BC Hydro has submitted a request for a rate reduction of around one per cent starting April 2020 in an update to its Fiscal 2020 to Fiscal 2021 Revenue Requirements Application with the BC Utilities Commission.
In its Revenue Requirements Application filed in February 2019, BC Hydro requested a net bill increase of 0.7 per cent starting April 1, 2020. In the update to the Application filed today, it is requesting that be amended to a net bill decrease of 0.99 per cent. This amendment is based on BC Hydro's audited fiscal 2019 results and its latest financial forecast.
If approved by the BC Utilities Commission, the updated rate will reduce the average residential customer's annual electricity costs by up to $16 starting in April 2020. Commercial customers' annual electricity costs will be reduced by up to $715 and industrial customers by up to $230,000.
Over the next five years, the cumulative bill increase is estimated to be 6.2 per cent – 23 per cent lower than the 8.1 per cent net bill increase announced following phase 1 of government's comprehensive review of BC Hydro.
The forecast net bill impacts over the next four years are estimated to be:
- April 2020: decrease of 0.99 per cent
- April 2021: increase of 2.7 per cent
- April 2022: decrease of 0.3 per cent
- April 2023: increase of 3 per cent