Low Water Has Had a Negative Impact on Crown Hydroelectric Utilities
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Manitoba Hydro and Hydro Quebec have seen their export revenues curtailed due to low water conditions thsi year.
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ICBC Releases Second Quarter Financial Summary
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ICBC's resultsf for the first six months of 2023/24 were encouraging, as reviewed in the attached commentary.
Drought Hammers BC Hydro's Six Month Results
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Serious drought effects have had a profound effect on BC Hydro's first half financial results.
Pre-Election Posturing: Will the Carbon Tax Subsidize BC Hydro Rates?
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Recently, Premier Eby said that the 2024/25 budget may include a carbon tax rebate funded through BC Hydro. This paper has a closer look.
Will BC Hydro Use Columbia River Treaty Power to Meet Some of the Demand for Clean Power?
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This paper reviews the possible use of some of the Canadian Entitlement under the Columbia River Treaty to address some of the growing demand for clean electricity.
Some Considerations If Wind Powers BC Hydro's New Electricity Supply
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This paper reviews comeof the cost and other implications if BC Hydro purchases electricity powered by wind. See also https://biv.com/article/2023/11/calculating-cost-new-power-generation-bc
A Four-Year Review of ICBC's Optional Claims
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This is the first in-depth look at ICBC's Optional claims information.
Alberta Relaxes Insurance Rate Freeze Pending Plan to Reduce Costs
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The Alberta government replaced the auto insurance rate freeze with a cap pending a review of options to reduce longer-term costs.
Low Water Inflows Could Add Significant Cost to BC Hydro's Plans to Expand its Clean Grid
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A drier and warmer future poses significant risk for BC Hydro's generating capacity to meet future needs with clean and affordable electricity.
B.C. Utilities Commission firing shows Eby ready to interfere to achieve NDP goals
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On 30 Septemebr 2023, Vughn Palmer of the Vancouver Sun commented on the firing of the chair of the BC Utilities Commission: https://vancouversun.com/opinion/columnists/vaughn-palmer-bc-utilities-commission-firing-shows-eby-ready-to-interfere-to-achieve-ndp-goals
ICBC Multi-Year Key Statistics to 2022/23
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Occasional Paper No. 92 provides the key multiyear financial and operational data to 2022.23.
IBC Endorses Optional No-Fault: Does This Foreshadow Alberta's Direction?
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Recent comments by the IBC may signal how the Alberta government will restructure its auto insurance liability model. See also https://www.canadianunderwriter.ca/legal/whats-contributing-to-rising-auto-premiums-in-alberta-1004238314/
BC Hydro Does Not Have Enough Electricity to Power Proposed Green Hydrogen Projects
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Recent announcements of large planned green hydrogen production plants near Prince George depend on hydroelectricity that BC Hydro does not have. See also https://biv.com/article/2023/09/mines-power-fossil-fuels-major-balancing-act-energy-minister
BC Hydro Selected Five-Year Statistics 2017/18 to 2022/23.
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Occasional Paper No, 91 provides a five-year review of certain BC Hydro key indicators and is intended for reference purposes.
BC Hydro's Positive 2022/23 Results Powered by Trade Income and Lower Energy Costs
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BC Hydro achieved a strong financial performance in 2022/23, led by majpr gains in Trade income and lower energy costs.
ICBC Reports Major Loss in its Optional Program
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This paper has a more detailed review of ICBC's 2022/23 financial results by major program. Of note is the rise in materail damage costs and tort injury pressures.
ICBC's Weak Investment Income and Higher Claims Costs Result in a $195 Million Loss for 2022/23
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This report provides a summary at the corporate level of the 2022/23 financail results.
First Full Year of No_fault Claims Show Mixed Results
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This report shows ICBC claims information to 31 March 2023, provided through the FOI process.
Ensuring A Clean Electricity Future Will Be Difficult And Expensive
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Some commentors and environmental advocates have suggested that BC has almost achieved the target of a clean electrical grid. The attached paper suggests that meeting future demand for a clean power grid will be difficult and expensive.
Highlights of the Manitoba Public Insurance 2022/23 Annual Report
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Ths paper examins certain highlights of the MPI annual report.
Alberta Government Resumes Quest for Affordable Auto Rates
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Affordable auto insurance rates continues to be a pressing matter for the Alberta government. This paper reviews some recent developments.
