enterprise plan.Contact sales →

M&A

Investments

M&A and investment is available on the Subscription and Enterprise plan.Contact sales →

Frequently asked questions about Bermuda Electric Light