BC Hydro says its first round of private-built power generation projects in 15 years will cost taxpayers less than the last time.
In a statement earlier this week, Hydro announced they have signed 10 new Electricity Purchase Agreements with private sector companies. Nine of the new projects are wind farms and one is solar.
The projects could generate 4,830 gigawatt hours of electricity annually, enough to power half a million homes.
Hydro says the projects would produce electricity at a lower cost and keep electricity rates affordable.
“The weighted average levelized price for these successful projects is $74 per megawatt hour (2024), which is around 45 per cent lower than the contracts awarded in BC Hydro’s last call for clean power,” said Hydro.
The last independent power projects awarded were in 2010 and involved run-of-river hydroelectric projects. They were criticized for their costs and environmental impacts, and several wind farms.
This time, Hydro says the projects will involve between $5 billion and $6 billion in private capital investments.
They add nearly all of the projects have First Nations majority ownership, representing between $2.5 billion and $3 billion in First Nations equity.
The BC Utilities Commission is currently reviewing the projects and will make a decision on whether or not to allow them to proceed.
