Belco has announced it will no longer fight the Government’s decision to keep the company from raising its electricity rates.The company submitted an application to the Energy Commission last October requesting permission to increase rates over a three-year period by 4.3 percent, 3.9 percent and 4.1 percent respectively. The company asked for the rate increases so that it could fund a new power station that could replace ageing engines and better keep up with growing demand.The Energy Commission denied Belco’s request, allowing only a one-time 1.25 percent increase. Belco then took legal action in Supreme Court seeking a judicial review of the Government’s decision.Belco president and CEO Walter Higgins yesterday announced the company had discontinued that legal battle.Earlier this week, Belco’s parent company, Ascendant Group, became the second company in Bermuda to apply for relief from the 60/40 rule.Now the company says it’s looking for other ways to fund a new power station as well as cleaner energy alternatives.“We will be working with Government and our customers to find the best solutions for Bermuda to provide reliable, sustainable and affordable electricity. This includes looking at alternative sources of financing for replacement plant and alternative fuel supplies,” Mr Higgins said.l For full story, see Business page 26.