B.C. Hydro rate freeze promised for 2018

Three per cent rate increase to be cancelled, review after Site C fate determined

The B.C. government has applied to freeze B.C. Hydro electricity rates for one year and cancel a proposed three per cent hike originally planned for next year.

Energy Minister Michelle Mungall said Wednesday the one-year freeze will give time for a complete review of B.C. Hydro’s debt and its projects. That will start affter the cabinet decides the fate of the Site C dam project on the Peace River.

In debate on her ministry’s budget Tuesday, Mungall cited a B.C. Hydro esitmate that cancelling the Site C project would translate into a 10 per cent rate increase for the utility, or additional debt of $4 billion to cancel the dam project and return the site to the state it was two years ago when construction began.

RELATED: Decision time for John Horgan on Site C dam

“That is why we are commencing our review of B.C. Hydro following our decision on Site C, so we’re not speculating but we are working with factual information in terms of the direction that we’re taking,” Mungall told reporters at the legislature Wednesday.

B.C. Liberal finance critic Tracy Redies said the one-year freeze takes $150 million in revenue away from B.C. Hydro, and cancelling Site C would make matters worse.

Premier John Horgan campaigned on a promise to freeze rates and complete an independent review of Site C by the B.C. Utilities Commission.

Hydro rates have increased 24 per cent over the last four years, as the utility has taken on major construction upgrades and deferred debt to keep rates from rising even higher.. The rate freeze follows a budget commitment made in September to phase out the provincial sales tax on electricity sold to businesses.

Horgan said his government will be meeting with B.C. Hydro officials in the new year to discuss a number of issues including deferred debt, the steady increase in electricity pricing and also the two-tier billing system that charges a higher rate to large residential consumers.


@ashwadhwani
ashley.wadhwani@bpdigital.ca

Like us on Facebook and follow us on Twitter.

Get local stories you won't find anywhere else right to your inbox.
Sign up here

Just Posted

Herb Alpert tribute coming to Courtenay

One of the favourite Georgia Straight Jazz Society shows presented at Thursday… Continue reading

Check out a new future at career and education fair in Comox

Event today features booths from more than 40 employers and educational institutions

North Island College’s pop-up restaurant returns to The Park in Comox

North Island College tourism and hospitality students are joining forces with chef… Continue reading

Cumberland council shows support for decriminalization of drugs

Council responded to a recent request from Comox Valley couple who lost son

Comox Valley wheelchair sports all about inclusion

By Jamie Bowman Special to The Record When occupational therapist Carolyn Harmatiuk… Continue reading

Fashion Fridays: The basics you need for your body type

Kim XO, helps to keep you looking good on Fashion Fridays on the Black Press Media Network

Comox Valley Beefs & Bouquets for the week of Jan. 21

Bouquets to and from the Adopt-a-Grandparent program; beef to people setting off fireworks

Couple wonders who’s in a photo that’s been hanging in their Cariboo home for years

Charles and Lynn Dick believe the image was taken at the 70 Mile Road House

Here’s what Canada is doing to stop the coronavirus from getting in

Health officials are monitoring multiple possible cases in Canada

‘I would not go’ to China says B.C. traveller concerned about coronavirus

Alice Li said she goes to China every other year but would scrap any travel plans

Royal Canadian Legion expels B.C. member for wearing unearned military commendations

‘Stolen valour is stolen service and it’s just totally wrong’

‘Latte-sipping urbanites’ need to realize value of mining in B.C., association head says

Industry generates a total of $3.9 billion in sales of goods and service across the province

Uber, Lyft approved for ride-hailing in Lower Mainland

Kater Technologies Inc.’s application was rejected

Most Read