Aging energy infrastructure threatens to erode a long-time competitive advantage for B.C. businesses: low electricity prices.
B.C.’s economic growth and prosperity depends on our ability to remain competitive in an increasingly global marketplace. As B.C.’s energy needs rise and supply struggles to keep up, significant investment is needed to build greater generation capacity.
Adding that new capacity, however, is driving energy prices up. This is eroding the competitive advantage that B.C. has traditionally enjoyed through low electricity prices.The increase in energy prices is presenting a significant challenge for business, particularly those in the export sector that are unable to pass these costs on to their customers.
The BC Chamber's goal is to ensure an abundant, reliable, and affordable energy supply to support the province's continued economic development.
We recommend that the provincial government:
develop a better balance between the need for new generation capacity and the increased cost of electricity that will be required to pay for new facilities,
review the BC Clean Energy Act, and
examine the implications of adopting natural gas as a component of B.C.’s electricity mix.