BC Hydro will spend $260 million over the next five years to help transition the province away from fossil fuels to electricity, Premier John Horgan announced Tuesday.
Horgan said the plan would help more British Columbians switch over to using clean electricity to power homes, businesses and vehicles.
From the $260-million investment, BC Hydro will spend nearly $190 million to promote fuel switching in homes, buildings, vehicles and industry.
More than $50 million will be spent to attract industries to B.C. to run their businesses and reduce their carbon footprint by using hydroelectricity.
“Working together with BC Hydro, we will help more people and businesses become less reliant on fossil fuels and use more affordable, made-in-B.C. hydroelectricity,” Horgan said in a statement. “As a clean-energy powerhouse, we have a huge opportunity to tackle the climate crisis while building a stronger and more resilient B.C. for everyone.”
Bruce Ralston, the province’s minister of energy, mines and low carbon innovation, says the plan could lead to lower rates for BC Hydro customer rates, potentially by about 1.6 per cent by 2026.
Horgan says the plan could reduce greenhouse gas emissions by about 930,000 tonnes by 2026.
He says that is equivalent to taking about 200,000 passenger vehicles a year off the road.