BC Hydro announces rate increase only 16 percent

• 12 years ago (2011-08-12)
• David Flin

North America 998

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Canada’s BC Hydro has announced that it has halved its proposed rate increases over the next three years.

BC Hydro had proposed rate increases of 9.73 percent in each of the next three years, which would have increased electricity bills a cumulative 32 percent, with the prospect of 7 percent increases in each of the two years beyond that. However, following a government review, British Columbia’s Energy and Mines Minister Rich Coleman and BC Hydro CEO Dave Cobb have announced that the rate increase will be 16 percent over the next three years, with an increase of 8 percent in the first year, and 4 percent in each of the following two years.

Coleman said he expected that BC Hydro would “find some efficiencies and savings we can pass back to ratepayers”. Cobb said that higher rates were needed to pay for BC Hydro’s $6 billion capital plan to refurbish significant components of its generation and distribution system, including major upgrades to hydro dams and transmission lines.