BC Hydro Is Dropping Electricity Bills But Brace Yourself For Price Hikes In 2023 & 2024

Electricity bills will be slightly cheaper from April 1, but enjoy it while it lasts as BC Hydro has said it plans to increase prices in 2023 and 2024.

BC Hydro will drop electricity bills by an average of 1.4%, pending approval by the B.C. Utilities Commission, which means that if your hydro bill is $100 per month, you'll save $1.40.

However, don't go spending that chunk of change too soon, because you'll need it in the following two years.

As part of their three-year revenue requirements application, BC Hydro has requested to increase bills by 2% from April 1, 2023, and then by another 2.7% from April 1, 2024.

The Commission has granted interim approval for the rate change for 2022 but a decision on the three-year plan is expected in the coming months.

BC Hydro defended its price hikes by saying that, if approved, it would mark a period of the lowest rate increases in B.C. over the past 15 years.

"Affordability is our government's top priority, and we continue to work with BC Hydro to keep electricity rates competitive and affordable for British Columbians," said Bruce Ralston, Minister of Energy, Mines and Low Carbon Innovation.

"In the BC Hydro Review, we identified several recommendations to ensure British Columbians have access to tools to help keep their bills low, and we’re actively implementing those recommendations," he added.

Chris O'Riley, President and CEO of BC Hydro, said that they have the third-lowest rates in North America.

He added, "We’re proud of our legacy in B.C. of delivering clean, reliable power safely. [...] We are committed to keeping rates affordable as move forward in encouraging British Columbians to switch to clean hydroelectricity from fossil fuels to reduce carbon emissions in our province."