BC Auditor General Blows Whistle on Hydro’s $2.2 Billion in Voodoo Accounting


Read this story from the Vancouver Sun on Auditor General John Doyle’s new report, which slams BC Hydro’s bad accounting practices – which will add enormous upward pressure to Hydro’s already skyrocketing power rates.

“Questionable bookkeeping methods by BC Hydro have put ratepayers on
the hook for $2.2 billion in public debt — with no apparent plan in
place to recover the money, Auditor General John Doyle warned in an
audit report on Wednesday. Doyle said that if BC Hydro
stays with the practice of deferring large debts rather than paying them
back and balancing their books each year, the total debt will swell to
$5 billion by 2017.

At $2.2 billion, BC Hydro would need a
one-year rate increase of 60 per cent to pay off the debt. At $5
billion, the increase would be 150 per cent.” (October 27, 2011)

Read full article: http://www.canada.com/news/Hydro%20bookkeeping%20creates%20billion%20risk%20ratepayers%20auditor%20general%20warns/5619234/story.html?mid=51435