Few things are cheaper now than a decade ago, but the recent approval of 10 renewable energy contracts, including two in the Peace Region, could lower electricity prices.
BC Hydro has applied to the BC Utilities Commission for the approval of nine wind farms and one solar project, which the provincial government recently announced would be fast-tracked due to the threat of U.S. tariffs.
The projects are expected to produce approximately 4,800 gigawatt hours of electricity annually at rates 45 per cent cheaper than BC Hydro’s last call for clean power in 2010.
The average price, adjusted for inflation, will be $74 per megawatt hour, which will help keep electricity bills affordable, according to the utility. The projects will also increase the supply by eight per cent and power half a million new homes.
The Stewart Creek Wind Project in Fort St. John signed a 30-year electricity purchase agreement with the utility in December of last year. This project is being built in partnership with the West Moberly First Nations and is expected to be operational by 2028. Meanwhile, EDF Renewables is working with the Saulteau First Nations to transition from fossil fuels to clean energy with the Taylor Wind Project, slated to generate power by 2031.
BC Hydro adds that these projects will drive up to $6 billion in private investment and create between 800 and 1,500 jobs.
They will also boost economic reconciliation, with most
projects having majority First Nations ownership, representing $2.5 to $3 billion in equity.