There were reports this morning that BC Hydro would be raising its rates by up to 26% to meet its revenue targets for the coming year. Why? Because the BC Government is using BC Hydro to balance its budget.
“We did our budget prognosis essentially on the basis of receiving the dividend from BC Hydro and we intend to receive that dividend this fiscal year, we will not be able to balance our budget if we don’t receive that dividend.”
What does that mean in context? Well, BC Hydro is owned by British Columbia. The “dividend” being used to balance the budget is the profit that BC Hydro generates. Which is determined by the rates we pay.
So – the Government of BC is raising rates to balance the BC budget; in effect, raising taxes through the back door – or the power plug, if you please.
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