Oil and gas revenue has increased nearly 60 per cent since 2001, and is now more than three times the average in the 1990s.
The industry has invested almost $30 billion in B.C. since 2001, creating 34,000 direct and indirect jobs.
We’ve made it so companies wanting to develop coalbed gas in B.C. will have to meet the highest environmental standards in North America, including no surface discharge of produced water.
We fulfilled our New Era commitment to protect public ownership of BC Hydro assets by passing heritage legislation.
B.C. currently enjoys amongst the lowest electricity rates in North America.
Under our BC Energy Plan, we have the highest clean energy standards in North America, requiring that 90 per cent of all new supply comes from clean sources. BC Hydro has exceeded that target, acquiring 100 per cent of all new supply from clean sources.
Since 2001, BC Hydro’s signed 63 new contracts with IPPs to produce clean power in every region of the province.
According to industry IPPs have already invested $2.4 billion in B.C. with an additional $6.8 billion in investment expected in the future. Current investment potential in B.C. from IPPs is estimated at $9.2 billion.
There are 1,000 construction workers building IPPs in rural B.C. today, and an additional 140 workers operating completed projects.
As of 2010 we will have doubled investment in public BC Hydro capital since 2001 with a total investment of $8.7 billion. In comparison, from 1991-2000, the NDP invested just $4.1 billion.
BC Hydro We believe in public ownership and oversight of BC Hydro and BC Transmission Corporation (BCTC) to preserve our legacy of clean power for future generations, while ensuring rates remain low and free from political interference.
We fulfilled our commitment to protect public ownership of BC Hydro assets by passing heritage legislation.
We fulfilled our commitment to restore an independent B.C. Utilities Commission to oversee BC Hydro and protect taxpayers from arbitrary rate increases and irresponsible development.
British Columbians currently enjoy some of the lowest electricity rates in North America.
We’ve increased capital investment in public BC Hydro to $1.1 billion in 2008 – that’s 173 per cent over the $403 million the NDP spent in the year 2000.
As of 2010 we will have doubled investment in public BC Hydro capital since 2001 with a total investment of $8.7 billion. In comparison, from 1991-2000, the NDP invested just $4.1 billion.
We’ve reduced BC Hydro’s greenhouse gas emissions from electricity from 2,897 kilotonnes of CO2 in 2001 to 1,369 in 2007 (down 53 per cent).
We partnered with Accenture for accounting and computer services saving ratepayers $250 million over 10 years.
Coalbed Gas (CBG) is the cleanest burning fossil fuel. In addition to being an important energy source, natural gas is used in everyday products such as medicines, plastics, skin cream, clothing, fertilizer.
Our resource potential of CBG is estimated to be 100 trillion cubic feet, or enough to heat more than 10 million homes for 100 years.
There is currently one commercial CBG project in B.C.
A typical commercial project can create about 150 jobs for two to five years of development, and 25 jobs in ongoing production.
Companies interested in developing CBG resources must undertake extensive public consultations with impacted communities and First Nations.
For example, effective December 2008 there is a two-year break in place on exploration activity in the Northwest to allow for more meaningful consultation with First Nations and the communities.
Companies wanting to develop CBG in B.C. will have to meet the highest environmental standards in North America including no surface discharge of produced water.
Any water produced must be re-injected well below any domestic water aquifer, and isolated from groundwater zones, protected from cross-contamination by steel casing cemented to the well bore and regulated by the Oil and Gas Commission.
Of the 88 existing CBG wells in the province, 44 were drilled during or prior to 2001.
British Columbia currently has amongst the lowest electricity rates in North America.
Our BC Energy Plan requires that 50 per cent of all new demand for electricity be met through conservation.
British Columbians consume nearly twice as much electricity, on a per customer basis, as our neighbours in Alberta
The conservation rate structure will drive this consumption down by breaking the current flat rate into two blocks that rewards those who conserve their power:
Those using up to 1,350 kilowatt-hours (kWh) over a two-month billing period will pay a lower rate of $5.98 per kWh (less than the current rate).
