BC Hydro says they are applying for a rate increase that is below the rate of inflation as the cost of living rises.
They say this is the sixth consecutive year they have made a similar application. Hydro says they are applying for a 2.3 per cent increase to the B.C. Utilities Commission.
If it goes through, it would take effect on Apr. 1 and would add about $2 per month to the average residential customer’s bill.
They say that while this application will only affect the 2024-25 year, it is based on what rate increases would be if they levelled out over the next five years with annual 2.3 per cent increases.
“BC Hydro is committed to keeping electricity rates stable and affordable,” said president and CEP Chris O’Riley.
“Our rates application would keep electricity rates among the lowest in North America, while supporting important investments in our system to serve B.C.’s growing population and the shift to clean electricity in vehicles, homes and businesses to reduce carbon emissions.”
The company adds that their current rates are 15.6 per cent lower than the cumulative rate of inflation over the past seven years, and 12.4 per cent lower than the previous government’s 10-year rates plan.
This means it has saved customers around $36 million per year.
They add they also provided $315 million in cost-of-living bill credits to B.C. families and small businesses, including those who receive their electricity service from FortisBC or a municipal utility.