BC Hydro files Revenue Requirements Application with BC Utilities Commission
VANCOUVER: BC Hydro today filed its Fiscal 2020 to Fiscal 2021 Revenue Requirements Application with the BC Utilities Commission, requesting net bill increases of 1.8 per cent and 0.7 per cent for the next two years.
If approved by the BC Utilities Commission, the rate increases would add $1.63 to the average residential customer’s monthly bill beginning in April 2019 and $0.68 in April 2020. The proposed bill increases reflect the new five-year rates forecast from Phase 1 of government’s comprehensive review of BC Hydro, and are 40 per cent lower than BC Hydro’s previous rates plan.
“Our Revenue Requirements Application is the result of careful planning and prioritization by our team to ensure we can continue to deliver safe and reliable power, while keeping rates affordable for our customers,” said Chris O’Riley BC Hydro’s President and Chief Operating Officer. “Through the comprehensive review, the BC Utilities Commission’s oversight of BC Hydro has been enhanced, and this application provides an opportunity for the Commission and interveners to examine BC Hydro’s costs to ensure we’re acting in the best interest of British Columbians.”
BC Hydro has undertaken a number of steps to help keep rates affordable, including:
- writing off the rate smoothing regulatory account in fiscal 2019;
- limiting base operating costs to be below the forecast rate of provincial inflation;
- reducing investments in its 10-year capital plan by $2.7 billion; and,
- indefinitely suspending the Standing Offer Program.
BC Hydro is proposing to increase spending on residential conservation programs by 50 per cent to help its customers save energy and money. The increase will be funded by re-allocating funding from other conservation programs. It includes revised criteria for low income programs to increase participation, additional incentives for homeowners looking to make energy-efficient improvements and a new program for customers in communities outside of BC Hydro’s integrated system.
BC Hydro will also look to add new programs and offers that align with government’s CleanBC Plan and greenhouse gas reduction targets.
See the full Revenue Requirements Application.
BC Hydro Media Relations
p. 604 928 6468