www.mapleridgenews.com - THE NEWS -- Friday, February 24, 2012 -- 17 The 80-yearold Ruskin dam and powerhouse is getting an upgrade expected to cost up to $850 million. B.C.’s auditor general has criticized B.C. Hydro for deferring debt for projects such as the Fraser Valley dam, and then reporting a profit. Contributed by B.C. Hydro
B.C. Hydro rates may rise due to debt by Tom Fletcher Black Press The B.C. Utilities Commission has approved an extra 2.5 per cent interim increase in B.C.. Hydro rates, which means a seven per cent increase in electricity bills starting April 1. The commission’s decision is a setback for the B.C. government, which conducted a cost-cutting review of B.C. Hydro last year that cut 700 jobs to bring the 2012 rate increase down below four per cent. The decision is still an interim rate increase. B.C. Hydro can argue for a reduction, which would result in a rebate on electricity bills if it is granted by the commission later this year. The commission ruled that the latest 2.5 per cent increase, about $5 a month on the average residential bill, is needed to pay down B.C. Hydro’s ballooning deferred debt, which was identified in October by B.C. Auditor General John Doyle. Doyle reviewed B.C. Hydro’s books and found that, as of March 2011, $2.2 billion of the utility’s debt was placed in deferral accounts. Deferred expenses were forecast to grow to $5 billion by 2017. Doyle said deferral accounts for major capital costs are an acceptable practice to smooth out rate increases, but B.C. Hydro’s use of it runs ahead of other Canadian utilities. The practice can “mask the true cost of doing business, creating the appearance of profit-
ability where none actually exists, and place undue burdens on future taxpayers,” he said. Doyle’s conclusion that “there does not appear to be a plan
to reduce the balance of these accounts” is supported by the utilities commission decision. NDP energy critic John Horgan said the auditor’s report
showed the B.C. Liberal government was using B.C. Hydro as an “ATM machine,” collecting $463 million in revenue last year and forcing the utility to pile up debt to do it.
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