BC Hydro has announced that electricity bills for customers will be reduced by an average of 1.4 per cent starting next month.
The rate decrease, which is set to kick in on April 1 following interim approval from the BC Utilities Commission, is part of a three-year rate application.
The organization says that if it is fully approved, it will mark a period of the lowest rate increases in B.C. over the past 15 years.
“Affordability is our government’s top priority, and we continue to work with BC Hydro to keep electricity rates competitive and affordable for British Columbians,” said Bruce Ralston, Minister of Energy, Mines and Low Carbon Innovation. “In the BC Hydro Review, we identified several recommendations to ensure British Columbians have access to tools to help keep their bills low, and we’re actively implementing those recommendations.”
The Commission has granted interim approval for the rate change for the first year. A decision on the application is expected in the coming months.
An application for the rate decrease was submitted by BC Hydro to the Commission last September as part of a three-year revenue requirements application.
“We’re proud of our legacy in B.C. of delivering clean, reliable power safely while maintaining some of the lowest rates in North America,” said Chris O’Riley, President & CEO, BC Hydro. “We have the third-lowest rates on the continent and are committed to keeping rates affordable as move forward in encouraging British Columbians to switch to clean hydroelectricity from fossil fuels to reduce carbon emissions in our province.”
While in the immediate future rates are expected to drop by an average of 1.4 per cent across the board, BC Hydro’s request to the Commission includes an annual average bill increase of 1.1 per cent over the three-year period.
If the plan is approved it will mean an average increase of two per cent in 2023 and 2.7 per cent in 2024.