BC Hydro Five-Year Statistics 2018/19 to 2023/24.
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Occasional Paper 94 provides a series of key operational and performance indicators from BC Hydo. This report encompasses the fiscal years 2018/19 to 2023/24.
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BC Hydro's 2023/24 Results Reflect Imported Power Filling Gap in Domestic Supply
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This paper summaries the key financial items in BC Hydro’s 2023/24 annual report. The prolonged drought had a major affect on its revenues and costs, with a significant hit to the bottom line. Deferral accounting transfers these losses to the ratepayers in future years, allowing the government to mandate a rebate that reduces current year bills but is funded from the prior year “surplus.”
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.
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.
BC Hydro Five-Year Statistics 2016/17 to 2021/22
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A five-year statistical summary of BC Hydro's finances.
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.
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
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.
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.
The BC Government Should Reduce BC Hydro's Excess Profits
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This paper reviews how the BC government manipulated the rate-setting process to produce a high return on equity at BC Hydro. It's time to eliminate the excess profits to help stimulate the economy.
BC Hydro Five Year Statistics 2015 to 2020.
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Occasional Paper No. 73 provides a summary of changes in a number of BC Hydro's key financial and service measures for the last five years.
BC Hydro's 2019/20 Annual Report: Domestic Sales Continue to Decline but High Profit Assured by Reliance on Regulatory Accounting.
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Occasional Paper No. 72 reviews BC Hydro's financial and operational results for 2019/20. Once again, the reliance on regulatory accounting to defer expenditures assured a high net income.
A Closer Look at the Government's Financial Plan for B.C. Hydro.
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Occasional Paper No. 67 reviews B.C. Hydro's new three-year financial plan and the F20 to F21 rate request filed with the B.C. Utilities Commission. The government has loosened the constraints on the independence of the regulator, but is it sufficient to satisfy the requirements of the public sector accounting standards?
Rate-Regulated Accounting at B.C. Hydro: A Primer.
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The attached paper provides background for two reports on deferral accounts and B.C. Hydro's finances that are expected to be released shortly. The government has promised to fix the finances at our public utilitity, but the details on how this will be accomplished is unclear.
Senior Officials Review of BC Hydro Rate Options: Will New or Old Thinking Prevail?
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This paper explores the options available to the senior official committee appointed to develop recommendations for a new rates plan for B.C. Hydro. Will the committee adopt the new approach of restoring integrity to financial management, or continue with the old practice of abusing the deferral accounts?
BC Hydro Five-Year Statistics:2012/13 to 2017/18. September 13, 2018.
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Occasional Paper 61 reviews certain aspects of BC Hydro's operations and finances for the last five yers.
Have the NDP Succumbed to the Siren's Call of Deferral Accounting? November 27, 2017.
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The current government's plan to freeze BC Hydro rates is the latest example of how governments have succumbed to the alure of short-term gain by manipulating BC Hydro's finances. Occasional Paper No. 46 traces the key events since 2011.
Submission to the BCUC Opposing the BC Hydro Rate Freeze. November 20, 2017
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Can the BCUC approve BC Hydro's request to withdraw the 3% rate increase for 1 April 2018? I argue that it should not approve the request; includes final submission of 11 January 2018.
Further Observations on the Hydro Rate Freeze. November 12, 2017.
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As a follow-up to Occasional Paper No. 45, this paper looks more deeply at the question of affordability in the pricing of BC Hydro's electricity.
Government Freezes BC Hydro Rates for 2018. November 9, 2017.
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This paper discusses some aspects of the new plan to freeze BC Hydro rates for 2018.
BC Auditor General Finds BC Hydro's 'Prescribed' Accounting Unacceptable. October 26, 2017.
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The Auditor General has added a new reason to qualify her opinion of the government's 2016/17 financial statements; the fact that the 'prescribed' accounting standards do not conform to the public sector accounting standards. Read more in Occasional Paper No. 44.
What Would Ontario's Auditor General Make Of BC Hydro's 'Prescribed' Accounting Standard? October 22, 2017.
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In a special report the Ontario Auditor General severely criticised that government's new regulatory deferal scheme; what would she make of the accounting practiced at BC Hydro to surpress the true cost of electricity?
Impact of Massive Hydroelectric Infrastructure Projects on Rates. July 5, 2017.
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Occasional paper No. 34 reviews the likely impact of three major hydroelectric infrastructure projects on electricity rates.
Options for Financing Site C. June 24, 2017
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What impact will the Site C project, whether it proceeds or is cancelled, have on BC Hydro's operating budget, and what are the options to pay for it? Occasional Paper No. 33 provides a high-level look at these questions.
Manitoba Hydro Planning a Five-Year 46% Rate Increase -- Lessons for BC? June 2, 2017.
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In May, Manitoba Hydro requested a rate increase of 7.9% for 2017 and 2018, with an indication of the same increase for the following three years. The publicly owned power utility is facing a major deterioration inits finances due to major capital projects and a flat demand. What lessons may a new government in BC learn from the Manitoba experience?
Ontario Electricity Rate Suppression Plan. May 27, 2017.
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This paper reviews the recent report of the Ontario Financial Accountability Office on that government's plan to use a deferral account to surpress electricity rates. A comparison to the revenue deferral practiced by BC Hydro is also provided.
Cold and Snowy Winter Helps BC Hydro - Hammers ICBC. March 19, 2017.
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A review of the financial impacts of the cold and snowy winter on the finances of BC Hydro and ICBC.
How Realistic is BC Hydro's 10-Year Plan? March 12, 2017.
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This paper suggests that BC Hydro's annual target rate increase of 2.6% is optimistic, as is the 10-year financial plan.
How BC Hydro Produces Record profits Despite Flat Demand. March 2, 2017.
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This paper explores BC Hydro's flat domestic sales and its high profits during the last five years, and suggests that the recording of future ubapproved and unbilled revenue helps explain the healthy bottom line.
Government Creates Unique Accounting System for BC Hydro. January 30, 2017.
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This paper describes how an obscure 2011 cabinet directive allows BC Hydro to apply regulatory accounting without the fundamental componet -- an independent regulator.
BC Hydro's Growing Pension Liability. January 14, 2017.
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Richard McCandless wonders why BC Hydro has a large and growing pension liability; deferral accounting may provide a reason.
Under-Reported BC Hydro Financial Stories from 2016. January 9, 2017.
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Richard McCandless posts Occasional Paper No. 19 on some 2016 stories about BC Hydro's finances that were either under-reported, or recieved no media coverage.
The Cost of Surplus IPP Power 6 October 2016
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An attempt to estimate the net cost to BC Hydro by purchasing power from independant power producers. 6 October 2016.
Is BC Hydro Acting More Like a Commercial Power Utility? 15 August 2016
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Comparing BC Hydro's finances with other power utilities. 15 August 2016.
How Much Do Electricity Consumers Owe BC Hydro? 29 July 2016
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Deferral accounting assumes that cost over-runs are loans to customers; how much do we owe BC Hydro? 29 July 2016.