BELCO announced today that the company has “commenced a restructuring initiative to drive increased efficiencies across the organisation”, with no mention of workers downing tools earlier today.

In a statement released this evening, a spokesman said: “While specific details are limited due to the sensitive nature of the review, the company has identified certain areas for restructuring that support the current and future needs of the business.

“BELCO is engaged with the Electrical Supply Trade Union (ESTU) regarding the proposed changes, in accordance with the Employment Act 2000 consultation requirements.

“We are committed to working collaboratively with all stakeholders throughout this process.”

Wayne Caines, BELCO President stated: “BELCO’s legacy is built on a valued workforce and a customer-centric approach, and those guiding principles will not waiver.”

Earlier today, BELCO workers downed for an emergency meeting with the Electricity Supply Trade Union, over planned job losses with the Electricity Supply Trade Union.

Reports reaching Bermuda Real said redundancies are coming and the company’s canteen for staff is reportedly being closed.

Unconfirmed reports also suggested that nearly 20 employees stand to lose their jobs, with even more offered the early retirement option.

One source told Bermuda Real: “The 21 Day Notice has been given, but to save money they have to lay off technical staff as well.”