prices by 2.75 percent this year, The Royal Gazette has learned.

But the Commission rejected applications by the Bermuda Electric Light Company to raise rates by 3.5 percent in both 1995 and 1996. Rates will instead be increased by 2.75 percent in each year.

Commission secretary Mr. Philip Compton described the ruling as "good for everyone''.

"Belco has come out better than if the Price Control Commission had ruled that rates should be linked to the consumer price index, or slightly less than the consumer price index,'' he said, adding consumers should be glad price increases were being held down.

New Belco president Mr. Gary Madeiros, who officially took over the utility company yesterday, said he was pleased that if inflation ran ahead of the estimated increases, the increases awarded by the Commission would be reviewed.

He said the increases were requested in order to finance $37 million in needed capital improvements.

Profile on Gary Madeiros -- Business, Page 12.