The island’s sole electricity provider has defended its record as a company that delivers safe, reliable power while building the infrastructure Bermuda needs for long-term economic prosperity.

Wayne Caines, the president of the Bermuda Electric Light Company, spoke out in response to suggestions that the island could switch from a monopoly model to a community-owned co-operative.

Denton Williams, a former Belco chief operating officer, made the remarks during the Cost of Living Summit last week.

He said that a co-operative would not be focused on making a profit, unlike Belco, which is answerable to its shareholders.

During a panel discussion at the summit, Mr Williams said: “If you look at other models that are available, even in the most capitalist country in the world, the United States, they have co-operative models where the community serves itself, basically.”

Mr Caines later pointed out that Belco had invested more than $175 million in infrastructure upgrades in recent years.

He said: “Since 1906, Bermuda Electric Light Company has been the cornerstone of Bermuda's energy infrastructure, powering economic growth and development for more than a century.

“The track record speaks for itself.”

Mr Caines said that the company had spent $120 million on the construction of the North Power Station, $47 million on underground transmission network upgrades and $10 million on a battery energy storage system in recent years.

He added: “These investments provide for safe, reliable power for customers and establish the groundwork for the ongoing transition to renewable energy sources.

“As the sole holders of the transmission, distribution and retail licence, the Bermudian leadership team continues to advance the goals and objectives of the Integrated Resource Plan, while continuously reviewing and refreshing IRP proposals, incorporating new input assumptions that help guide and shape Bermuda's strategic energy pathway forward.”

Mr Caines maintained that the company was “committed to transparent stakeholder engagement” and operated within a regulatory framework.

He said: “Belco has launched proactive community education initiatives, including the energy equation presentation series, to build public understanding of Bermuda's energy challenges and opportunities.

“Belco participated constructively in the recent Cost of Living Summit and will continue engaging through public forums and direct communications.

“Belco is a privately owned company that operates within established regulatory frameworks.

“Strategic decisions are made in accordance with these frameworks, ensuring accountability while maintaining operational and customer focus.

“Belco's mission remains unchanged — delivering a safe, reliable electricity supply while building the infrastructure Bermuda needs for long-term economic prosperity.

“We will continue executing our strategic plans, investing in our community and leading Bermuda's energy transition.

“A healthy energy company creates a thriving economy that benefits all Bermudians. Belco remains focused on that fundamental responsibility.”