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BC Hydro reduces proposed rate hike by half, cuts jobs

BC Hydro will cut its proposed rate hike in half over the next three years, from 30 per cent to 16 per cent, following a government panel review on Thursday.

The utility company also announced it will be cutting jobs as a cost saving measure. A statement released on the B.C. government's website says that BC Hydro's job cuts will cut expenditures by $800 million over the next three years.

Dave Cobb, BC Hydro CEO, said in the statement, "Today's announcement has found the right balance between the need to invest in our electricity system -- which is the backbone of our economy -- with the need to keep rates affordable for families and businesses."

In the same release, Energy and Mines Minister Rich Coleman said the government's reports and recommendations provides a good starting point for the Province and BC Hydro to move forward.

BC Hydro expects British Columbia's electricity forecast to increase by up to 40 per cent in the next 20 years.

Carrie Swiggum is completing a practicum at The Tyee.

*Story updated at 2:20 p.m.

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