The B.C. Utilities Commission has approved BC Hydro’s 2023 to 2025 rates application.
The rates, which remain interim, are subject to final adjustments as the BCUC reviews two outstanding issues: BC Hydro’s finance charges and the request to transfer funds back into the Trade Income Deferral Account.
The general rate changes are: 0.62 per cent, effective April 1, 2022; 0.97 per cent, effective April 1, 2023; and 2.18 per cent, effective April 1, 2024.
BCUC says the general rate changes are “primarily due to increases in BC Hydro’s finance charges, amortization, operating costs, taxes, and Site C coming into service.
BC Hydro is expected to start recovering costs from the new Site C hydroelectric dam and generating station in December 2024.
“However, the BCUC directed a different treatment if there are disallowed costs related to Site C that may result from any future BCUC review of the project,” notes the release.
The utilities commission approved changes to the Open Access Transmission Tariff rates and the Deferral Account Rate Rider (DARR), which recovers or refunds differences between BC Hydro’s forecasted and actual energy costs.