BC Hydro's New Resource Plan Forecast
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BC Hydro has advanced the timeline to acquire new clean electricity. This paper has a closer look and the possible implicatons.
New Accounting Rules Reduce ICBC's Transparency and Accountability
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New accounting rules that took effect on April 1, 2023, will aggregrate revenue and expenditure information making analysis much more difficult.
The Growing Trend of Governments to Politicize Auto Insurance Pricing
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The Manitoba government has joined the trend of provincial governments to politicize the pricing of auto insurance rates. Four examples are presented.
ICBC Multi-Year Operating Statistics to 2021/22
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Occasional Paper No. 88 is the most recent compilation of financail and operating statistics to 2021/22.
Castles in the Sky: ICBC's Two-Year Rate Freeze Request
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ICBC has forecast significant net income over the next two years using inflated investment income.
Will Ontario Auto Insurance Rate Surge Result in Less Protection?
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Ontario continues to experience high auto insurance premiums. A new initiative could see lower rates but result in much less protedtion.
Basic Policyholders Provide $236 Million Subsidy to BC Government
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For many years BC governments have required ICBC policyholders to subsidize a variesty of governmet programs or policies, as detailed in the Commentary.
Regulator Fast Tracks ICBC Basic Rate Review
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This paper reviews the BCUC decision to advance the rate request review for the next two years, and discusses ICBC's distorted approach to forecasting the investment income.
Auditor General Forces BC Government to Backtrack on New Customer Deferral Accounting
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Recent comments by Auditor General Michael Pickup suggest that the government cannot continue to freely issue directives to the BC Utilites Commission respecting BC Hydro's finances.
Court Challenges to BC's No-Fault Auto Insurance
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This Commentary summarizes the status of the main challenges to the hybrid tort and no-fault liability model.
Will Recent LNG Proposals Wither for Lack of Clean Electricity?
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Will the lack of clean electricity to meet the government's net zero target doom the new LNG projects that are queing for approval?
BC Hydro's Positive Third Quarter Results
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BC Hydro reported a strong nine months primarily due to the effect of interest rate increases nd a jump in Trade income.
A Closer Look at ICBC's Forecast Loss for 2022/23
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This paper reviews ICBC's latest service plan forecast for 2022/23, and its third quarter financial summary.
Hydro Quebec Reports Record 2022 Sales and Profits
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Hydro Quebec reported record sales and profits in calendar year 2022, mainly driven by high export prices and a cold winter.
Once Again Auto Insurance Premiums Become an Election Issue in Alberta
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The cost of auto insurance has again become an election issue in Alberta. This paper provides context for the government decision to freeze fates for the balance of 2023.
Has the No-Fault Liability Model Achieved the Intended Objectives?
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This paper examins the early data available to asses how well the change to the no-fault model has achieved the government's objectives.
Is the Plan to Freeze Basic Insurance Rates Affordable?
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Can ICBC afford the two-year rate freeze ordered by the government? This paper reviews its new rate request to the Utilities Commission and finds it fundamentally flawed because ICBC management failed to address this important question.
Nelson Bennett Government Use of ICBC and BC Hydro Funds
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Nelson Bennett's 28 December 2022 article in Business in Vancouver.
New Report Shows ICBC Rates Higher Than Other No-Fault Provinces
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As a result of the change to a no-fault model ICBC rates comare favourably with those with hybrid-tort models, but are higer than Saskatchewan and Manitoba. See also Derrick Penner Vancouver Sun December 14, 2022.
New Bill Rebate Further Politicizes BC Hydro's Finances
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By ordering the Utilities Commission to approve BC Hydro’s new rebate regulatory account the government continues to substitute political imperatives for the economic-based rate setting oversight provided by the once independent regulator.
ICBC Releases Q2 Report and Forecasts a Year-End Loss
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This paper raises some questions about ICBC's forecast operating loss based on the second quarter financial summary.
Finance Minister Confuses Expaination of Cost-of-Living Measures
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Finance Minister Selina Robinson mixed fiscal years and conflated taxpayers and ratepayers in explaining the funding of new measures.
Estimating the Cost of the Newly Announced BC Hydro Rebate
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Premier Eby announced a credit/rebate but no total cost or funding plan was make public. This paper provides an estimate, and discusses two funding approaches.
Manitoba Public Insurer Loses Suit Questioning Regulator's Jurisdiction.
