BC Hydro rate hike on hold -- for now
A planned hike in electricity rates for B.C. residents has been put on hold – for now.
A 10 per cent raise in BC Hydro rates that was supposed to take effect on Friday has been suspended by the BC Utilities Commission.
The increase is on hold while the government reviews the BC Hydro's three-year spending plan.
The company says it needs to spend more than $6-billion to upgrade stations and transmission lines over the next three years – equaling a 50 per cent hike for consumers in over the next five years. That rate hike will be reconsidered on April 8.
BC Hydro says significant improvements are needed to revamp aging facilities that were built between 1950 and 1980.
In total, about a dozen projects across the province will be given a facelift.