After hearings that lasted almost a year, the commission has rejected BC Hydro's long-term acquisition plan as “not in the public interest...
Some analysts say the ruling – which shocked the government and the stock market – indicates B.C. has been over-estimating the amount of power the province needs in order to justify the development of independent power projects.
“We have a very flawed energy plan in this province … the government cannot continue to exaggerate the need for power,” said Lori Winstanley, a spokeswoman for the professional employees' union known as COPE, which has long been critical of BC Hydro's energy plan.
For years the opposition NDP has questioned the Campbell government's energy plan, claiming independent hydro projects that harness some of the province's rivers – known as run of river projects – pose hazards to the environment, and sports fisheries.
The ruling delivered a quick blow to independent power producers (IPPs), with shares for Plutonic Power Corp. plunging about 24 per cent yesterday, falling $1.00 to $3.08.