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In a recent decision the Manitoba Court of Appeal declined to hear an appeal by the MPI public auto insurer concerning a decision by its refulator. Perhaps Manitoba will adopt the more directive approach used by the government in this province?
Some Aspects of the Brad Wall Review of Biopole III and Keeyask
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The report highlights the weaknesses in planning, project management and accountability. There are many parrallels to the Site C project.
Six Years of ICBC Operational Data to 2021/22.
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Occasional Paper No. 85 provides six years of various ICBC financial and operational data to fiscal yrar 2021/22.
BC Hydro Five-Year Statistics 2016/17 to 2021/22
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A five-year statistical summary of BC Hydro's finances.
Quantifying BC Hydro's Domestic Electricity Surplus
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BC Hydro no longer reports its Domestic electricity surplus or deficit, but it is possble to determine the annual totals from the service data in its annual reports. The over capacity in generation has costs for ratepayers.
BC Hydro's 2021/22 Annual Report.
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Occasional Paper 83 summarizes the key aspects of BC Hydro's 2021/22 annual report, which was released some three weeks ago.
ICBC Reports Major Profit Increases in Both Basic and Optional Programs.
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This report has a closer look at ICBC's 2021/22 financial results at the program level compared to the results of the prior year.
ICBC Records Historic Profit for Fiscal Year 2021/22
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FY 2021/22 was historic for our public auto insurer, both for the shift to no-fault and the historic combined operating profit.
Accounting Rules Overstate Province's 2021/22 Revenue: On a Cash Basis the Surplus is Really a Deficit
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National public sector accountig rules require that profits or losses from self-supporting Crown corporations be caunted as government revenue, even if no cash is transferred. The net income from BC Hydro and ICBC is not transferred and distorts the true cash picture of the government's finances.
BC Hydro Extends Island Generation IPP Contract
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BC Hydro has extended the IPP contract for 4.5 years to maintain grid reliability.
Rushed Bid to Host 2030 Olympics Heavy on Symbolism But Light on Details and Costs.
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Three recent media comments or articles concerning the attempt to gain public financial support for a bid to host the 2030 Winter Olympics. See also
July 15: Vancouver 2030 Winter Olympics bid on thin ice: Deputy city manager’s report
July 9: Mayor violated civic code of conduct with misleading Olympic bid Tweets: integrity commissioner
July 9: Another Vancouver Olympics in 2030 would cost taxpayers at least $1 billion, but many costs hidden or unknown
July 7: B.C. NDP sport minister’s letter demands answers about Vancouver 2030 Olympics bid
June 29: Olympics bid inspection trio revealed
June 15: Vancouver 2030 bid podium, so far: No cost estimates, no provincial support, no referendum
June 14: The IOC’s “democracy deficit”: Canadian Olympic officials tell partners to avoid a Vancouver 2030 referendum in local election year
May 25: Sneak peek at the Vancouver 2030 Winter Olympics bid’s unlikely venues: Sun Peaks, Agrodome and Hastings Racecourse
May 7: Vancouver 2030 bid team big on hopes, vague on specifics
May 3: IOC keeps Vancouver visit under wraps, as delegation ponders 2030 Winter Games sites
March 26: Vancouver mayoral candidate proposes 2030 Olympic bid plebiscite
Dec. 12: Analysis: Vancouver 2030 Olympics bid — Who really wants it?
BC Cabinet Again Restricts Independence of Regulator: Will the Auditor General React?
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A new directive reinforces the government's unwillingness to fulfill its 2018 promise to enhance the independence of the BC Utilities Commission regardsin BC Hydro's finances and rates.
Historical Memory and the New Royal British Columbia Museum
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This Commentary discusses the new Royal BC Museum in light of Dr. Robin Fisher's distinction between history and historical memory. Related see
Private Insurers Report Banner Profits for 2021
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A new report shows that private Canadian Property and Casualty insurers make record profits in 2021. This paper has a closer look.
Auto Insurance Again a Factor in the Ontario Election
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The Ontario NDP has promised a major reduction in auto insurance as part of its election platform. This paper has a closer look.
Plan to Collect Data and Report on Race Raises Questions
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A commentary of the proposed Anti-Racism Data Act reviews a number of issues, including the presumption of systemic racism in provincial public bodies.
A Closer Look at ICBC's Remarkable Financial Turnaround.
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Occasional Paper 82 provides a more detailed analysis of ICBC financial rebound during the past two years.
