The interim report from Phase 2 of the BC Hydro Review has been released, focusing on leveraging B.C.’s clean hydroelectricity to meet the Province’s climate goals and support economic development.
The report describes the scope, context, and work to date for Phase 2 of the review. It presents a number of ideas for discussion, including:
- optional rate designs to encourage the shift from fossil fuels to electricity in vehicles, homes and businesses and achieve the emission reduction targets in CleanBC;
- measures to expand the electrification of B.C.’s growing economy and attract new, clean businesses to B.C., creating jobs and opportunities;
- changes to give BC Hydro more flexibility to meet future demand for clean electricity at the least cost to keep rates affordable;
- a 100% clean electricity standard, which would be the first provincial standard of its kind in Canada; and
- key issues and themes related to enhancing Indigenous Nations’ participation in the energy sector and furthering reconciliation.
The Ministry of Energy, Mines and Petroleum Resources will now gather further feedback from stakeholders, customer groups, and Indigenous Nations and organizations based on the interim report. This feedback will support the development of recommendations for a final report to be completed later in 2020.
Phase 2 of the review will position BC Hydro for long-term success and support the development of its Integrated Resource Plan (IRP) to be filed with the B.C. Utilities Commission in early 2021. The IRP outlines how BC Hydro plans to safely provide reliable, affordable, clean electricity to meet customers’ needs now and into the future.
Phase 1 of the review was completed in February 2019. It resulted in immediate actions to contain BC Hydro’s costs, keep rates affordable, and expand independent oversight by the B.C. Utilities Commission. BC Hydro’s five-year rates forecast is now approximately 55 per cent lower than the 13.7 per cent cumulative increase for the same period under the previous government’s 10-year rates plan, and more than 40 per cent lower than the 10.7 per cent forecast rate of B.C. inflation over the same period.
Click here to view the interim report on Phase 2 of the BC Hydro review.