Check out p.150 of the BC Provincial “Budget and Fiscal Plan” by searching ” BC Budget 2012″.

BC Hydro’s debt has been increasing at a rate of 11.5% per year over the past decade (yes, you read that correctly, PER YEAR).
In 2014/15 the BC Hydro debt will be $18,335,000,000 and growing fast.

On p.148 of the Plan, you will see that the total tax-payer supported debt (BC Hydro debt is supported by ratepayers) will be $43,702,000,000 increasing at 5.4% per year.

If these debts continue to increase, BC Hydro debt will surpass ALL taxpayer debt in 2030. Both BC Hydro and the Province will go broke before then.

BC Hydro’s debt is $4,000 for every British Columbian or $16,000 for family of four

Just this week, the Province announced an Industry Electricity Policy Review of the electricity rates that industrial users pay. Barring a substantial increase in industrial rates, the responsibility for dealing with the ongoing deficit and long-term debt at BC Hydro will fall entirely to residential and commercial ratepayers, the latter of whom will simply pass on increased costs to consumers in the form of higher prices for goods and services. Ultimately, BC families are on the hook.

So how much is $16,000 over 10 years at 6% interest? It is about $2200 dollars per year. And what would that look like if families had to pay this back through our electricity rates? According to BC Hydro’s website (see “BC Hydro’s rates are among the lowest in North America”) the average ratepayer purchases about 12,000 kWh per year at about $0.082 per kWh or about $1000 per year.

So, to get rid of this debt in the next decade your monthly electricity payments will have to more than TRIPLE. To cut the debt in half, they will have to more than DOUBLE.

And just to be clear, none of this includes Site C – it will add another $10 billion to the debt in 2014/15.empty-pockets-2