BC Hydro has asked the B.C. Utilities Commission (BCUC) for a decrease in rates after receiving higher than anticipated income following an audit of its 2019 financial forecast.
If approved, BC residents will benefit from the decrease and pay less for electricity by next spring.
“For the past two years, our government has been focused on making sure BC Hydro works for people again,” said Michelle Mungall, Minister of Energy, Mines and Petroleum Resources. “I am thrilled that BC Hydro is now able to apply for a rate reduction for the first time in decades.”
The proposed lower rates build on the results of Phase 1 of the government’s comprehensive review of BC Hydro, which was completed in February 2019.
The review includes actions to keep electricity rates affordable for customers by cutting costs, including indefinitely suspending the Standing Offer Program for IPPs, and expanding independent oversight of BC Hydro by the BCUC.
BC Hydro has requested a rate reduction of one per cent starting April 2020.
The BCUC is expected to make its final decision on rates in early next year.
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