As expected, BC Hydro rates will be going up next year by 4%.
The increase has been pencilled in since 2013, when the province passed a ‘10 Year Rates Plan’
The crown corporation says the bump is needed to fund new investment in an aging system. BC Hydro is expected to spend $375M in conservation programs and $7.6B over the next three years.
However, NDP BC Hydro Critic Adrian Dix says taxpayers are simply paying for the mismanagement of BC Hydro.
“This latest rate increase application, is an application that will hurt families, make life less affordable. It’s effectively a hidden tax increase, and one that continues to damage the province’s economy.”
Under the ten year plan, further rate increases will be capped at 3.5% in 2018 and 3% in 2019.
Dix also blasted the Site C project, calling it unnecessary and overblown.
“While demand is supposed to be going up by 40% over 20 years, this year it actually went down by one third the size of Site C.”
BC Hydro’s rate residential rates remain the third lowest in North America.
Friday’s increase will cost the average customer an extra $4 a month.