FortisBC Inc. issued a press release last week announcing they have made application with the BC Utilities Commission (BCUC) asking for a five-year performance-based regulatory plan and is requesting a 3.3 per cent increase for 2014.
“Our customers have told us that the cost of electricity and reliability are their main concerns,” said John Walker, President and CEO of FortisBC. “In this application, we’re trying to balance our customers’ need to minimize rate increases, while addressing rising power costs and paying for the necessary investment to the electrical system.”
According to the release, if approved by the BCUC, this regulatory application provides incentive for the utility to find savings. These savings are then shared with customers by incorporating them into electricity rates.