VANCOUVER, B.C. – The Auditor General of B.C. (AGBC) released their recent report of BC Hydro they called the ‘Independent Audit of Capital Asset Management in BC Hydro.’
The AGBC did not find any significant deficiencies in BC Hydro’s asset management systems, activities and practices. The AGBC goes on to share that they have no recommendations in this audit.
Asset management is the purposeful and long-term processes that aim to get the greatest efficiency, for the lowest cost, out of an asset over its lifetime shares the AGBC. Good asset management is essential for BC Hydro to deliver on its mission to safely provide reliable, affordable, clean electricity throughout B.C.
The AGBC shares BC Hydro manages a total of about $25 billion in assets. About 80% of its assets are things like dams, generators, power lines and poles, substations, and transformers that are used to provide electrical service to the people of B.C. BC Hydro invested almost $2.5 billion to renew, repair or replace the assets it manages from April 1, 2017, to March 31, 2018,
The AGBC looked at whether BC Hydro has the information, practices, processes and systems needed to support good asset management. We looked specifically at BC Hydro’s generation, distribution and transmission assets, but not at other assets, like its vehicles, buildings and computers.
BC Hydro has good asset management practices as a result of a decade-long plan and associated efforts to carry out the plan, not by accident. Over ten years ago, BC Hydro made asset management an organizational priority. Since then, it has worked to implement international guidelines and good practice standards said the AGBC.