On March 4, 2016, BC Hydro filed a one year rate application with the BC Utilities Commission, requesting a 4% rate increase effective April 1, 2016.
BC Hydro says the rate hike is part of their 10 year plan announced in 2013 that caps rate increases to 4% annually. Increases are set for 4% 2017, 3.5% for 2018 and 3% for 2019.
These rate increases are based on the anticipated increase in electricity demand of 40% over the next 20 years.
Jessica McDonald, President and CEO of BC Hydro wrote in a statement.
“We want to ensure the revenue requirement proceedings with the BC Utilities Commission are conducted on the basis of the best information possible and we will be taking the time to update the Load-Resource Balance to consider how recent economic events impact our forecasts. We are on-track to deliver the 10-Year Plan which provides certainty for British Columbians and ensures rates remain as low as possible while BC Hydro invests in the electricity system.”
With the rate increases, BC Hydro states that most customer will only be paying $4 more a month in electricity costs. They also state that BC Hydro rates are the 3rd lowest in North America.
Source: Vancity Buzz