ENERGY PLAN TO CREATE INVESTMENT, JOBS, PROSPERITY

VICTORIA – The province’s new energy plan is designed to increase investment in the energy sector and maintain low-cost electricity and public ownership of BC Hydro, Energy and Mines Minister Richard Neufeld said.

“We have abundant, diverse and — in many cases — untapped energy resources,” said Neufeld. “The plan is designed to harness their potential to meet our future energy needs, stimulate investment and generate revenues to support public programs like health care and education — all in an environmentally responsible way.”

Energy for Our Future: A Plan for BC delivers on key government commitments. It encourages investment in energy development, including oil, gas, coal, coalbed methane and “clean” (alternative) energy sources; retains public ownership of BC Hydro’s reservoirs, wires and dams; and restores an independent B.C. Utilities Commission to ensure BC Hydro rates are set without political interference.

The plan’s four cornerstones are:

§ Low electricity rates and public ownership of BC Hydro. B.C. residents will continue to enjoy among the lowest electricity rates in North America. These low rates will also help B.C. business and industry compete in an increasingly global economy. B.C. ’s low-cost power legacy will be protected through legislation and continuing electricity trade. In addition, retaining public ownership of BC Hydro’s generation, transmission and distribution assets will help keep rates low.

§ Secure, reliable supply. British Columbians’ everyday lives depend on energy being available when it is needed. Developing on-shore resources like coalbed methane, coal, oil and natural gas, clean energy and other energy sources will help secure a reliable supply. Government will also proceed with offshore oil and gas development, led by a team that will work closely with the federal government, First Nations, communities and industry.

§ More private sector opportunities. The private sector will be a key player in B.C. ’s energy future by developing resources. BC Hydro will be restructured into two separate Crown corporations, one for generation and distribution, and the other for transmission. Independent power producers will be able to access the transmission system and sell directly to large consumers. This will stimulate new investment in power generation and give producers the confidence they need to expand supply.

§ Environmental responsibility and no nuclear power sources. Enhanced conservation and new investment in clean energy sources will help ensure the environment is protected for future generations. Conservation measures will include new rate structures that encourage BC Hydro’s largest customers to minimize their power use. Distributors will also work towards acquiring 50 per cent of new electricity supply from clean sources. Nuclear power will not be part of B.C.’s energy future.

“Ensuring fair and open access to the electricity transmission system is vital to both economic development and environmental improvement, ” said Mark Jaccard, a professor at Simon Fraser University and energy sector analyst. “The B.C. government’s approach is consistent with good policy by governments of all political persuasions around the world — including jurisdictions that have retained public ownership.”

“Low rates will ensure that B.C. continues to have an advantage in attracting new business and investment,” Neufeld said. “Our new energy plan will also stimulate the development of new and innovative energy sources to meet the province's needs and support economic growth and prosperity.”

The energy plan is part of the ministry’s goal of generating $24 billion in investment and 8,000 new jobs in the energy and mining sectors over the next six years, and government’s overall plan to revitalize the provincial economy.

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For more information or a copy of Energy for Our Future: A Plan for B.C., visit http://www.gov.bc.ca/em/popt/energyplan.htm on the Internet.

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	NEWS RELEASE

For Immediate Release 2002EM0022-001009 Nov. 25, 2002		Ministry of Energy and Mines
ENERGY PLAN TO CREATE INVESTMENT, JOBS, PROSPERITY

NEWS RELEASE