A series of think tanks aimed at cutting the cost of power is to be held in the New Year, Ascendant has revealed.

In a letter, Walter Higgins, CEO of the parent company of electricity firm Belco, said: “In the meantime. our company continues to develop and refine a comprehensive integrated resource plan (IRP) that proposes a diverse portfolio of energy solutions, initiatives to bring down costs to the consumer and job creation associated with implementing the plan.”

Mr Higgins announced the moves in the end-of-year letter to shareholders.

He said that a variety of approaches designed to cut costs and pollution were being looked at — including replacing the current oil-burning plant in Pembroke.

Mr Higgins added: “The plan recommends reducing costs with energy efficiency and conservation initiatives, extensive renewable energy deployment and a transition to an alternative fuel, likely to be liquefied natural gas (LNG) to achieve lower cost energy.”

He said the workshops would follow an energy summit, held in November last year, the first of its kind in Bermuda and which brought together experts from Bermuda and overseas.

Mr Higgins quoted Minister of Education and Economic Development Dr Grant Gibbons’ opening address, where he said that energy reform was vital to economic recovery and could even accelerate the pace.

Mr Higgins said: “This is a statement that is even more profound given what is required to prepare for the America’s Cup.

“Ascendant’s success is directly linked to Bermuda’s growth, stability and prosperity and we will work closely with all stakeholders to achieve the best outcomes.”

Mr Higgins added that the Cup, which will see a series of events starting in the fall and climaxing with the finals in 2017, would boost the firm and Bermuda.

He added: “Ascendant Group Ltd has given its commitment to the Bermuda Government and the America’s Cup organisers that we will provide the required energy and infrastructure support to help make the America’s Cup a great success.

“There is much to be done in preparation for the America’s Cup, but Bermuda has a tradition of successfully rising to challenges.”

And he cited the firm’s response to two hurricanes, Fay and Gonzalo, which hit the Island in a space of a week last October, including drafting in extra specialists from the Caribbean, and the speed at which normality was restored as an example of the Island’s resilience.

The letter also told shareholders that a dividend of 7.5 cents per share would be payable at the end of last year.

Mr Higgins added that work continued to review its costs and that, starting from this year, the employee health insurance plan was being revised to reduce overall costs, while maintaining benefits and sustainable coverage.

He said: “The New Year will bring with it continued challenges, but also many more opportunities.

“We are looking forward to working with Government, stakeholders and the whole community in doing our part to deliver on our commitments.”