VANCOUVER (NEWS 1130) – It looks like B.C. Hydro is doing a good job of maintaining its resources, according to the province’s top auditor.
This comes despite B.C. racking up billions of dollars in debt through the power company.
“We have not made a determination as to whether or not they’ve made if you will, the right purchases,” Carol Bellringer said. “It is whether or not the information going into that decision-making process is appropriate and we found that it is.”
B.C. Hydro manages around $25 billion in assets, including dams, generators, and power lines. The utility has put in billions more to maintain them over the last year.
“From April 1, 2017, to March 31, 2018, BC Hydro invested almost $2.5 billion to renew, repair or replace the assets it manages,” the province said in a statement.
Asset management was highlighted as a priority for B.C. Hydro more than a decade ago, and according to Bellringer, it has been working on implementing relevant guidelines and good practice standards since that time.
“After I signed the opinion on the full government financial statements we issued a report describing whether we were comfortable with their reported numbers. We do have an explanation in there of why we disagreed with the accounting around the deferral accounts,” she said.
The province has been criticized for using B.C. Hydro’s deferral accounts to balance its books, causing the company to go into the red.
Bellringer said another report updating concerns she raised in August about rate-regulated accounting is due in February.