FortisBC will be raising rates for its electric customers in the new year.
FortisBC received approval from the BC Utilities Commission for a 3.98 per cent general rate increase for electric customers, effective Jan. 1, 2023.
The increase will mean a customer with an average use of approximately 1,100 kilowatt hours per month of electricity, will pay an extra $7.62 more per month. Changes to individual bills will vary based on use.
“With a growing market demand for power, we are forecasting an increased cost to purchase power in the upcoming year to serve our growing customer demand. We are also continuing to invest in our system to ensure the safe and reliable delivery of energy to our customers and to meet their growing demand,” said Joe Mazza, vice-president, energy supply and resource development, FortisBC.
“We’re very conscious that any rate increase can be a concern for our customers and we’ve been able to find savings in our operations to offset some of this cost and lower the increase that would have otherwise been needed for 2023.”
As a regulated, privately owned utility, FortisBC applies to the BCUC each year to set electricity rates for the following year. The company says the increase is required to maintain and improve the electrical grid.
As of 2023, all residential use will be billed at a single rate and, for the first time since 2011, customers will see only one line item on their bill for all the kilowatt hours they have used for each billing period.