A total of nine energy projects are slated to be operational by 2031 which will supply clean energy to meet the province’s business and residential needs.
The announcement was made today (Dec. 9) in response to the call for power that will help supply affordable energy to serve BC’s growing communities and housing needs, and according to the province it’ll provide nearly 5,000 gigawatt hours per year of electricity.
They estimate it’s enough to power 500,000 new homes, boosting the current supply by eight per cent.
Premier David Eby says the province is currently one of the biggest power providers, and with the new projects slated to begin it will ensure rates are kept low and cost-effective for consumers.
“These new projects will significantly expand our electricity supply, making BC a clean-energy superpower, while ensuring rates are affordable for people and for industries looking to expand,” he says.
With new residents coming into the province, and the government looking to meet its climate goal, Minister of Energy and Climate Solutions Adrian Dix says the new projects will ensure the demand is met across BC, especially with so many partnerships coming onboard.
“Now that the projects have been selected, we’re going to work together with BC Hydro, First Nations, and proponents to get these projects built quickly, responsibly and efficiently, and get those turbines spinning,” Dix says.
The province says they plan to expedite construction, but to do that they need to exempt these projects and future wind projects from any environmental assessment, while ensuring First Nations interests and environmental mitigations are protected and maintained.
The projects will have a minimum partnership of 25 per cent equity with First Nations, and eight of the nine are expected to have 51 per cent ownership. This translates into $2.5 billion and $3 billion of ownership by First Nations in new renewable energy projects in the province.
The province estimates the project will also create between 11,300 and 14,000 jobs annually and generate between $5 billion and $6 billion in private capital spending throughout the province.
