Site C remains a priority for us. After much deliberation, we are changing our focus from our original plan. Because we can’t audit all aspects of the Site C project, we need some time to determine where we can offer the most value given the complexity of the project and our limited resources to best support MLAs and British Columbians. Audits, depending on type, can take one year or more to complete. Once we have defined our new Site C audit, we will update this description.
We have related audits in progress at BC Hydro on rate-regulated accounting, capital asset management and more. In 2019, we will also be BC Hydro’s financial statement auditor. More information on these audits is available in our most recent coverage plans.
As background, in early 2017, we began looking at the Site C project. We gave extensive consideration to the research and investigations that others had done to help determine where best to focus our work. We decided that explaining and describing the Site C project would add the greatest value and fill important gaps in the public record. We intended to explain to the legislature and the people of British Columbia the information and analysis provided to government, the progress and costs to date, and the potential impacts moving forward.
On August 2, 2017, government requested the BC Utilities Commission (Commission) review the Site C project. The terms of reference required the Commission to advise government on the implications of completing, suspending or terminating the Site C project. Specifically, the Commission’s report informed government on:
- the costs to ratepayers of suspending or terminating the project
- whether the project is on time and within its proposed budget
- any other energy projects and demand side management initiatives that could provide similar benefits to ratepayers at similar or lower unit energy cost as the Site C project
The Commission issued its report in November 2017 and the review covered topics that we were planning to examine, including: project need and demand forecasts, assessment of alternatives, and project budget and costs to date.
On December 11, 2017, government announced its decision to continue with the Site C project.
(January 24, 2018)