British Columbia’s NDP government has announced it will freeze BC Hydro rates effective immediately, fulfilling a key election promise.
Energy, Mines and Petroleum Resources Minister Michelle Mungall says hydro rates have gone up by more than 24% in the last four years and by more than 70 per cent since 2001.
In a news release, Mungall said , “After years of escalating electricity costs, British Columbians deserve a break on their bills.”
BC Hydro had been approved by the B.C. Utilities Commission to increase the rate by three per cent next year, but Mungall said it will pull back its request in order to comply with the freeze.
The government says it will undertake a comprehensive review of the utility meant to identify cost-savings measures in the meantime.
Recommendations from the review — including possible new rates — will be implemented starting in April 2019.