BC Hydro customers will likely see lower power bills this year, as the power company is reducing its rates by an average of 1.4 per cent.
According to officials with the power company, the decrease will take effect on Friday (Apr. 1), following interim approval by the BC Utilities Commission (BCUC).
The rate decrease is the first part of a three-year plan that would mark a period of the lowest rate increases in the province in the past 15 years. That said, it would need the green light from the BCUC.
According to staff with the power company, this will result in savings of an average of $23 per year.
BC Hydro officials said they anticipate a 1.4 per cent decrease this year, followed by a two per cent increase next April and a 2.7 per cent increase in 2024.
“In the BC Hydro Review, we identified several recommendations to ensure British Columbians have access to tools to help keep their bills low, and we’re actively implementing those recommendations,” said Bruce Ralston, Minister of Energy, Mines and Low Carbon Innovation.
An interim approval has been given by the BCUC for the rate change this year, with a decision expected in the coming months.
“We have the third-lowest rates on the continent and are committed to keeping rates affordable as we move forward in encouraging British Columbians to switch to clean hydroelectricity from fossil fuels to reduce carbon emissions in our province,” said Chris O’Riley, President and CEO, BC Hydro.