It was with some amusement that I read the explanation provided by Stephen Watson of BC Hydro.
It came across as fairly touching, but only if one hadn't been a resident of British Columbia for as long as some of us have. The more truthful explanation of the need to ask for near 10 per cent increases, for at least three years, is that the provincial governments of the past "raped" the coffers of BC Hydro to bolster general revenue, due to over-spending.
A look back shows that Hydro was a profitable utility, and could have quite easily been self-sufficient when it came to rebuilding failing infrastructure had it been left to it's own directions. But politics being what they are, the best way to be re-elected is to dole out monies to all that ask just before voting begins, regardless of the amount in the account.
Now we, as the bankers of all things government, must find a way to cut back on our personal essentials (again) to allow the utility to pay for something it could have done itself. Who can I tap for some money I want to spend on an upgrade, because I didn't save for the future either?
About to be in the dark,
Steve Ostler
Campbell River