BC Hydro maintains an expensive bureaucracy dedicated to spending billions of dollars. Despite no growth in domestic ratepayer demand since 2005, assets employed by the utility tripled from $12 billion to $36 billion. And the company is adding more than another $10 billion to its balance sheet.
In BC Hydro’s most recent annual report, the company boasted about “one of the largest expansions of electrical infrastructure in British Columbia’s history.”
To gain approval for massive spending, BC Hydro doctored load forecasts, issuing a steady stream of pronouncements about demand increases.
Despite evidence published in the last 14-years of annual reports, BC Hydro made no admission that demand was not growing as they had been predicting.
This week, utility managers shelved the Metro North Transmission Project. The given reason runs contrary to statements that justified the company’s aggressive borrow and spend policies.
Has BC Hydro adopted a new policy of honest disclosure, or is this a peculiar anomaly?
Time will tell.
Categories: BC Hydro