ICBC Multi-Year Operating Statistics to 2020/21
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Occasional Paper No. 81 provides a multi-year compilation of actual key financial and operating measures to 2020/21.
Globe and Mail Incorrectly Claims BC and Saskatchewan Drivers Subsidized by Taxpayers
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A recent Globe and Mail editorial cantained factual errors about the recently announced insurance rebates in BC and Saskatchewan. Taxpayers are not subsidizing drivers in these provinces.
Linking ICBC Rebate to Offset Fuel Prices Sends Wrong Message
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The decision to proceed with a rebate signifies the adoption of more realistic capital reserve targets. Linking the rebate to offsetting high fuel costs has clouded a positive picture.
Government Reneges on Promise to Allow BC Hydro's Regulator Full Independence
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A new cabinet order negates the previous commitment to restore full independence to the BC Utilities Commission to regulate BC Hydro. Will the auditor general again qualify the government's financial statements?
How Much is Enough: ICBC Has Sufficient Capital to Provide Rebate to Policyholders
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President Jimenez says rebuilding the capital reserve will take time, but the latest forecast suggests that ICBC has sufficient capital to provide a rebate now.
ICBC Forecasts Record Profits: Strong Investment Returns Power Results.
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ICBC has forecast a record profit of $1.9 billion for the current year. This Commentary reviews the forecast and the Q3 report.
ICBC and BC Hydro Profits Distort Government Deficit
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National accounting standards require that the net income of ICBC and BC Hydro be reported as government revenue. As no actual cash is transferred from thes two Crowns this distorts understates the size of the government's planned operating deficits for the current and next three years.
ICBC Policyholders Fund Enhanced Traffic Enforcement--Fine Revenue Goes to Municipalities
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Each year Basic policyholders contribute close to $30 million to fund traffic enforcement through additional police resources and through intersection radar cameras. This paper has a closer look.
Ontario Government Hints That Taxpayers May Subsidize Drivers.
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The Ontario government may eliminate the $120 vehicle registration fee in the run-up to the June election resulting in a taxpayer subsidy to drivers.
Update https://nationalpost.com/news/canada/ontario-legislators-return-for-pre-election-session-today
https://globalnews.ca/news/8636625/ontario-licence-plate-sticker-renewal-cancelled-refunds/
BC Hydro Watchdog Voluntarily Muzzels Itself.
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In a recent decision the BC Utilities Commission gave notice that it will regulate BC Hydro rates using an incentive sytem. This despite the warnings of BC Hydro and most of the consumer groups that such a system would not be effective for the Crown utility, and would reduce public accountability.
Alberta Adopts No-Fault for Vehicle Damage: Hybrid Tort Remains for Injury Claims.
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Starting January 1, 2022, the basoc mandatory auto insurance for vehicle damage claims converted to a n-fault model. Injury claims remain in the hybrid tort model, where pain and suffering awards for minor claims are capped.
BC Hydro's Electrification Plan Mitigates Impact of Site C on Rate Increases
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New information from BC Hydro shows the significant increase in operating expenditures as Site C becomes operational. A significant increase in Domestic sales reduces the pressure on rates caused by the $16 billion project. See also https://biv.com/article/2022/01/site-c-dam-require-87-rate-hike-over-2-years-analyst
BC Hydro Revives Speculation on Future Interest Rates
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In light of anticipated higher interest rates BC Hydro has re-instituted its hedging program. Better luck this time?
ICBC Multi-Year Statistics to 2020/21
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Occasional Paper No. 79 refreshes previous financial and service measures wih the actuals to 2020/21.
Claims of Systemic Racism in Policing and Health Care: A Review of the Evidence.
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The sponsors of two reports have claimed that the reports justify claims of systemic racism, but is this true?
BC Hydro's Second Quarter Report Reflects Strengthening Economy.
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After six months BC Hydro's finances show improvements from the prior year, partly due to improved economic activity.
ICBC's Half-Year Results for 2021/22.
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ICBC's minimalist half-yer summary report shows improved financial health, but lack of service measue data make detailed analysis impossible.
British Columbia's Greenhouse Gas Emissions 2005 to 2019.
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Occasional Paper No.78 takes a closer look at the growth of provincial GHG emisssions in the context of other larger provinces, population growth and economic growth.
BC Utilities Commission Approves ICBC's Basic Program Rate Reduction
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This commentary summarizes the key issues in the BC Utilities Commission's recent decision.
