news

February 25, 2009

Hot topic: Clarifying BC Hydro's rate request

Bob Elton
BC Hydro CEO and president

I would like to clarify that the Province has not ordered BC Hydro to increase rates by 1.6 per cent as reported erroneously by some media outlets.

The government has directed the B.C. Utilities Commission (BCUC) to allow BC Hydro to increase its return on equity by 1.6%. This equates to about $40 million in additional revenue to fund government priorities. We are not asking for this to be recovered from ratepayers.   

Like all other parts of government, BC Hydro will continue to look to find cost savings and efficiencies during these difficult economic times. Our goal will be to find savings in a way that minimizes impacts to our customers.  

There is no change in our rate request that is currently before the BCUC. This application was filed more than a year ago and has undergone an extensive public hearing process.

For the record, we are asking for a rate increase of about 7% for fiscal 2010 that will amount to about $2.40 per month for the average BC Hydro customer. This money will be used to replace and maintain our aging electricity infrastructure to ensure we can continue to supply clean, reliable power at rates that are among the lowest in North America.

Yours truly,
Bob Elton
BC Hydro CEO and president