Statement from BC Hydro on 2017/18 Public Accounts
BC Hydro supports the action taken by government today.
While BC Hydro’s year-end financial statements were audited by our independent auditor, KPMG, whose opinion was that our financial statements fairly present our financial position, the decision to adjust the Province’s 2017/18 Public Accounts downward by $950 million comes in response to a qualification from the Auditor General last August. In her view, the previous government’s directions to the BC Utilities Commission prevented BC Hydro from being independently regulated and she raised concerns about how government reports on regulatory accounting when it consolidates BC Hydro.
We have already been working to recover the balance of the regulatory accounts. Since Apr. 1, 2016, the balance in these accounts has decreased by $453 million. We are also supporting the government as it identifies areas where less government direction and more Commission oversight are possible, which should help to address the issue raised by the Auditor General.
We will continue to support the government on its comprehensive review of BC Hydro. The review will determine the approach to regulatory accounts and the role of the BC Utilities Commission to ensure we continue to provide affordable power to our customers.
Chris O'Riley
President and Chief Operating Officer, BC Hydro
Contact:
BC Hydro Media Relations
p. 604 928 6468