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BC Hydro 2011 Rate Increase will fund grid expansion, smart meters, and conservation programs, meeting rising electricity demand, pending BC Utilities Commission review; average residential bills near $71 could rise about $7 in year one.
What You Need to Know
April 2011 BC Hydro rate hike funds $6B upgrades and smart meters, driven by demand growth, pending approval.
- Pending BC Utilities Commission review and approval
- $6B over three years for grid expansion and upgrades
- Smart meters installed in every household provincewide
- Average $71 monthly bill rises about $7 in year one
- New conservation programs to help manage consumption
The cost of electricity is going up as BC Hydro is forecasting a rate increase of about 10 per cent a year in each of the next three years.
The increase, which would take effect in April 2011, may be reviewed further and must still be approved by the BC Utilities Commission, BC Hydro said.
An increase of 7.29 per cent was previously approved between April 2010 and April 2011.
BC Hydro is undertaking the largest expansion of electrical infrastructure through upgrades in the province's history, to meet the growing demand for power, provincial Energy Minister Steve Thomson was quoted as saying in the release.
Thomson said that investment would affect rates, aligning with the Premier-designate's pledge to take on BC Hydro.
The utility will spend $6 billion over the next three years to build new systems to meet demand and install smart meters in every household to help customers manage their electricity consumption.
Hydro estimates that homeowners paying an average monthly residential bill of about $71 will see an increase, similar to the Toronto Hydro hike seen elsewhere, of about $7 a month on that bill in the first year.
The utility will introduce new conservation programs and make its operations more efficient to offset rate increases, said Hydro president Dave Cobb.
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