BC Hydro customers will receive a one-time bill credit early next year as a result of an additional 0.61 per cent rate decrease that is effective retroactively to April 1, 2020.
In its decision in the Fiscal 2020/21 Revenue Requirements Application, the BC Utilities Commission requested BC Hydro to amend its rate reduction to reflect last year’s results and the latest financial forecast. As a result, this year’s rate will go from a net decrease of 1.01 per cent to a net decrease of 1.62 per cent.
Residential customers should expect to receive a one-time bill credit of $4 on average, while commercial customers will receive from $10 to $600 on average depending on the size of the business and industrial customers will receive up to $375,000.
BC Hydro plans to file its next Revenue Requirement Application with the BC Utilities Commission in mid-December. It says it is focused on keeping rates low for its customers, and any rate change would require the Commission’s approval.
Bruce Ralston, Minister of Energy, Mines and Low Carbon Innovation, responding to BC Hydro’s announcement, said: “Our government knows families and businesses are facing challenges none of us could have imagined due to the global pandemic. We are dedicated to putting people first. This one-time bill credit will provide some help for all BC Hydro customers, including residential, commercial and industrial.
“Over the last three years, our government has been focused on keeping BC Hydro rates affordable and using more of B.C.’s clean, reliable hydroelectricity in place of fossil fuels to power our vehicles, homes and industry. This year’s rate cut – the first in decades – is a step in the right direction as we continue to build an economy that works for people.”