BC Hydro documents reveal financial losses, rising rates and no immediate need for Site C dam, says NDP

VICTORIA – Opposition New Democrat energy critic John Horgan is warning British Columbians to brace for what he’s calling rate shock under an NDP government when it comes to their electricity bills.

Horgan says recent Hydro documents filed as part of the Crown corporation’s environmental plans for its proposed Site C hydroelectric dam reveal financial losses, power surpluses and low prices, all signalling higher Hydro rates for consumers.

Horgan says the Site C environmental impact documents filed last week by Hydro to federal and provincial environmental agencies reveal the utility stands to lose $1 billion over the next four years from buying expensive power it doesn’t need and selling it at a loss.

He says the documents also show Hydro accumulating and forecasting huge power surpluses, which suggests Site C doesn’t need to proceed immediately.

Horgan says if the NDP wins the May election, British Columbians can expect delays in Site C for at least two years and perhaps more, but he used the word rate shock when asked how Hydro’s fiscal situation will impact ratepayers.

Energy Minister Rich Coleman and Hydro officials could not immediately be reached for comment.