BC Hydro had some welcome news for British Columbians looking to find some savings in this most unusual of years, announcing yesterday that customers will be getting a little cash back and see a decrease in the rates charged for hydro services in a move that will be in effect retroactively to April 1 of 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 notes in its information release, that it will be focused on keeping rates low for customers when it makes its next application to the BC Utilities Commission later this month.
The news of the rate cut and bill credit was hailed by the Minister of Energy, Mines and Low Carbon Innovation, with Bruce Ralston noting of the government's commitment on keeping Hydro rates affordable for British Columbians.
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.”
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