BC Hydro is applying for a 2.3 per cent rate increase, which would take effect on April 1st, 2024.
The rate increase, if approved, would add approximately $2 per month to the average customer’s bill.
The rate increase would also be the sixth consecutive year BC Hydro has applied for a rate increase below the rate of inflation.
“With costs rising across the country at rates that are unsustainable for many people, it’s more important than ever for us to keep the cost of clean electricity down,” said Minister of Energy, Mines, and Low Carbon Innovation Josie Osborne.
“Affordable, stable BC Hydro rates are good from people, business and climate as we work together to power our growing economy with renewable energy instead of fossil fuels.”
According to the province BC Hydro rates are 15.6 per cent lower than the cumulative rate of inflation over the past seven years.
“BC Hydro is committed to keeping electricity rates stable and affordable,” said BC Hydro President and CEO Chris O’Riley.
“Our rates application would keep electricity rates among the lowest in North America, while supporting important investments in our system to serve BC’s growing population and the shift to clean electricity in vehicles, homes and businesses to reduce carbon emissions.”
Rate adjustments will be determined by the BC Utility Commission following a transparent regulatory process.