The amount of electricity sold to homes and business by Belco has gone up by 2.5 percent compared to the same period last year, according to the company's president and chief executive officer.

The biggest increase was in sales to homes which rose 3.9 percent, while businesses went up 1.3 percent in total kilowatt hour sales through November 2000.

According to Garry Madeiros, two out of the three of Belco Holdings companies had seen increases in sales during 2000, with BESCO dropping away in the same period.

The news in a letter to shareholders was released yesterday, and saw share prices drop by $1.00 or 4.3 percent to close at $22.00.

Belco Holdings, which has three subsidiaries, gave reports on the performance of Belco, Bermuda Gas and Utility Company, and BESCO.

"I am pleased with our achievements in 2000,'' said Mr. Madeiros. "All three operating companies performed well and I expect that overall we will have exceeded budgeted projections.'' He reported that Bermuda Gas & Utility Company reported an overall increase in sales of 9 percent through November 2000 compared to the same period in 1999.

But volumes fell and business was badly hit after two of its large customers closed down.

The letter said: "The closure of two major accounts -- Marriott's Castle Harbour Resort and Quality Dry Cleaners -- in late 1999 left Bermuda Gas with a shortfall in commercial gas volume of 79,000 gallons.

The company said appliance and service and parts sales were strong, while gas sales were up by 11.6 percent, but the total volume of deliveries was down marginally by 1.6 percent.

A slow start to the year by BESCO -- which provides equipment such as surge protectors -- meant that profits were down for the year in this sector, despite rallying at the end of the year.

"Despite increased business in the second half of the year, BESCO fell short of the excellent results achieved in 1999. After a slow start to the year, a number of new energy contracts were signed in the latter half of the year, some of which will not be impacting bottom line until 2001.'' The letter also declared a dividend of 38.5 cents a share for the fourth quarter of 2000, a 10 percent increase on last year.