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Home Canadian Press BC Hydro deferral accounts at $5.5 billion, says rate review by auditor...

BC Hydro deferral accounts at $5.5 billion, says rate review by auditor general

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VICTORIA, B.C. – Auditor general Carol Bellringer says BC Hydro has deferred $5.5 billion in expenses that it plans to recover from ratepayers over time.

Bellringer focuses on the deferred expenses in a report on the public utility’s use of rate-regulated accounting to control the prices it charges customers.

She says rate-regulated accounting is used widely across North America, but cautions that Hydro has largely overridden the role of the independent B.C. Utilities Commission to regulate rates.

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Last June, the B.C. government launched a two-phase review of BC Hydro to find cost savings and look at the direction of the Crown utility.

The review came shortly after a planned government rate freeze was overturned by the utilities commission, which resulted in a three per cent rate increase in April 2018.

A statement by BC Hydro and the government says a key objective of the review due this month is to enhance the regulatory oversight of the commission.

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