BC Hydro Annual Report 2001

F I N D I N G N E W P O W E R S O U R C E S
One of our main challenges in the years ahead is to create additional power generation. Electricity demand in British Columbia
is forecast to grow by 1.8 per cent each year, and we will need new energy resources by 2007. Choosing these resources means
making difficult decisions – trade-offs between costs, availability, reliability, social considerations and environmental impacts.
We will make these decisions in consultation with our stakeholders. Green energy will meet some of the province’s growing
electricity needs, but the rest will come from other sources. Natural gas will act as a bridge to the future and we have committed
to reduce the greenhouse gas emissions that come with natural gas-based generation.
L E A D I N G T H E W A Y
In the longer term, there is exciting work being done here in British Columbia on new energy technologies. We will continue
to invest in research and development to place ourselves at the forefront of the energy marketplace. Our strategy is to form
partnerships with experts and the entrepreneurs in the industry. Hydrogen, distributed resources and e-business have evolved
from being seen as potential opportunities into deliberate strategies for action.
G I V I N G B A C K T O T H E P R O V I N C E
BC Hydro and Powerex, our power marketing subsidiary, have had an exceptional year trading electricity. Due to the combined efforts
of staff across the company, BC Hydro enjoyed record operating profits of around $850 million. From these profits $372 million was
returned to the provincial government in the form of a dividend. An additional $429 million went to provincial and local governments
in the form of water rental fees, taxes and grants in lieu of taxes, and $103 million was transferred into the Rate Stabilization Account.
This account will help offset the need for rate increases in the future.
O U R E M P L O Y E E S A R E T H E F O U N D A T I O N
O F B C H Y D R O ’ S S U C C E S S , A N D T H E
D R I V E R S O F O U R E V O L U T I O N T O W A R D S
B E C O M I N G A S U S T A I N A B L E C O M P A N Y .