BC Hydro rates will jump 25.5 per cent over the next 5 years

VICTORIA – Electricity rates in British Columbia will soar by 25.5 per cent over the next five years.

Energy Minister Bill Bennett says the 10-year plan is designed to keep power rates as low as possible while BC Hydro makes investments in aging assets and new infrastructure.

It means hydro rates will jump 15 per cent in the next two years, and then 10.5 per cent in the three years afterwards.

The minister says the utilities commission will set any further rate increases for the final five years of the plan, but adds those increases would remain low and predictable.

Bennett says a nine per cent increase equals about an extra $8 per month for residential customers.