On Friday, it was announced that BC Hydro has requested the B.C. Utilities Commission (BCUC) to approve their request for a decrease in rates.
“For the past two years, our government has been focused on making sure BC Hydro works for people again,” said Michelle Mungall, Minister of Energy, Mines and Petroleum Resources.
“I am thrilled that BC Hydro is now able to apply for a rate reduction for the first time in decades. If approved by our independent regulator, lower rates would make life better and more affordable for British Columbians.”
Info bulletin: BC Hydro submits request for one per cent rate cut with BC Utilities Commission. https://t.co/SeVexwUHwC
— BC Hydro (@bchydro) August 23, 2019
This request by the electric utility company is based on their audited fiscal 2019 financial results, which showed:
- Higher-than-anticipated income from its trading subsidiary Powerex
- Lower-than-anticipated forecast debt financing costs
- Lower-than-anticipated purchases from independent power producers (IPPs)
“As a result of our updated financial forecast, we’re in the unique position to apply for a rate decrease for our customers that would start on April 1, 2020, if approved by the B.C. Utilities Commission,” said Chris O’Riley, president and chief operating officer, BC Hydro.
As for when a decision will be made, the BCUC is expected to come to a ruling by early 2020.