falling demand and increased costs in the run up to their retirement.

Yesterday, it was senior vice president and assistant to the president Mr.

Eugene Cox's last day at Belco. President and chief executive officer Mr.

Alfred Oughton has already begun his retirement. Both left early as they had outstanding vacation time due to them.

"We have tried to be as efficient and cost effective as possible by cutting back fat.'' said Mr. Cox. "A management audit was carried out last year to ensure Belco was not over staffed. Mr. Oughton and I wanted to implement changes before we left. We have to prove that we had no alternative but to seek rate increases.'' Mr. Garry Madeiros will take the top job at Belco, replacing Mr. Oughton, and Mr. A.L. Vincent Ingham is promoted to senior vice president. The successors to the top management posts yesterday made submissions to the Finance Ministry's price commission to justify the proposed rate increase.

Capital equipment costs and falling demand caused by withdrawal from the North American bases triggered the need for the rate review.

The major challenge facing the two successors will be adapting technology to meet standards set in the recent Clean Air Act, said Mr. Cox. Those who drafted the Act lack the technical expertise and knowledge of power generation to fully understand the impact on Belco, he said.

"It is good to work to an ideal, but the exorbitant cost and time needed to meet the requirements must be understood,'' said Mr. Cox. "The standards are hard to meet as they are based on pristine conditions.'' The main concern for Belco in the future will be addressing concerns about the environment, said Mr. Cox. "The public is more astute, which is good,'' he said.

Mr. Cox, Shadow Minister of Finance, said he will devote more time to his political career.

Reviewing his 31 years at Belco, he said the beginning of his career at the utility coincided with intense social change in Bermuda, as segregation was broken down.

"Belco began to reflect this,'' said Mr. Cox. "The fact that I was the first black professional staff member to be hired is one indication of change.'' He believes he acted as a role model for young, black Bermudians considering a career at Belco.

Instituting an apprenticeship scheme and, more recently a training centre, is one of Belco's major improvements, said Mr. Cox.

"I was keen to get Bermudians interested in technology and engineering. We did attract good students. And training is now one of the focal points of the company -- it wasn't before.

"There should have been greater efforts by the education authorities to emphasise Belco, one of our prime industries,'' he said.

Mr. Oughton said in an interview for the Belco internal newsletter that the company was "nothing like it is today'' when he arrived in 1956.

"Thirty-seven years ago, the Company had the reputation for offering the lowest wages on the island. In 1956, the total payroll was about $750,000; in 1993, it is expected to be in excess of $14 million -- and we have fewer staff today than we did then,'' said Mr. Oughton.

One of the main achievements during his career was the improvement in industrial relations, between management and the Electricity Supply Trade Union. The busiest time was after Hurricane Emily.

"In the four weeks following the massive devastation I had to put up with everything from high praise for the job Belco was doing in getting the Island turned back on, to death threats,'' said Mr. Oughton.

Mr. Madeiros, formerly executive vice president and chief operating officer and treasurer at Belco, started his career at the company in 1974. He left the following year, rejoining in 1985 after a career in both Bermuda's local and international business sectors.

Mr. Madeiros is a Chartered Accountant.

Mr. Ingham, formerly vice president of engineering and operations was Belco's first graduate trainee. He joined Belco in 1972, leaving eight years later to join Conyers, Dill & Pearman as corporate manager before returning to the company in 1986.

FACES OF THE FUTURE -- New Belco president Mr. Garry Madeiros, left, and senior vice president Mr. Vincent Ingham. Mr. Eugene Cox.