The British Columbia Utilities Commission (BCUC) has approved BC Hydro’s application to buy the remaining two-thirds ownership interest in the Waneta Dam and Generating Station in Trail, B.C. from Teck Resources Limited for $1.2 billion.
The decision comes after the BCUC conducted an in-depth review of the purchase and concluded it is in the best interest of BC Hydro customers.
The purchase provides BC Hydro with an additional source of clean, reliable power at a cost-effective price that is expected to provide beneficial financial impacts and help keep rates affordable, BC Hydro said in a statement. With this purchase, BC Hydro will have complete ownership of the dam and the Waneta Generating Station. The purchase includes a 20-year lease agreement where two-thirds interest currently owned by Teck will be leased to Teck, and one-third will continue to supply BC Hydro customers.
BC Hydro is working towards finalizing the purchase with Teck shortly.
