Victoria – BC Hydro is cutting its rates by 0.6 percent for the 2020-21 fiscal year, energy provider announced Tuesday.
BC Hydro customers will receive a one-time bill credit as a result of the rate reduction, which will operate again until April 1, 2020.
This credit is expected to average $ 4 for residential BC Hydro customers. The average credit for commercial customers increases significantly, they receive an average of $ 10 to $ 600 depending on the size of the business. BC Hydro, meanwhile, said industrial customers can get up to 5,000 375,000 from credit.
The energy provider said the bill credit would come in early 2021. BC Hydro’s previous rate cut earlier this year meant that rates were down 1.62 percent compared to last year.
BC Hydro said it was going to file its next revenue requirements application for BC Hydro at the BC Utilities Commission, which will finally approve any rate changes for BC Hydro later this month.
“Our government knows that families and businesses are facing unprecedented challenges because of the global pandemic,” BC Energy Minister Bruce Ralston said in a statement Tuesday.
“This one-time bill credit will provide some assistance to all BC Hydro customers, including residential, commercial and industrial.”