The BC Government has a plan to stabilize BC Hydro rates.
On Monday, the government submitted a rate stability direction to the BC Utilities Commission to limit Hydro’s rate increases to 3.75 percent for the next two years.
This means homes would be paying an extra $3.75 per month. The goal of this change is to keep electricity rates stable and below inflation.
Minister of Energy and Climate Solutions Adrian Dix says action must be taken to protect residents from economic uncertainty.
Hydro President and CEO Chris O’Reilly says the rate direction would give customers needed certainty.
“The rate adjustment will go toward supporting critical investments in our system that will ensure we maintain our status as a leader in renewable energy, encouraging overall economic growth and job creation,” said O’Reilly.
The province says along with the direction, they are also investing $1.9 million to the Hydro Customer Crisis Fund, with hopes it’ll support 4,700 homes between now and April 2026.
If approved by the commission, the rate change would take effect April 1 this year and April 1 next year.