Those using above that amount will pay a second, higher rate of $7.21 per kWh.
Those using less than 2260 kWh bi-monthly will “break even” – seeing no increase or decrease in their bills.
It is estimated that this new rate structure will reduce consumption by 200GWh – enough to power 20,000 homes.
We fulfilled our commitment to restore an independent B.C. Utilities Commission to oversee BC Hydro and protect taxpayers from arbitrary rate increases and irresponsible development.
Every GW saved is a GW of new power we don’t have to build or import, saving ratepayers million of dollars and helping keep electricity rates low.
Under the new rate plan, 70 per cent of BC Hydro rate payers will see their bills go down.
Every customer – regardless of how much electricity they consume – has the opportunity to reduce their bill by reducing their consumption.
Turning off lights, installing CFL light bulbs, turning down the heat, adding insulation and generally improving the efficiency of homes can dramatically reduce electric consumption.
The $62-million LiveSmart BC program helps homeowners do this by providing up to $3,250 per household to improve energy efficiency and reduce consumption of electricity.
Electricity Self-Sufficiency We are committed to making B.C. electricity self-sufficient by 2016 to maintain low electricity rates without importing dirty power, while keeping BC Hydro public and supporting a growing independent power industry.
Our BC Energy Plan commits to making B.C. electricity self-sufficient by 2016, 50 per cent through conservation and the rest through pursuing new supply.
BC Hydro has been a net purchaser of electricity for seven of the past 10 years.
As a result of a lack of investment by the 1990s NDP, today we have to rely on dirty power from the U.S. and other provinces to keep the lights on.
BC Hydro’s electricity demand is forecast to grow between 20-35 per cent over the next 20 years.
In order to meet this objective, BC Hydro has already begun contracting for new supply.
Since 2001 BC Hydro has signed contracts to purchase over 7,477 GWh of electricity from Independent Power Producers - that’s enough to power 679,689 homes a year.
According to the industry, IPPs have already invested $2.4 billion in B.C. with an additional $6.8 billion in investment expected in the future; current investment potential in B.C. from IPPs is estimated at $9.2 billion.
There are 1,000 construction workers are building IPPs in rural B.C. today, and an additional 140 workers operating completed projects.
Our Energy Plan requires that coal only be used as a resource for electricity generation when it can reach zero greenhouse gas emissions through carbon capture and storage.
We are also looking at the “Site C” project as one potential electricity generation.
BC Hydro recently completed stage two (of six) of the Site C proposal and we will decide whether or not to proceed to stage three this fall (2009). If Site C is built, it will be publicly owned.
We require zero net greenhouse gas emissions from existing thermal generation power plants by 2016.
We’ve reduced BC Hydro’s greenhouse gas emissions from electricity from 2,897 kilotonnes of CO2 in 2001 to 1,369 in 2007 (down 53 per cent).
Independent Power Producers (IPPs) We support the private sector to help build our energy legacy by delivering innovative, small scale, clean power projects. By issuing competitive calls for power BC Hydro is able to transfer risk to the private sector and ensure that only the most cost effective, environmentally sound projects move forward, helping to keep electricity rates low.
BC Hydro has been contracting with IPPs since 1988. In 2001, BC Hydro had electricity purchase agreements with 26 projects that were either in operation or in the process of moving towards operation. Since 2001, 21 more of these green projects have come on-line.
Since 2001, BC Hydro signed 63 new contracts with IPPs to produce clean power in every region of the province.
According to industry, IPPs have already invested $2.4 billion in B.C. with an additional $6.8 billion in investment expected in the future; current investment potential in BC from IPPs is estimated at $9.2 billion.
There are 1,000 construction workers building IPPs in rural B.C. today, and an additional 140 workers operating completed projects.
Since 2001, BC Hydro has signed contracts to purchase of over 7,477 GWh of electricity from IPPs, enough to power 679,689 homes per year.
