The province is going to bail out B.C. Hydro to the tune of one point one billion dollars.
That’s expected to limit rising electricity bills but it won’t eliminate the increases as the NDP government had promised during the election campaign.
The NDP government says since taking power it has discovered the Liberal government had signed a money-losing deal with private power producers and now we are all on the hook for that.
Besides the one point one billion dollar bailout, B.C. Hydro electricity bills will increase by one point 8 per cent on April 1st and point 7 per cent on April 1st of 2020, for a total rate hike over the next five years of of 8.1 per cent.
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