Finance

BC Hydro to invest $6 billion in capital projects, including dam and hydro upgrades

Tags
BC Hydro to invest $6 billion in capital projects, including dam and hydro upgrades

BC Hydro in Canada will invest nearly $6 billion in capital projects across the province’s southern interior over the next decade to expand the electricity grid and upgrade its infrastructure to ensure a continued, reliable supply of clean power.

“We must build out B.C.’s electrical system like never before to power our homes and businesses, to power a growing economy and to power our future,” said Josie Osborne, minister of Energy, Mines and Low Carbon Innovation. “Throughout the southern Interior and in communities across B.C., these construction projects will create thousands of good jobs over the next decade and ensure that people have access to clean, affordable and reliable electricity, when they need it and where they need it.”

BC Hydro’s updated 10-Year Capital Plan, announced in January, contains $36 billion in regional and community infrastructure investments – a 50% increase over its previous capital plan. These new construction projects are forecasted to support 10,500 to 12,500 jobs on average annually and will increase and maintain BC Hydro’s capital investments as major projects like 1.1 GW Site C hydropower are completed.

The plan reflects 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.

“In regions like the southern Interior, we are investing billions of dollars to significantly upgrade our generating facilities and transmission lines to improve dam safety, replace aging or end-of-life equipment and reduce the risk of extended outages due to wildfires,” said Chris O’Riley, president and chief executive officer of BC Hydro. “These investments, along with upgrades to our substations, and underground and overhead distribution infrastructure, will ensure BC Hydro can continue to provide clean, reliable and affordable electricity British Columbians rely on.”

To meet these growing energy needs, $5 billion is being invested in BC Hydro’s generating facilities:

About $1.2 billion will go toward improvements to the 22 MW La Joie dam facility on the Bridge River to address aging infrastructure and seismic vulnerabilities.

About $3.8 billion in investments for dam safety, equipment refurbishments, replacements and improvements to maintain continued reliable operation at facilities on the Bridge River system (180 MW Bridge River 1 and 2, 42 MW Seton, Terzaghi and Lajoie/La Joie), and on the Columbia system (2,480 MW Revelstoke, 2,805 MW Mica, 572.2 MW Kootenay Canal, Duncan, 804 MW Seven Mile and Hugh Keenleyside).

Additionally, about $450 million has been earmarked for crucial transmission capacity upgrades. About $275 million will be invested in substations.

.

BC Hydro also recently launched a call for power to acquire about 3,000 GWh/year of clean electricity. This is BC Hydro’s first competitive call for power in more than 15 years. It will add 5% to its current supply and will be the first in a series of calls for power as BC Hydro requires more power to electrify the province’s growing economy and reduce harmful pollution.

Currently, 98% of the power generated for B.C.’s integrated grid comes from clean or renewable resources.