Although the recent dustup over smart meters has abated (somewhat), the scandalous billion-dollar smart
meter giveaway to Corix, a private company, is only the tip of the B.C. Hydro iceberg.
What has been under reported is the $2.2 billion B.C. Hydro had already spent by 2011, but did not report as
actually spent.
Instead, the term “deferred expenses” appeared in its annual report. This figure, forecast to balloon to $5 billion by 2017, is described by the auditor general as “creating the illusion of profitability where there is none.”
Of course, the piper has to be eventually paid. These massive deferred expenses will have consequences; almost certainly resulting in large hikes on our power bills.
Like many British Columbians, B.C. Hydro is now being forced to live off its credit card.
BOB GAMBLE
Kamloops
