Your energy bill is about to see a spike as electricity rates in British Columbia will increase 25.5 per cent over the next five years.
Bill Bennett, Minister of Energy and Mines and Minister Responsible for Core Review today announced a 10 year plan that will keep electricity rates as low as possible while BC Hydro makes investments in aging assets and new infrastructure to support British Columbia’s growing population and economy.
- Government will set rate increases for the initial two years of the 10 year plan at nine per cent and six per cent;
- The BC Utilities Commission (BCUC) will set increases for the following three years within caps of four per cent, 3.5 per cent and three per cent; and
- In the final five years of the plan, rates will be set by the BCUC and actions by government and BC Hydro will ensure increases remain low and predictable.
The average residential consumer is looking at $8 per month this year and an additional $5.5 dollars the following year.