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VICTORIA – BC Hydro is reducing its tariffs by 0.6% for fiscal year 2020-21, the energy supplier announced Tuesday.
BC Hydro customers will receive a one-time credit following the rate reduction, which is retroactive to April 1, 2020.
Credit is expected to average around $ 4 for residential BC Hydro customers. The average credit increases significantly for business customers, who should receive an average of $ 10 to $ 600 depending on the size of the company. Meanwhile, industrial customers could receive up to $ 375,000 from the credit, according to BC Hydro.
The bill credit is expected to come in early 2021, the energy supplier says. An earlier tariff decrease by BC Hydro earlier this year means that tariffs will have registered a net decrease of 1.62% from last year.
BC Hydro says it plans to file its next income requirement request with the BC Utilities Commission, which eventually approves any rate changes for BC Hydro, later this month.
“Our government knows that households and businesses are facing challenges none of us could have imagined due to the global pandemic,” BC Energy Minister Bruce Ralston said in a statement Tuesday.
“This one-time credit will help all BC Hydro customers, including residential, commercial and industrial.”
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