VANCOUVER– Minister of Energy and Mines Rich Coleman today announced the British
Columbia Utilities Commission (BCUC) has been directed by the provincial
government to reduce BC Hydro’s rate increases over three years by 50 per cent.
This is consistent with last year’s BC Hydro review. In
keeping with the Province’s commitment to provide affordable electricity rates
for families, the 2011-12 increase will stay at 8 per cent as previously
directed by the BCUC on an interim basis and implemented by BC Hydro on May 1. For
2012-13, rates have gone up by 7.1 per cent, allowing BC Hydro to pay down its
deferral and regulatory accounts at an accelerated pace. This increase was also
recommended by the BCUC and put in place on April 1, 2012. An average household
has seen bills change by about $5.40 per month.
On
April 1, 2013, rates will be kept to a minimum, rising by only 1.44 per cent or
$1.20 for an average monthly bill. The
total rate increase over three years will be about 17 per cent, ensuring that
British Columbian families pay among the lowest electricity rates in North
America. The
provincial government and BC Hydro have achieved this rate reduction by
lowering BC Hydro’s costs and by the Province forgoing $75 million in dividends
over three years.
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