BCH Fia f23
BCH Fia f23
POWER AUTHORITY
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FINANCIAL INFORMATION ACT RETURN FOR THE YEAR ENDED MARCH 31, 2023
TABLE OF CONTENTS
British Columbia Hydro and Power Authority and its subsidiary Powerex Corp.
Schedule of Remuneration and Expenses – Board of Directors 71
Powerex Corp.
Schedule of Remuneration and Expenses 195
Schedule of Payments to Suppliers for Goods and Services 200
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BRITISH COLUMBA HYDRO AND POWER AUTHORITY
The undersigned represents the Board of Directors of the British Columbia Hydro and Power
Authority and approves the information contained in the Statement and Schedules of Financial
Information prepared in accordance with the Financial Information Act.
Lori Wanamaker
Chair of the Board
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British Columbia Hydro and Power Authority
Management Report
The consolidated financial statements of British Columbia Hydro and Power Authority (BC Hydro) are the
responsibility of management and have been prepared in accordance with International Financial Reporting
Standards. The preparation of financial statements necessarily involves the use of estimates which have
been made using careful judgment. In management’s opinion, the consolidated financial statements have
been properly prepared within the framework of the accounting policies summarized in the consolidated
financial statements and incorporate, within reasonable limits of materiality, all information available at
June 8, 2023. The consolidated financial statements have also been reviewed by the Audit, Finance &
Capital Committee and approved by the Board of Directors. Financial information presented elsewhere in
this Annual Service Plan Report is consistent with that in the consolidated financial statements.
Management maintains systems of internal controls designed to provide reasonable assurance that assets
are safeguarded and that reliable financial information is available on a timely basis. These systems include
formal written policies and procedures, careful selection and training of qualified personnel and
appropriate delegation of authority and segregation of responsibilities within the organization. An internal
audit function independently evaluates the effectiveness of these internal controls on an ongoing basis and
reports its findings to management and the Audit, Finance & Capital Committee.
The consolidated financial statements have been examined by independent external auditors. The external
auditors’ responsibility is to express their opinion on whether the consolidated financial statements, in all
material respects, fairly present BC Hydro’s financial position, financial performance and cash flows in
accordance with International Financial Reporting Standards. The Independent Auditors’ Report, which
follows, outlines the scope of their examination and their opinion.
The Board of Directors, through the Audit, Finance & Capital Committee, is responsible for ensuring that
management fulfills its responsibility for financial reporting and internal controls. The Audit, Finance &
Capital Committee, comprised of directors who are not employees, meets regularly with the external
auditors, the internal auditors and management to satisfy itself that each group has properly discharged its
responsibility to review the financial statements before recommending approval by the Board of Directors.
The internal and external auditors have full and open access to the Audit, Finance & Capital Committee,
with and without the presence of management.
Vancouver, Canada
June 8, 2023
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Independent Auditor's Report
To the Board of Directors of the British Columbia Hydro and Power Authority, and
To the Minister of Energy, Mines and Low Carbon Innovation, Province of British Columbia
Opinion
I have audited the accompanying consolidated financial statements of the British Columbia
Hydro and Power Authority (“the group”), which comprise the consolidated statement of financial
position at March 31, 2023, and the consolidated statements of comprehensive income,
changes in equity and cash flows for the year then ended, and a summary of significant
accounting policies and other explanatory information.
In my opinion, the accompanying consolidated financial statements present fairly, in all material
respects, the financial position of the group as at March 31, 2023, and its financial performance
and its cash flows for the year then ended in accordance with International Financial Reporting
Standards.
Management is responsible for the other information. The other information comprises the
information included in the Annual Service Plan Report, but does not include the consolidated
financial statements and my auditor’s report thereon. The Annual Service Plan Report is
expected to be made available to me after the date of this auditor’s report.
My opinion on the consolidated financial statements does not cover the other information
accompanying the financial statements and I do not express any form of assurance conclusion
thereon.