Will the Old Growth Logging Restriction Result in Higher Cost Electricity?
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The government's plan to restrict old growth logging could have a significant effect on BC Hydro's sales and rates.
Public Auto Insurers May Provide Additional Covid Rebates: Will ICBC Follow Suit?
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The public auto insurers in Saskatchewan and Manitoba have reported claims costs tracking below the budget forecasts due to the continuing effects of the measures to supress the pandemic. This may result in more rebates to policyholders.
Ontario's Electricity Subsidies
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New reports by Ontario's Financial Accountability Office provide a useful overview of the effect of the taxpayer subsidies on the price of electricity in that province. Update with Globe and Mail editorial https://www.theglobeandmail.com/opinion/editorials/article-the-hydro-subsidy-washing-machine-keeps-spinning-in-ontario/
Operating Losses Could Add Another $5.5 Billionto the Cost of Site C.
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To date, most of the discussion of the cost of the Site C project has focussed on the total cost. Occasional Paper No. 77 estimates the operating losses over the first fifteen years could total $5.5 billion. Some funding options are also discussed.
Providing BC Hydro's Regulator with Broader Discretion in Pricing Electricity is Highly Problematic.
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Should the BC Utilities Commission be broadened to address social policy issues? This paper says this would be highly problematic.
Cost of the Site C Dam Project Slowly Emerging
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In a recent filing with the regulator, BC Hydro is slowly disclosing details on the cost of the Site C dam project. The impact on customer rates has yet to be disclosed.
Do ICBC's Q1 Results Suggest Another Pandemic Rebate?
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This paper provides a general review of ICBC's positive first quarter financial reults.
Manitoba Government Arbitrarily Raises Manitoba Hydro Rates by 2.5 Per Cent
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The government of Manitoba has decided to increase Manitoba Hydro rates by 2.5% per year for the next three years. This has resulted in less transparency and accountibility.
BC Hydro's 2020/21 Annual Report: Surplus Sales Partly Offset Decline in Domestic Sales
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Occasional Paper No. 76 discusses the highlights of BC Hydro's recently released 2020/21 annual reportt, including the growing mis-match between Domestic power generation and sales.
Intact Financial Wants BC Government to Provide "Options" for Basic Insurance
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Recently, the CEO of Intact Financial stated that the BC government should provide options respecting the purchase of Basic auto insurance. Intact abandoned the BC market at the end of 2020.
Major Financial Turnaround at ICBC Includes Both Basic and Optional Programs
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This paper continues the review begun on 29 July 2021 of ICBC's 2020/21 financial turnaround. This time the results at the program level are highlighted.
ICBC Reports Massive Increase in Profits: Rebound in Investments and Drop in Claims Explain Improvement
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ICBC's 2020/21 financial results show a marked improvement in profits and equity, with most of the improvement due to re-estimation of prior years claims costs and improved investment valuation.
ICBC Forecasts Significant Profits and Growth in Basic Equity
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In its recent three year plan, and its rate submission to the BC Utilities Commission, ICBC is forecasting significant financial improvement in the finances of the Basic program compared to 2019/20. Only by merging the two data sets can one discern the forecast for the Optional program.
ICBC Plans Major Increase in Back Office Staffing
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This paper looks at the major increase in ICBC's back office staffing planned for the next two years.
Expanding ICBC's Role as the Government's Debt Collector
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The government has introduced legislation to expand ICBC's refuse to issue program to encompass unpaid fines relating to the pandemic. The government should reimburse ICBC, otherwise policyholders will be providing another subsidy to taxpayers.
Tracing ICBC's Missing $400 Million in Capital Build Funds
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ICBC has applied to the BC Utilities Commission for a 11.5% Basic rates increase to begin to rebuild the capital reserve. Yet the detail of the forecast increase in the capital available by year-end 2022/23 is much less than what ICBC proposed in its initial application. Where is the missing equity?
Improved Financial Markets and Lower Claims Costs Improve ICBC's Finances
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ICBC's financial forecast for 2020/21 and the budget for 2021/22 show a marked improvement over the significant operationg losses recorded in recent years.
Government Blocks Possible Reduction in BC Hydro's Excessive Profits
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A recent cabinet order has blocked any attempt by the BC Utilities Commission to lower BC Hydro's excessive profits. This is another example of the government's manipulation of the utility and the BC Utilities Commission.