According to BC Auditor General Carol Bellringer, BC Hydro hasn’t been able to charge customers enough to cover costs.
Bellringer’s statement comes from a report in to rate-regulated accounting at BC Hydro released by her office today.
BC Hydro uses rate-regulated accounting with the BC Utilities Commission as the regulator.
Using this system, it’s BCUC’s job to ensure operating costs are reasonable and can be absorbed in future rates.
But, the government has been overriding BCUC’s role and not allowing BC Hydro to charge enough to cover its operating costs.
The report highlights government’s efforts to change course, including removing certain accounting limitations on BC Hydro.
Bellringer says more changes are on the way.