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Independent Auditor’s Report
When I read the Annual Service Plan Report, if I conclude that there is a material misstatement
therein, I am required to communicate the matter to those charged with governance.
Those charged with governance are responsible for the oversight of the financial reporting
process. Management is responsible for the preparation and fair presentation of the
consolidated financial statements in accordance with International Financial Reporting
Standards, and for such internal control as management determines is necessary to enable the
preparation of the consolidated financial statements that are free from material misstatement,
whether due to fraud or error.
My objectives are to obtain reasonable assurance about whether the group’s consolidated
financial statements as a whole are free from material misstatement, whether due to fraud or
error, and to issue an auditor’s report that includes my opinion. Reasonable assurance is a high
level of assurance, but is not a guarantee that an audit conducted in accordance with Canadian
generally accepted auditing standards will always detect a material misstatement, when it
exists. Misstatements can arise from fraud or error and are considered material if, individually or
in aggregate, they could reasonably be expected to influence the economic decision of users
taken on the basis of these consolidated financial statements.
• Identify and assess the risks of material misstatement of the consolidated financial
statements, whether due to fraud or error, design and perform audit procedures
responsive to those risks, and obtain audit evidence that is sufficient and appropriate to
provide a basis for my opinion. The risk of not detecting a material misstatement
resulting from fraud is higher than one resulting from error, as fraud may involve
collusion, forgery, intentional omissions, misrepresentations, or the override of internal
control.
• Obtain an understanding of internal control relevant to the audit in order to design audit
procedures that are appropriate in the circumstances, but not for the purpose of
expressing an opinion on the effectiveness of the group’s internal control.
• Evaluate the appropriateness of accounting policies used and the reasonableness of
accounting estimates and related disclosures made by management.
• Conclude on the appropriateness of management’s use of the going concern basis of
accounting and, based on the audit evidence obtained, whether a material uncertainty
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Independent Auditor’s Report
exists related to events or conditions that may cast significant doubt on the group’s
ability to continue as a going concern. If I conclude that a material uncertainty exists, I
am required to draw attention in my auditor’s report to the related disclosures in the
consolidated financial statements or, if such disclosures are inadequate, to modify my
opinion. My conclusions are based on the audit evidence obtained up to the date of my
auditor’s report. However, future events or conditions may cause the group to cease to
continue as a going concern.
• Evaluate the overall presentation, structure and content of the consolidated financial
statements, including the disclosures, and whether the consolidated financial statements
represent the underlying transactions and events in a manner that achieves fair
presentation.
• Obtain sufficient appropriate audit evidence regarding the financial information of the
entities or business activities within the group to express an opinion on the consolidated
financial statements. I am responsible for the direction, supervision and performance of
the group audit and I remain solely responsible for my audit opinion.
I communicate with those charged with governance regarding, among other matters, the
planned scope and timing of the audit and significant audit findings, including any significant
deficiencies in internal control that I identify during my audit.
I also provide those charged with governance with a statement that I have complied with
relevant ethical requirements regarding independence, and to communicate with them all
relationships and other matters that may reasonably be thought to bear on my independence,
and where applicable, related safeguards.
