Revelstoke dam on the Columbia River is due to have a sixth water turbine added

Revelstoke dam on the Columbia River is due to have a sixth water turbine added

BC Hydro rates rise as demand slows

Four per cent rate hike already in effect, more to come as BC Hydro looks for savings to offset slow industrial demand

BC Hydro is going ahead with its planned four per cent rate increase this year and deferring more debt to future years as it revises its electricity demand forecast downward.

The provincially-owned utility has not asked for an increase in its government-imposed rate plan despite a revised demand forecast with $3.5 billion less revenue over the next 10 years. BC Hydro has filed a three-year plan with the B.C. Utilities Commission that would increase rates four, 3.5 and three per cent in the next three years. The four per cent increase is already showing up on customer bills as an interim increase.

With the Site C dam on the Peace River and other upgrades amounting to $2 billion a year, the plan includes additional deferred debt until 2023, when Site C is due to be completed. BC Hydro CEO Jessica McDonald said the long-term nature of capital projects means its capital cost savings don’t start until the next decade.

BC Hydro has also cut some of its familiar Power Smart activities, such as the fridge buy-back plan and incentives for energy efficient light bulbs.

McDonald said BC Hydro is seeing lower revenues due to two warm winters and downturns in mining and forest products. It still projects growing overall demand as population and economic growth continue.

NDP energy critic Adrian Dix said the new deferred debt represents roughly $500 for each of BC Hydro’s two million customers, and it is a political move to get the B.C. Liberal government past next year’s election.

The 10-year rates plan imposed by Energy Minister Bill Bennett in 2013 overstated demand to justify the construction of Site C, and translates to a 28 per cent rate increase. It allows the utilities commission to regain control over approving customer rates by 2020, after five years of political direction.

Dix said with the new demand forecast and commodity prices expected to remain low, BC Hydro should have added a sixth turbine to its Revelstoke dam for $450 million before embarking on the $9 billion Site C project.

 

Get local stories you won't find anywhere else right to your inbox.
Sign up here

Just Posted

Ownership of SISȻENEM — also known as Halibut Island located east off Sidney Island — has transferred to W̱SÁNEĆ Leadership Council after The Land Conservancy of British Columbia (TLC) had purchased the island for $1.55 million. (The Land Conservancy/Submitted)
SISȻENEM (Halibut Island) transfers to W̱SÁNEĆ Leadership Council under historic agreement

The Land Conservancy purchased the 9.67-acre island for $1.55 million with help from unnamed donor

Landis Carmichael is the Goldstream Gazette 2021 Local Hero as the Emergency Services Award winner. (Photo courtesy Landis Carmichael)
29-year-old firefighter has spent almost half his life with Langford department

Landis Carmichael is the 2021 recipient of the Emergency Services Award

Shannon Davis, manager at Sidney’s Star Cinema, holds up the largest available bag of popcorn available for sale at the theatre. It also also sells four smaller sizes in generating revenue following its closure last fall because of COVID-19. (Wolf Depner/News Staff)
Sidney theatre fills bottom line with popcorn sales

Theatre applying to return to doing our household-only private rentals

Karen DeCicco and Darren Russell have been named principals of the Sooke School District’s two newest schools, both under construction in Langford. DeCicco will lead Pexsisen Elementary while Russell will be at Centre Mountain Lellum Middle School, both starting in spring of 2022. (Courtesy Sooke School District)
Principals named for new Langford schools set to open in 2022

Sooke School District tabs veteran educators with strong track records on the West Shore

Provincial health officer Dr. Bonnie Henry updates B.C.’s COVID-19 situation at the B.C. legislature. (B.C. government)
B.C. reports 10 additional deaths, 395 new COVID-19 cases

The majority of new coronavirus infections were in the Fraser Health region

Anyone with information on any of these individuals is asked to call 1-800-222-TIPS (8477) or visit the website victoriacrimestoppers.ca for more information.
Greater Victoria Crime Stoppers wanted list for the week of Feb. 23

Greater Victoria Crime Stoppers is seeking the public’s help in locating the… Continue reading

(Black Press Media File Photo)
POLL: Are you struggling with Greater Victoria’s cost of housing?

While Victoria remains one of the most expensive cities in the country… Continue reading

The BC Prosecution Service announced last year that it was appointing lawyer Marilyn Sandford as a special prosecutor to review the case, following media inquiries about disclosure issues linked to a pathologist involved in the matter. (Black Press Media files)
Possible miscarriage of justice in B.C. woman’s conviction in toddler drowning: prosecutor

Tammy Bouvette was originally charged with second-degree murder but pleaded guilty in 2013 to the lesser charge

A kid in elementary school wearing a face mask amid the COVID-19 pandemic. (Metro Creative)
Union asks why an elementary school mask rule wouldn’t work in B.C. if it does elsewhere

B.C. education minister announced expansion of mask-wearing rules in middle, high school but not elementary students

A pharmacist prepares a COVID-19 vaccine at Village Green Retirement Campus in Federal Way on Jan. 26. (Olivia Sullivan/Sound Publishing)
Canada approves use of AstraZeneca’s COVID-19 vaccine

The country joins more than a dozen others in giving the shot the green light

Nanaimo Ladysmith Public Schools is preparing a rapid response team proposal for submission to the B.C. Ministry of Education. (Chris Bush/News Bulletin)
Nanaimo school district chosen as Vancouver Island’s COVID-19 rapid response team

Team to consist of SD68 and Island Health staff, according to B.C. Ministry of Education

A new survey has found that virtual visits are British Columbian’s preferred way to see the doctor amid the COVID-19 pandemic. (Unsplash)
Majority of British Columbians now prefer routine virtual doctor’s visits: study

More than 82% feel virtual health options reduce wait times, 64% think they lead to better health

Ella Donovan with mom Tina outside Fuller Lake Arena before heading onto the ice for practice. (Photo by Don Bodger)
Young Ladysmith skater watches and waits in battle against cancer

Ella Donovan’s tumour began a tumultuous time, but community support eased the burden

Most Read