Ascendant Group Limited - BELCO Welcomes Approval of Replacement Generation

Hamilton, Bermuda – March 8, 2018 – In a filing with the Bermuda Stock Exchange (“BSX”), Ascendant Group Limited (the "Ascendant Group" or “Company”; Ticker: AGL.BH) advised that BELCO has obtained the approval to construct replacement generation. The full filing stated:

BELCO welcomes the approval by the Regulatory Authority (the “Authority”), in its order (“The Order”) issued Tuesday, 6 March 2018, of BELCO’s proposal to construct replacement generation.

The Order means that BELCO can now proceed with the construction of four new dual-fuel engines totalling 56 MW, to be known as the North Power Station, and a utility scale battery energy storage system (“BESS”), which will have an output capacity of 10 MW.  The North Power Station and BESS are an integral part of BELCO’s Capital Plan and will be built on BELCO’s existing Pembroke facility.  BELCO will replace 9 generators (out of 17) that will be retired between now and 2020, as they are well beyond their useful service lives.

“I am extremely pleased that the Authority has recognised the urgency of proceeding with the development of the replacement generation,” said Sean Durfy, President & CEO of BELCO.

“Given that 50% of our existing generation capacity will be retired over the next two years, the Order will allow BELCO to continue to provide Bermuda a reliable electricity supply.”

“In addition to the creation of new jobs during the construction phase of the North Power Station and BESS, and the assurance of our employees’ ongoing safety, there are numerous benefits that will be realised by our customers once the replacement generation is commissioned,” he continued.  “These include more cost effective generation, increased system reliability, cleaner operations for the environment and a significant decrease in the vibration and noise level currently experienced by nearby residents.”

“We will continue to provide regular updates to all stakeholders on the implementation of this critical infrastructure.”

He concluded, “I would like to thank all of our employees for their dedication and hard work every day in tough conditions to keep Bermuda powered and look forward to when both our employees and customers reap the benefits of an up to date power plant.”

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About BELCO

Bermuda Electric Light Company Limited (BELCO) is a wholly owned subsidiary of Ascendant Group Limited (Ascendant), a publicly traded investment holding company whose shares trade on the Bermuda Stock Exchange (ticker: AGL.BH). Ascendant is also the parent company of AG Holdings Limited, which includes operating companies, AIRCARE LTD, IFM Limited, iEPC Limited and Ascendant Properties Limited. BELCO was established in 1904 as Bermuda’s sole supplier of electricity and currently operates generating plant and transmission and distribution systems to service 37,000 metered connections. 

For further information about Bermuda Electric Light Company Limited visit www.belco.bm

Contact: Kerry Judd

kjudd@ascendant.bm

298.6126/325.1352