BC Hydro Rates To Increase Each Of The Next Two Years

Electricity rates are going up in British Columbia this Spring.

“We must take urgent action to protect British Columbians from the uncertainty posed by rising costs while building a strong, robust and resilient electricity system for the benefit of B.C.’s long-term energy independence,” said Adrian Dix, Minister of Energy and Climate Solutions.

“That is why we are submitting a rate stability direction to the B.C. Utilities Commission to set BC Hydro’s rate increases for the next two years. This move guarantees certainty and reaffirms our commitment to keeping electricity rates well below the North American average and cumulative inflation, while growing our clean-energy advantage.”

The move would set BC Hydro’s annual average rate increase at 3.75% for the next two years.

For the average residential household, which currently pays approximately $100 a month, that works out to an additional $3.75 per month - or $90 over the two years.

The Province says BC Hydro rate changes are staying below cumulative inflation, keeping electricity costs near the lowest in North America and about half what Albertans pay.

Chris O’Riley, president and CEO, BC Hydro says the rate adjustment will go toward supporting critical investments in the system.

The rate adjustments for the upcoming two years reflect rising operating costs due to inflation, along with the Site C hydroelectric project coming into service.

That will power 500-thousand homes and increase supply by 8 percent.

Another ten new renewable energy projects will power another 500-thousand homes and increase supply by a further 8 percent.

The Province is also providing another $1.9 million to support BC Hydro’s Customer Crisis Fund, which offers grants for those in temporary financial crisis.

That program is expected to help approximately 4,700 households between now and April 2026.

BC Hydro’s residential, commercial and industrial rates are the third lowest in North America, according to a report from Hydro Quebec.

The Province says adjusting for inflation, electricity in B.C. costs the same today as it did more than 40 years ago.

The increase comes into effect on April 1st.

To learn more, visit Government of British Columbia.