FortisBC will be hiking its interim 2021 electricity rates by 4.36%, which will work out to an increase of $7.30 per month for those who use an average of 12,000 kilowatt hours.
The British Columbia Utilities Commission granted the approval for the interim rate on Thursday. It will be the largest increase in rates in the last five years. The utility raised rates 2.76% in 2017, had no hikes in 2018 and 2019, and increased it 1% earlier this year.
“We strive to operate efficiently and keep rates at the lowest possible cost,” FortisBC regulatory affairs vice-president Diane Roy said in a press release. “However, increases are sometimes needed so FortisBC can make necessary system improvements and long-term investments that ensure our customers will always have the power they need, when they need it.”
FortisBC says the new rates reflect what the utility must charge to maintain the system effectively. It plans to spend $72 million electric infrastructure improvements in 2021.
The utility said a final decision on permanent rates is expected in early 2021.
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