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Highlights

  • Cost restructuring measures showing results with improved earnings and lower rates for 2020 despite weak economic environment
  • 56 MW of replacement generation at the North Power Station (“NPS”) has been completed and commissioning is underway
  • Completed Bermuda Electric Light Company Limited’s (“BELCO”) first rate case under the new Retail Tariff Methodology which resulted in lower rates for customers effective 1 January 2020
  • The Bermuda Integrated Resource Plan (the “IRP”) was released by the Regulatory Authority (the “Authority”) on 30 June 2019, with the target of achieving 85% of electricity generated by renewable resources by 2035, thus providing clarity on Bermuda’s energy future
  • Sale of Ascendant Group Limited (“Ascendant” or the “Company”) to Algonquin Power & Utilities Corp. (“Algonquin”) for $36 per share, approved by shareholders and awaiting regulatory approval including by the Authority

Ascendant Group Limited (“Ascendant” or the “Company”) (BSX: AGL.BH), a publicly traded provider of energy and energy-related services, today announced results for 2019, with core earnings of $15.3 million, or $1.60/share, compared to $14.5 million, or $1.49/share, in 2018 and net earnings of $12.4 million, or $1.27/share, compared to $5.4 million, or $0.54/share, in 2018.

 

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