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.

Just Posted

Nickel Carnival coming to Courtenay

Families welcome for games, face painting, food and more

Specialized vehicle analyzing Courtenay roads

If you see a strange-looking white van with what looks like a… Continue reading

LETTER: Hat obnoxious, manager not bigoted

One Langley Advance letter writer takes exception to another’s comments about an MAGA hat incident.

Regional district changes decision on vote results of 3L amendment request

Amendment request was defeated by board Tuesday; ruling overturned by staff Wednesday

Riverfront proposal in Comox Valley remains on hold

Directors consider application a standard amendment

Comox Valley soccer camp growing

Annual camp includes younger kids

Bob Castle’s Under the Glacier cartoon for July 19, 2018

Bob Castle’s Under the Glacier cartoon for July 19, 2018… Continue reading

Murdered B.C. hockey coach and nurse was ‘innocent victim’ of mistaken identity, police say

In Surrey, Paul Bennett’s wife makes a tearful plea for help in finding her husband’s killer

Creek to play USports soccer

Comox Valley soccer star off to Edmonton school

Town of Comox finds new home for old car

Historic 1909 McLaughlin Buick is now on permanent display at Comox Centre Mall

Lower Mainland blueberry farms expect solid season

Blueberry Council of B.C. says season will be better than last year

B.C. to add hundreds of taxis, delays Uber, Lyft-style service again

Ride hailing companies have to wait until fall of 2019 to apply for licences

BC Summer Games ready to begin on Vancouver Island

More than 2,000 athletes will compete in 18 sports from Friday to Sunday

Plenty of heroes in Thai cave rescue, says B.C. diver

Erik Brown reflects on team effort that brought 12 boys and their coach to safety

Most Read