BC Hydro has unveiled its $36 billion 10-year capital plan, which includes $5.8 billion in spending for the Southern Interior region.
B.C. government officials said this plan will involve expanding and upgrading the province’s electrical grid.
“We must expand our electrical system like never before, to power industrial development, to power our homes and businesses, to power our future,” said Premier David Eby. “Clean, affordable energy will help us meet that opportunity, while reducing pollution, securing good-paying jobs and creating new opportunities for our growing economy.”
Premier Eby announced that BC Hydro will be investing in community and regional infrastructure projects aimed at delivering clean, affordable electricity to residents and businesses.
B.C. Government officials said $36 billion spending plan will cover projects from 2024 to 2034.
“This represents an increase of 50% over BC Hydro’s previous capital plan ($24 billion), and includes a significant increase in electrification and emissions-reduction infrastructure projects (nearly $10 billion, up from $1 billion),” said B.C. government staff.
Officials said the projects will support an average of 10,500 to 12,500 jobs every year, and increase and maintain BC Hydro’s capital investments.
“The plan reflects a growing demand for electricity across sectors due to population growth and housing construction, increased industrial development, and people and businesses switching from fossil fuels to clean electricity, among other factors,” said B.C. government staff.
“We’re taking action to build a clean energy future and create thousands of construction jobs for skilled workers as major infrastructure projects like Site C reach completion,” said Josie Osborne, Minister of Energy, Mines and Low Carbon Innovation. “BC Hydro’s new capital plan – with almost $4 billion in spending every year for the next decade – will drive economic growth for communities all over the province and ensure households and businesses can power up with clean, reliable and affordable electricity.”
Officials said the plan focuses on investing in clean energy, such as wind and solar.
“B.C. is well positioned to add additional intermittent renewables to the grid as its integrated, flexible system of hydro-electric dams act as batteries,” said B.C. officials.
BC Hydro’s reservoirs can be used to adjust energy production as a backup when the sun isn’t shining or the wind isn’t blowing.
“Our electricity grid is already one of the cleanest in the world, and to meet the scale and pace of what’s required, we need to invest in our system and build for the future,” said Chris O’Riley, president and CEO of BC Hydro. “We have already taken significant steps toward sourcing the clean electricity needed to meet the future demand, and we are now embarking on the next step.”
The announcement comes as B.C. government officials estimate the province’s energy demand to grow by 15 per cent or more by 2030.
You can see a summary of the 10-year spending plan below.
More: Power pathway: Building B.C.’s energy future (BC Hydro)