BC Hydro customers will receive a one-time bill credit early next year as a result of an additional 0.61 per cent rate decrease that is effective retroactively to April 1, 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 plans to file its next Revenue Requirement Application with the BC Utilities Commission in mid-December. It is focused on keeping rates low for its customers, and any rate change would require the Commission’s approval.