Belco has vowed to push ahead with renewable energy options, driven by rising fuel prices and the desire for sustainability.

"We believe that renewable energy must be a part of our future and as fuel prices increase, along with concerns about climate change and sustainability, the time to agree to changes is now," Belco said in its second-quarter report.

"In the absence of any immediate large-scale renewable energy option, we are proceeding with a strategy to promote small-scale renewable energy solutions into Bermuda's overall mix. We are doing this with a long-term vision."

Belco's new subsidiary business PurEnergy Renewables Ltd. is focused on hybrid combinations of small-scale renewables, specifically solar photovoltaic, solar thermal water heating and small wind turbines, providing customised designs to allow homeowners to reduce their dependence on fossil fuels and supply them with critical loads in the event of prolonged outage, such as the aftermath of a hurricane.

Among the highlights from the report were the Electric System Discussion Document on its Energy Plan, outlining the timing for installation of its new electricity supply generating plant before 2011, presented to shareholders at its Annual General Meeting last year.

Belco submitted its planning application for the development of the central plant site to Government's planning department in November 2007, with eight phases proposed through to 2030 including the development of diesel engine installations and gas turbines.

But it will continue to look at alternatives to its central plant site that could provide for distributed generation at the ends of the Island, supplementation of power at large development sites, the incorporation of small-scale renewable power, and the use of alternative fuel sources.

The energy supplier said it remained committed to meeting Bermuda's growing energy needs, while providing good returns to its shareholders.

"Over 100 years Belco has successfully delivered a secure, reliable and sustainable power system for the people of Bermuda, and Bermuda Gas holds a dominant position as Bermuda's propane gas distributor," the report read.

"We believe as we prepare for the future that we must look globally, as we plan locally to meet Bermuda's short and long-term needs."

Belco believes, and has told Government, that all energy contributions to the grid must be properly integrated into its existing system, must be sustainable and counted upon as a sum of the whole in terms of planning how to meet Bermuda's overall energy needs.

"We believe this is the most exciting, challenging and opportune time to be in the energy business and we remain committed to moving our companies forward so that we continue to provide a secure, reliable and sustainable electric power system for the people of Bermuda," the report concluded.