The energy minister is set to unveil the first phase of a review into BC Hydro on Thursday and it may impact your hydro bill.
The review, ordered in June 2018 was meant to “contain rate increases, control costs, and to position BC Hydro for future success,” reads a press release announcing the study.
The deep dive was announced after the B.C. Utilities Commission rejected a rate freeze proposed by the NDP government. The regulator said it didn’t make financial sense for the embattled utility. The results of the review are being announced just as BC Hydro is due to file a rate application with BCUC.
A recent Auditor General’s report found that BC Hydro had $5.5 billion dollars in deferral accounts. That’s money that was borrowed from future ratepayers and at some point, will need to be paid back.
- Read more: BC Hydro deferring billions in expenses
The government says BC Hydro rates have gone up by 25% since 2013, and by more than 70% since 2001. Tuesday’s throne speech promised to “protect ratepayers.”
The minister is expected to speak to reporters around noon Thursday.
