By Canadian Press

Construction to continue

Site C dam cost grows to $16 billion – completion delayed by one year

Feb 26, 2021 | 12:26 PM

VICTORIA – The cost of British Columbia’s Site C hydroelectric dam has grown by $6 billion, bringing the price tag of the megaproject to $16 billion and stretching the completion date to 2025.

The provincial government says the skyrocketing expenses are due to construction setbacks, geotechnical issues, COVID-19 and other cost and schedule pressures.

Premier John Horgan’s announcement comes weeks after a former deputy finance minister completed his report on the status of the northeastern B.C. dam and submitted the study for cabinet consideration.

The review was ordered last July after Crown-owned BC Hydro reported concerns about risks and delays, and the province says it has accepted all 17 of Peter Milburn’s recommendations, including a strengthened project assurance board.

The government also released a review by two independent experts that found changes to the foundation to address geotechnical issues on the project’s right bank will ensure Site C meets safety standards.

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The province says terminating Site C now would mean an immediate writedown of about $10 billion, which would result in an average 26 per cent increase in BC Hydro rates over the next 10 years if covered by ratepayers.

(The Canadian Press)