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Friday, September 13, 2002
THE BRITISH COLUMBIA CHAMBER OF COMMERCE 1201-750 West Pender St., Vancouver, BC V6C 2T8 phone: 604-683-0700 … fax: 604-683-0416 www.bcchamber.org
News Release Sept. 13 , 2002 BC HYDRO NUMBERS – ALL THE MORE REASON TO RESTRUCTURE BC
Chamber continues to advocate electrical industry restructuring September 13, 2002 Vancouver, BC – BC Hydro’s 1st Quarter performance is simply a continuation of its dismal showing in fiscal year 2001/2002. BC Hydro released its first quarter financial results on September 11, 2002. The utility recorded net earnings of $40 million, and suggests it is on target to reach annual net revenues of $350 million. "It is simply wishful thinking to believe that BC Hydro can meet these financial targets, given its recent performance" said John Winter, President of the BC Chamber of Commerce. "They missed their targets last year and are tracking for a repeat", he said. "As well, we are very concerned that Hydro plans to dip further into its Rate Stability Account to meet its obligations", he continued. "These actions only reinforce the need for government to move swiftly to restructure BC electricity when it releases its Energy Policy Report later in the Fall" Winter said. In May, at the BC Chambers Annual Meeting, delegates from all over BC unanimously approved a comprehensive policy advocating electricity industry restructuring. The Chamber’s blueprint acknowledges that British Columbia has an electricity shortfall, requires new investment in both generation and transmission, and recommends privatization of "non-core" assets while protecting BC’s low-cost electricity advantage by fully re-regulating BC Hydro. "The electricity industry should be an economic engine for BC. This province is richly endowed with natural gas, coal and hydroelectric resources that have been largely undeveloped. We must put in place policies that would encourage private sector investment to develop our full potential", said Winter. -30- For more information: Contact: John Winter, President BC Chamber of Commerce Tel: 604-683-0700 or 604-728-6007 or 604-925-3562 | 
