VICTORIA — B.C. Hydro is losing billions of dollars because it was forced by the provincial government to sign contracts with private power producers for the wrong type of power at exorbitant rates, according to a new report.
The independent report, commissioned by Energy Minister Michelle Mungall, concluded that the private power contracts will “cost ratepayers an estimated $16.2 billion over 20 years, the estimated period during which B.C. Hydro will likely not need the energy government directed it to buy.”
“The annual impact of this surplus energy to B.C. Hydro ratepayers is estimated at $808 million per year, or $200 per year per residential ratepayer, which is equivalent to $4,000 per residential ratepayer over 20 years,” read the report. “The $16.2 billion estimate is believed to be conservative.”
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