BC Hydro says electricity rates will decrease from April 1

BC Hydro customers will see a reduction in their electricity bills from April 1.

Customers can expect an average reduction of 1.4 per cent this year, the Crown corporation has revealed.

Next April, however, a two per cent increase is in store.

That will be followed by a 2.7 per cent increase in April 2024.

BC Hydro said its three-year price plan – if fully approved by the BC Utilities Commission – will mean the lowest rate increases over the last 15 years.

The Commission has granted interim approval for the rate change for the first year.

A decision on the application is expected in the coming months.

BC Hydro applied to the Commission for the rate change last September as part of a three-year revenue requirements application.

BC Hydro requested an annual average bill increase of 1.1 per cent over the three-year period:

• April 1, 2022: decrease of 1.4 per cent

• April 1, 2023: increase of two per cent

• April 1, 2024: increase of 2.7 per cent

“We’re proud of our legacy in BC of delivering clean, reliable power safely while maintaining some of the lowest rates in North America,” said Chris O’Riley, president and CEO at BC Hydro.

“We have the third lowest rates on the continent and are committed to keeping rates affordable as move forward in encouraging British Columbians to switch to clean hydroelectricity from fossil fuels to reduce carbon emissions in our province.”