While the price for clean power in B.C. keeps on rising, FortisBC has been able to lower prices for its customers, thanks to an abundant supply of natural gas.
On Tuesday, the utility said it had received approval from the B.C. Utilities Commission to lower natural gas commodity rates for customers in the Lower Mainland, Fraser Valley, Interior North, the Kootenays and Fort Nelson.
FortisBC said Lower Mainland customers would save approximately $53 on their annual bill, while customers in Fort Nelson would save $87 on theirs.
The utility said it was able to lower rates because of a glut of natural gas supplies in North America.
“As a result, we are able to offer the majority of our customers some of the lowest rates in years,” said Cynthia Des Brisay, vice-president energy supply and resource development at FortisBC.
The company also acknowledged B.C.’s burgeoning $6 billion natural gas industry, which has contributed to the abundance of supply across the continent and, thus, lower prices.
“Not only does this natural gas play an important role in the province’s economy, but it will help meet the future energy needs of British Columbians,” said Des Brisay. “In fact, about 22% of the total energy consumed in B.C. is from natural gas.”
The decrease in rates comes amid ongoing rate increases at the province’s other major utility, BC Hydro, where a focus on energy self sufficiency and “clean” power in recent years has forced the Crown corporation to sign contracts with pricey independent power producers and re-invest in aging hydroelectric dams.
But not all B.C. residents will be able to enjoy the record low natural gas prices.
The province’s Clean Energy Act has forced BC Hydro to move away from natural gas power production in favour of run-of-river, wind and large hydroelectric power.
For more about the province’s clean energy policies check this week’s edition of Business in Vancouver.
Joel McKay
Twitter:jmckaybiv