The primary focus of the conference however, was an update on the power deal reached between B.C. Hydro and LNG Canada.
“A rate of about $83.00 per megawatt hour ensures existing ratepayers do not pay for infrastructure that would be required for the LNG industry, and these rates enable LNG industry to get customers to connect to the B.C. Hydro grid, providing a dependable source of energy which will help them fulfill their clean energy requirements,” Minster Coleman said.
Minister Coleman adds, “Today we announced the first power agreement with B.C. Hydro and LNG Canada, [and] we’re optimistic that similar agreements are possible with other LNG proponents.”
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The average rate for industrial customer is currently at approximately $54.00, says Minster Bennett.
“The LNG rate will increase by two per cent per year… That’s until 2024, and then it will stay constant until our industrial rate catches up with that LNG rate; and then the LNG customer would be paying the same rate as the rest of our industrial customers in the province,” said Minister Bennett.
Minister Bennett also says any additional infrastructure specifically required for the LNG industry will come out of their pockets and not those of taxpayers.
“There is a 500 kilovolt transmission line from Prince George to Terrace that will have to be upgraded – the LNG Canada group will pay for the new equipment required on the 500 kilovolt transmission line.”
The new rates are being put through with the regulation under the Clean Energy Act, according to Minister Bennett.