Belco is offering its staff voluntary separation packages as the company seeks to reduce its operational costs.

Wayne Caines, the president of Belco and its parent company Liberty, said that the company has reviewed its operations in response to stakeholder expectations and is adapting its business model to “better serve customers”.

Mr Caines said in a statement: “Belco is always seeking ways to lower costs and ensure value for our customers. This includes reviewing all our operational costs and processes and reducing our operating expenses where possible.

“Like many utilities in similar jurisdictions, Belco is adapting its business model to better serve customers and provide the most cost-effective electricity service while ensuring reliability and building for a sustainable future.

“In response to evolving stakeholder expectations, we have conducted a comprehensive assessment of our operations. This review has examined our organisational structure, operating models and processes to identify opportunities for greater efficiency and to reduce our operating expenses.

“As part of this process, Belco is offering a voluntary separation package to employees. We know that these changes will impact the lives of our employees and we deeply value the dedication and expertise our team brings to serving Bermuda every day.

“This voluntary approach reflects our commitment to making balanced and transparent decisions that require shared sacrifice across the organisation, while providing options and support to our team members during this period of transition.”

Mr Caines said the adjustments were necessary to ensure Belco remains operationally efficient while continuing to deliver a safe, reliable electricity service.

He added: “Our goal is to meet the needs of all our stakeholders — customers, regulators and our government — while positioning the company for long-term success.”

Belco’s website says the firm has a team of 234 employees.

It added: “We strive to continuously evolve our diversity, equity and inclusion approach to ensure every team member knows that they are valued, receives fair and equitable treatment, has a voice that can be heard and understands they belong.”

In June 2024, union members at Belco called an emergency meeting about possible redundancies as the company launched a “restructuring initiative” to improve efficiency.

The Electricity Supply Trade Union executive said on June 10 that it had been in discussions with Belco about austerity measures being considered, including redundancies.

The union issued a 21-day strike notice three days later after the department launched an investigation, and the long-running dispute was sent to arbitration.

The dispute was resolved the following month.

Belco is a wholly owned subsidiary of Liberty Group, a Bermudian-based, provider of energy and energy-related services, owned by Algonquin Power & Utilities Corp.

The ESTU has been approached for comment.