BC Hydro and the Peace River Regional District (PRRD) have signed a regional legacy benefits agreement relating to the proposed Site C Clean Energy Project, both parties announced yesterday.
The deal will see BC Hydro paying $2.4 million annually (indexed for inflation after the first year of operation) to the PRRD for the next 70 years, once the project is operational.
The PRRD will allocate the annual funds received to member communities using a formula linked to population and economic impact in each area.
"The Peace Region recognizes the provincial economic opportunity and value this new power source would bring British Columbia," said PRRD chair Karen Goodings.
"It is important to acknowledge the significant sacrifices that the Peace region will be making in hosting this economic generator.
"This legacy agreement is a symbol of that acknowledgement."
The PRRD includes seven municipalities with a total population of approximately 63,000:
- the District of Chetwynd;
- the City of Dawson Creek;
- the City of Fort St. John;
- the District of Hudson's Hope;
- the Village of Pouce Coupe;
- the District of Taylor; and
- the District of Tumbler Ridge.
Environmental certification and other regulatory approvals are required before the Site C project can move forward.
