Review of BC Hydro rates getting underway
BC Hydro rates have gone up by 25 per cent since 2013, and by more than 70 per cent since 2001.
The province has launched a two-phase review of BC Hydro.
It aims to contain rate increases, control costs, and to position BC Hydro for the future.
In the first phase of the review, the government will work with BC Hydro to identify cost savings, efficiencies, new revenue streams and other changes, to keep electricity rates low and predictable over the long-term.
It will also ensure BC Hydro has the resources it needs to continue to provide clean, safe and reliable electricity.
An advisory group, consisting of staff from the Ministry of Energy, Mines and Petroleum Resources, the Ministry of Finance and BC Hydro, will perform the first phase of the review which should be released in the fall.
Results of the review will be used to determine a refreshed rates plan which BC Hydro will use to prepare its next rates application which will go to the B.C. Utilities Commission in February 2019.
A second review, which will start late this year, will see an expert panel, provide recommendations to ensure BC Hydro is positioned to maximize opportunities flowing from shifts taking place in the global and regional energy sectors, technological change and climate action.
It will be done in the summer, or fall, of 2019.