Greenrock: Competition for BELCO is welcome news

Government must actively encourage businesses working on supplying new sources of power, according to a group promoting Bermuda’s part in a worldwide campaign to reduce reliance on fossil fuels.

Greenrock’s executive director Gordon Johnson made the call after Finance Minister Bob Richards announced that Government and the Regulatory Authority would ensure fair access to Belco’s supply network for existing and new companies.

Mr. Johnson said through policy, incentives and regulation Government should now support any new initiatives surrounding alternative power sources.

He added: “Belco has been, and I am sure 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.

“What questions are required today about our energy generation and consumption? What conversations occurred in 1904 when Belco was created with the promise of bringing the magic of electricity to our Island and what conversations do we want to have over 100 years later? What can we create together that we can’t create alone?

“We are seeing the effects of competition within the telecoms market right now which is being reflected by the introduction of better deals for the consumer. I am sure the same thing can happen with the electricity market.”

Greenrock is promoting Bermuda’s participation in Earth Hour on March 29 when everyone is being encouraged to attend events at Washington Mall and City Hall car park – as well as turning off power for an hour between 8.30pm and 9.30pm.

Beyond Earth Hour, Greenrock wants to assist in the creation of a legacy that decreases Bermuda’s reliance on fossil fuels and helps to reduce the cost of electricity.

Mr. Johnson added: “In his Budget speech, the Finance Minister said that one reason Bermuda had lost its competitiveness was the high cost of electricity.

“That may be true, but the high cost of electricity also impacts very heavily on the financial outgoings of ordinary Bermudian families, particularly Bermudians who have fallen over or are close to our economic edge.

“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.”