BC Hydro has filed an application with the BC Utilities Commission detailing Electricity Purchase Agreements signed with ten new renewable energy projects from its recent call for power. The successful projects will produce electricity at a significantly lower cost than projects in BC Hydro's last call for clean power in 2010.
These projects, which include nine wind farms and one solar project, are anticipated to generate approximately 4,830 gigawatt hours of electricity annually. This is enough to power half a million new homes, boosting BC Hydro's current supply by 8 per cent. The weighted average levelized price for these successful projects is $74 per megawatt hour (2024), which is around 45 per cent lower than the contracts awarded in BC Hydro's last call for clean power, after adjusting for inflation. This aligns with BC Hydro's priority to keep electricity bills affordable for its customers.
The development and construction of these projects are expected to attract between $5 billion and $6 billion in private capital investments, creating approximately 800 to 1,500 jobs annually on average during the construction phase across nearly every region in the province. Furthermore, all selected projects have significant First Nations ownership and nearly all have First Nations majority ownership, representing between $2.5 billion and $3 billion in First Nations equity, highlighting BC Hydro's commitment to economic reconciliation and fostering strong partnerships with First Nations communities.
The filing of this application is required under the Utilities Commission Act, so that the BC Utilities Commission can independently review and assess these agreements to ensure they are in the public interest, as well as their alignment with the Province's objectives under the Clean Energy Act.
For more information on the call for power, visit bchydro.com/2024callforpower.
Contact:
BC Hydro Media Relations
Email: media@bchydro.com
Phone: 604 928 6468
