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Ascendant Group Limited (“Ascendant” or the “Company”) (BSX: AGL.BH), a publicly traded provider of energy and energy-related services, today announced results for the first quarter of 2020, with core earnings of $4.1 million, or $0.42/share, compared to $1.0 million, or $0.10/share, for the same period in 2019 and net earnings of $4.1 million, or $0.42/share, compared to $(0.5) million, or $(0.06)/share, for the same period in 2019.

Highlights

  • Solid operating results across all business lines
  • Bermuda Electric Light Company Limited (“BELCO”) cost restructuring measures showing results with lower customer rates and stable earnings despite weak economic environment
  • 56 MW of replacement generation at the North Power Station has been commissioned and is now in full operation
  • Sale of Ascendant Group Limited to Algonquin Power & Utilities Corp. (“Algonquin”) for $36 per share, approved by shareholders and awaiting approval by the Regulatory Authority

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