FortisBC has reportedly received the green light to charge customers higher rates beginning next month.
According to a press release by the company, B.C. Utilities Commission has approved FortisBC to implement a 80% price hike which will result in an average increase of $82 per year for customers.
Why the hike? Supply and demand.
“Natural gas prices have risen since spring 2016. The hotter-than-normal summer, for most of Canada and the US, has resulted in higher-than-expected continental demand for electricity, which is often generated by natural gas,” said Dennis Swanson, VP of energy supply, in a statement.
The rate hike will affect customers across the province, except in Fort Nelson, which operates under a separate service area as it’s located close to natural gas plants.
The last price increase was in April, 2014.