NEW CHAIRPERSON APPOINTED FOR LIGHT & POWER HOLDINGS
Light & Power Holdings (LPH) has a new Executive Chairman, Sarah MacDonald, the President of Emera Caribbean who replaces Bob Hanf who held the post for the last year. This appointment followed immediately after the LPH Annual Meeting of Shareholders (AMS) at the Island Inn Hotel on June 11.
MacDonald who was appointed President of Emera Caribbean Limited in January 2013, also serves as President and CEO of ICD Utilities Limited, and continues her role as President and CEO of Grand Bahama Power Company, a position she has held since June 2011.
The new Executive Chairman told the meeting that she highly valued the opportunity to lead LPH and emphasized her commitment to safety and Emera’s other guiding principles: “There is no business more important than safety; it’s non-negotiable, and always our first priority. The commitment of Light & Power Holdings to working safely, mirrors that of all of Emera’s companies. The similarities don’t stop at safety. I know that LPH shares Emera’s values, too. Emera’s guiding principles – communication, involvement, recognition and relationships that are built on mutual trust and respect – help steer our behaviours and direction.”
New Directors appointed to the Board included Robert Bennett, Executive Vice President and Chief Operating Officer of Emera, G. Robert Blanchard of WRB Enterprises Inc., and Ian Carrington, Executive Director of the National Insurance Board of Barbados, who had previously served on the Board.
Managing Director of LPH, Peter Williams reporting on the Company’s performance, noted that in the difficult economic environment, the Company continues to make every effort to keep its operating costs down for the benefit of customers and shareholders alike.
He further stated that “LPH has already started to see the value of its Caribbean growth strategy, with sharing in expertise and knowledge among its affiliated utilities. These include The Barbados Light & Power Company (BLPC), Grand Bahama Power Company (GBPC), which is majority owned by Emera, and Dominica Electricity Services (DOMLEC) in which LPH acquired a majority interest in April of 2013. We believe the operational expertise which exists at BLPC coupled with that of the teams at DOMLEC and GBPC will create new opportunities.”
The Managing Director stated that the Company had reported a net income of $44.6 million on total assets of $995 million.. Williams said “This includes a share of profits of $3.9 million realized from LPH’s investment in St Lucia Electricity Services Limited.
Williams added that LPH, with the support of its parent company Emera Inc., is working hard to add more energy from cleaner, greener sources, and where it has to depend on fossil fuels, to seek improvements in efficiency.