BC Hydro to purchase remaining interest in Trail’s Waneta DamAugust 7, 2017 3:59 pm
BC Hydro is acquiring full ownership of a dam in the B.C. interior in an effort to keep electricity rates affordable for customers.
The company announced this week it would be purchasing the remaining two-thirds ownership interest in the Waneta Dam and Generation Station in Trail from Teck Resources Limited. BC Hydro already holds a one-third share, purchased for $825 million in 2010. The remaining shares will be purchased for $1.2 billion.
BC Hydro believes full ownership of the dam will help keep energy costs down. A 20-year lease agreement is in place with Teck to continue to supply power to the Teck smelter in Trail, with an option to extend the lease for an additional 10 years.
Categorized in: Western Investor