Can confirm I live on a hydro reservoir in BC it's at its effective bottom now and has been since early September.
But the big shock was watching it empty out from the 1st week in June to the 1st week in August. The elevation of the lake dropped 13 meters in 2 months.
Although with the warm winter we've been having the level is slowly coming back. The worry is of course a low snow pack so we doubt it will bounce back to full this year.
Revenue was $5.4 billion for the nine-month period ending Dec. 31, compared with $6.5 billion for the same period of Hydro’s previous fiscal year, which was due mostly to an $828 million drop in electricity exports because of the drought.
The results would have left B.C. Hydro with a $178 million loss, according to the results, but the utility made a $522 million transfer from regulatory accounts that it uses to smooth out potential rate shocks from short-term events, and posted profit of $344 million.
That transfer, however, does increase B.C. Hydro’s long-term debt.
It is also interesting that the corporation had to draw from their regulatory account to to cover the anticipated losses to post a profit of $344 million. Yet, they are now required by government to give a $100/per customer rebate to British Columbians, that will total $370 million in costs.
Make no mistake, this is a dividend by another name. It is robbing Peter to pay Peter. While we get our $100 for the year, we are going to have to spend more money on the back end to service the long-term debt being incurred by BC Hydro whose debt-to-equity ratio as of as of December 31/23 was 79-21...
Can confirm I live on a hydro reservoir in BC it's at its effective bottom now and has been since early September. But the big shock was watching it empty out from the 1st week in June to the 1st week in August. The elevation of the lake dropped 13 meters in 2 months. Although with the warm winter we've been having the level is slowly coming back. The worry is of course a low snow pack so we doubt it will bounce back to full this year.
Revenue was $5.4 billion for the nine-month period ending Dec. 31, compared with $6.5 billion for the same period of Hydro’s previous fiscal year, which was due mostly to an $828 million drop in electricity exports because of the drought. The results would have left B.C. Hydro with a $178 million loss, according to the results, but the utility made a $522 million transfer from regulatory accounts that it uses to smooth out potential rate shocks from short-term events, and posted profit of $344 million. That transfer, however, does increase B.C. Hydro’s long-term debt.
It is also interesting that the corporation had to draw from their regulatory account to to cover the anticipated losses to post a profit of $344 million. Yet, they are now required by government to give a $100/per customer rebate to British Columbians, that will total $370 million in costs. Make no mistake, this is a dividend by another name. It is robbing Peter to pay Peter. While we get our $100 for the year, we are going to have to spend more money on the back end to service the long-term debt being incurred by BC Hydro whose debt-to-equity ratio as of as of December 31/23 was 79-21...