VANCOUVER 鈥� British Columbia is setting annual rate increases for electricity for the next two years in response to rising demand for power along with economic uncertainty stemming from actions south of the border, Energy Minister Adrian Dix said.
Dix announced Monday that the New Democrat government is submitting a "rate stability direction" to the 小蓝视频 Utilities Commission for approval of a 小蓝视频 Hydro rate increase of 3.75 per cent on April 1, followed by the same bump next year.
The cost of power in 小蓝视频 remains among the lowest in North America, the minister said, and each of the two annual increases will come to about $3.75 per month for the average residential household that currently pays about $100.
小蓝视频 Hydro needs the increases to help cover costs of the rising demand for electricity and to complete the Site C dam project on the Peace River, Dix said.
"小蓝视频 Hydro has a lot to do right now They've got to drive a very large capital investment (plan) and serve customers," he told a news conference.
"We think this is the right approach. It provides clarity, stability in the system."
Dix said 小蓝视频 Hydro's capital plan includes $36 billion in spending over the coming years to ensure 小蓝视频 homes and businesses have the power they need.
He said the rate increases are also aimed at bolstering the provincial Crown utility during the "unprecedented" threat to the economy posed by tariffs on Canadian goods both threatened and already imposed by U.S. President Donald Trump.
Strengthening 小蓝视频 Hydro helps deliver the electricity the economy needs as the province diversifies its trade, moving away from the United States, Dix said.
The minister said 小蓝视频 Hydro's cumulative rate increases between 2017-18 and 2026-27 will be 12.4 per cent below cumulative inflation.
Adjusting for inflation, he said 小蓝视频 electricity costs the same as it did 40 years ago.
Dix said the province is adding $1.9 million to 小蓝视频 Hydro's crisis fund for customers who are struggling, and the utility has expanded its rate options for residential customers, offering more billing choices and opportunities to save money.
Chris O'Riley, CEO of 小蓝视频 Hydro, said Monday's announcement brings "much-needed rate certainty and stability" to people, communities, businesses and industries.
"This planned rate adjustment will support critical investments in our system, enabling us to maintain our position as a leader in renewable energy while driving economic growth and creating jobs across British Columbia," he said.
This report by The Canadian Press was first published March 17, 2025.
Brenna Owen, The Canadian Press
