BC Hydro is requesting a rate hike that's half of what the utility company had originally planned to impose on British Columbians over the next three years.
The revised proposal would see an eight per cent rate increase this year followed by a 3.9 per cent increase for the following two.
The company initially asked the B.C. Utilities Commission for a 9.73 per cent annual increase for three years, which would have amounted to an extra $7 per month on the average consumer bill.
Public outcry ensued, prompting the Liberal government to announce a sweeping review of the hike.
Energy Minister Rich Coleman and Hydro CEO Dave Cobb announced the review's findings on Thursday, which recommended cost cuts over a steeper rate hike.
BC Hydro will now be looking to decrease costs by more than $800-million over the next three years.
That will be achieved by chopping about 1,000 staff positions and putting off capital expenditures.
With files from The Canadian Press
