According to BC Hydro’s own 2015/16 Annual Service Plan, the BC Liberals under Christy Clark added more than $1 Billion to the provincial Crown Corporation debt last year. This was primarily due to a huge overestimation of domestic revenue for power, says the BC NDP leader John Horgan.
“Just after the last election, Premier Christy Clark surprised families across B.C. with a staggering 28 per cent hydro rate hike. By missing their debt reduction plan by more than $1 billion dollars, BC Hydro and the Christy Clark government could saddle ratepayers with another $500 hike each right after the next election.” John Horgan
This massive hydro rate hike is just one of many coming in the next ten years. As we have explored before on our blog, rate increases are something that all BC Hydro customers will have to get used to.
Here is an excerpt from our blog post titled, “BC Hydro Rate Review Proposal”
With Hydro rates increasing 47% over the last decade, the rates are expected to increase another 45% in the next decade. As we wrote back in January 2015 in our post titled, “Why are BC Hydro Rates Rising by 45%”
As of this moment Hydro is in debt to the tune of $15.4 Billion and last year they announced that they will have to raise BC Hydro rates by 25.5% over the next 5 years and roughly 20% over the next 5 years. The amount in the last 5 years is to be determined.
With this newly added $1 Billion debt will come another rate hike on top of the other ones. And if you don’t believe this, you will when your Hydro bill goes up again and again over the coming years. But don’t expect the rate hike to happen before the May 9, 2017 election. The Liberals are pretending it does not exist, says the BC NDP.
“The current rate hikes were based on a plan that didn’t expect that extra billion dollars in debt, which means that there is an inevitable day of reckoning to come,” said New Democrat spokesperson on BC Hydro Adrian Dix. “That billion dollar blunder breaks down to an extra $500 for every ratepayer in B.C. Those are families and businesses across the province that will be on the hook.
Even worse, Christy Clark and her energy minister seem completely unconcerned. They are pretending this $1.1 billion mistake doesn’t exist, when British Columbians know it exists, and it’s going to show up as an increase in their hydro bill.”
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