IPPs now provide almost 13 per cent of B.C.’s domestic electricity consumption.
All IPP projects built under our government are producing clean electricity from sources such as run of river, wind and biomass.
B.C.’s geography makes run-of-river power production an ideal source of clean energy. The projects require a water license from the province and at all times the province continues to own the river.
Run-of-river water licenses typically last 25-40 years. At that time the water rights and any improvements on the land revert to the Crown.
There are 32 run-of-river power projects currently operating in B.C., and another 32 under development.
In total, run-of-river projects impact less than 0.03 per cent of B.C.’s rivers that are of sufficient size to support hydro development (there are over 290,000 such rivers in B.C.).
We have the highest clean energy standards in North America, requiring that 90 per cent of all new supply comes from clean sources and to date BC Hydro has exceeded that target, acquiring 100 per cent of all new supply from clean sources.
All IPP projects are subject to rigorous environmental approvals which may include the B.C. Environmental Assessment process, the Canadian Environmental Assessment Process, the Water Act, and the Land Act to ensure that only the best projects with the lowest possible environmental impacts move forward.
Oil and Gas Exploration We’ve worked to help build a strong, environmentally-sustainable oil and gas industry because it’s an important component of the economy that provides good jobs for B.C. families and generates revenue to pay for services such as health care and education.
Even in a low-carbon world British Columbians will continue to need oil and gas. It’s used to make medicines, plastics, hybrid vehicles and many other daily necessities.
B.C.’s oil and gas industry provided the single largest source of resource revenue for the province in 2007, providing $2.37 billion.
Oil and gas revenue increased nearly 60 per cent since 2001 - more than three times the average in the 1990s.
Estimates of B.C.’s conventional gas resources are as much as 52 trillion cubic feet (tcf) in the northeast, and the unconventional gas-in-place is estimated to be 650 tcf. If all of that gas were recoverable, it would be enough gas to heat 650 million homes for 15 years.
We are attracting new investment through innovative infrastructure and royalty programs. Total industry capital investment was $5 billion - a 61 per cent increase over 2001.
The industry has invested almost $30 billion in B.C. since 2001, creating 34,000 direct and indirect jobs.
The record-breaking 2008 oil and gas rights sales doubled the previous record set in 2007:
Total sales 2007: $1.2 billion.
Total sales 2008: $2.66 billion.
July 2008 set a single-month record of $610 million - more than any total year under the NDP.
We developed new royalty programs to encourage summer drilling, production of wells and jobs that were previously not feasible. We do not provide subsidies for oil and gas development.
Our royalty programs have resulted in more than $1.1 billion in additional revenue to the province since July 2003.
The number of wells drilled during the summer of 2008 increased 34 per cent compared to summer 2003. Our summer drilling program allows year round employment.
B.C.’s oil and gas industry is governed by some of the toughest environmental regulation in the world.
By law, industry is required to reduce routine flaring at production wells and production facilities by 50 per cent by 2011 and eliminate all routine gas flaring by 2016.
Flaring was reduced 40 per cent between 2003 and 2007, representing a greenhouse gas reduction of 317,000 tonnes.
Offshore Oil & Gas We believe that development of offshore oil and gas should be pursued as a way to expand our rural economy, but only if it can be done in a scientifically sound, environmentally safe manner that is consistent with our climate change objectives.
We have been clear, development of offshore oil and gas can only move forward if we can develop the science to demonstrate that it can be done in a scientifically sound, environmentally safe manner.
B.C.’s first offshore wells were drilled in 1967.
It is estimated that there are 9.8 billion barrels of oil and 42 trillion cubic feet of gas offshore.
If oil and gas is found offshore, the total revenue stream from oil and gas at today's prices could be in the range of $250 billion, and thousands of jobs could be created directly and indirectly.
Offshore oil and gas resources have the potential to provide revenues of $35 billion, which would help pay for health care and education.
We’ve invested $4.1 million in partnership with UVic and UNBC for research and environmental studies.
