BC Hydro posts F2013 Financial Information Act return
BC Hydro has posted its Financial Information Act return for the 2013 fiscal year. The return, which is posted annually to BC Hydro's web site, includes financial statements for the year ended March 31, 2013, and includes a list of remuneration and expenses paid to employees and payments to suppliers of goods and services.
BC Hydro continues to increase efficiencies by:
- Reducing operating costs by $390 million over three years. This includes a $60 million reduction in discretionary spending for travel, advertising, consultants and materials.
- Eliminating 800 "non-operational" roles within the company. Work is also underway to identify further efficiencies.
- Keeping in place a salary freeze for management that has been in effect for three of the last four years. Union wages have also been frozen for two of the last four years. BC Hydro has reached new agreements with COPE and IBEW within the public sector mandate.
The fiscal 2013 statements show:
- BC Hydro made payments totaling $4.2 billion to suppliers of goods and services. The total is an increase over the amount paid in 2012, and is reflective of an increase in activity on major capital projects. The list also includes Power Smart payments made as part of demand side management incentive programs.
- More than 50 per cent of employees listed (with gross remuneration over $75,000) are unionized who are paid in accordance with labour agreements. This group includes specialized, skilled crews and tradespeople who are required 24 hours a day, seven days a week, to keep the lights on in B.C.
- The number of BC Hydro employees listed in the return with total remuneration over $100,000 continues to be in line with industry averages at about 45 per cent. In 2012, about 60 per cent of employees at Ontario’s electric utilities (Hydro One and Ontario Power Generation) earned more than $100,000 and about 50 per cent of employees at SaskPower earned more than $100,000.
Charles Reid, President & CEO, BC Hydro
"BC Hydro releases its financial statements and schedules of payments as part of our effort to be open with our information. It’s important to look at these numbers in context. Operating costs, including salaries, make up a small portion of our total revenue requirements each year. Our largest cost driver is the fact that we are in the midst of making major upgrades to our aging electrical system. At the same time, we continue to focus on all areas of our operations to become more efficient and to keep our costs as low as possible."
BC Hydro posts the Financial Information Act return here.