BC Hydro rates expected to go up for next three years
By Nelson Daily Staff
Homeowners will be paying about $7 extra a month for their electricity as BC Hydro forecasts a 10 per cent rate increase per year over the next three years.
The increase, which would take effect in April 2011, may be reviewed further and must still be approved by the BC Utilities Commission, BC Hydro said in a news release.
An increase of 7.29 per cent was previously approved between April 2010 and April 2011.
BC Hydro is undertaking the largest expansion of electrical infrastructure in the province’s history, to meet the growing demand for power, provincial Energy Minister Steve Thomson was quoted in the release.
Thomson said that investment would affect rates.
The utility will spend $6 billion over the next three years to build new systems to meet demand and install smart meters in every household to help customers manage their electricity consumption.
For an average monthly residential electricity bill of about $71, the increase would mean about $7 a month on that bill in the first year.