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British Columbia Hydro and Power Authority
Audited Financial Statements
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British Columbia Hydro and Power Authority
Consolidated Statements of Financial Position
As at As at
March 31, March 31,
(in millions) 2023 2022
ASSETS
Current Assets
Cash and cash equivalents (Note 8) $ 148 $ 99
Accounts receivable and accrued revenue (Note 9) 894 802
Inventories (Note 10) 387 264
Prepaid expenses 186 156
Current portion of derivative financial instrument assets (Note 23) 494 315
2,109 1,636
Non-Current Assets
Property, plant and equipment (Note 11) 36,926 34,038
Right-of-use assets (Note 12) 1,305 1,248
Intangible assets (Note 13) 639 640
Derivative financial instrument assets (Note 23) 319 242
Other non-current assets (Note 14) 542 540
39,731 36,708
Total Assets 41,840 38,344
Regulatory Balances (Note 15) 3,946 4,390
Total Assets and Regulatory Balances $ 45,786 $ 42,734
Shareholder's Equity
Contributed surplus 60 60
Retained earnings 7,354 6,994
Accumulated other comprehensive loss (58) (8)
7,356 7,046
Total Liabilities, Regulatory Balances, and Shareholder's Equity $ 45,786 $ 42,734
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British Columbia Hydro and Power Authority
Consolidated Statements of Changes in Equity
Total
Unrealized Accumulated
Cumulative Income (Loss) Other
Translation on Cash Flow Comprehensive Contributed Retained
(in millions) Reserve Hedges Loss Surplus Earnings Total
Balance as at April 1, 2021 $ (19) $ - $ (19) $ 60 $ 6,326 $ 6,367
Comprehensive Income 6 5 11 - 668 679
Balance as at March 31, 2022 (13) 5 (8) 60 6,994 7,046
Comprehensive Income (Loss) 23 (73) (50) - 360 310
Balance as at March 31, 2023 $ 10 $ (68) $ (58) $ 60 $ 7,354 $ 7,356
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British Columbia Hydro and Power Authority
Consolidated Statements of Cash Flows
See Note 18 for Cash flow supplement - changes in liabilities arising from financing activities
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British Columbia Hydro and Power Authority
NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS
FOR THE YEARS ENDED MARCH 31, 2023 AND 2022
The consolidated financial statements of BC Hydro include the accounts of BC Hydro and its principal
wholly owned operating subsidiaries Powerex Corp. (Powerex), and Powertech Labs Inc. (Powertech),
(collectively with BC Hydro, the Company). All intercompany transactions and balances are eliminated on
consolidation.
Certain amounts in the prior year’s comparative figures have been reclassified to conform to the current
year’s presentation.
These consolidated financial statements were approved by the Board of Directors on June 8, 2023.
Estimates and underlying assumptions are reviewed on an ongoing basis. Revisions to estimates are
recognized in the period in which the estimates are revised and in any future periods affected.
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British Columbia Hydro and Power Authority
NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS
FOR THE YEARS ENDED MARCH 31, 2023 AND 2022
Information about significant areas of judgment, estimates and assumptions in applying accounting
policies that have the most significant effect on the amounts recognized in the financial statements is as
follows:
The Company is currently defending certain lawsuits where management must make judgments,
estimates and assumptions about the final outcome, timing of trial activities and future costs as at
the period end date. Management has obtained the advice of its external counsel in determining the
likely outcome and estimating the expected costs associated with these lawsuits; however, the
ultimate outcome or settlement costs may differ from management’s estimates.
Valuation techniques are used in measuring the fair value of financial instruments when active
market quotes are not available. Valuation of the Company’s financial instruments is based in part
on forward prices which are volatile and therefore the actual realized value may differ from
management’s estimates.
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British Columbia Hydro and Power Authority
NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS
FOR THE YEARS ENDED MARCH 31, 2023 AND 2022
In the situation where the implicit interest rate in the lease is not readily determined, the Company
uses judgment to estimate the incremental borrowing rate for discounting the lease payment. The
Company’s incremental borrowing rate generally reflects the interest rate that the Company would
have to pay to borrow a similar amount at a similar term and with similar security. The Company
estimates the lease term by considering the facts and circumstances that create an economic
incentive to exercise an extension or termination option. Certain qualitative and quantitative
assumptions are used when evaluating these options.
(v) Useful Life of Property, Plant and Equipment and Intangible Assets
Estimation and judgement are involved in determining useful lives and related depreciation and
amortization of property, plant and equipment and intangible assets. Estimated useful lives are
determined based upon the anticipated physical life of the asset, past experience with similar assets,
industry averages and expectations about future events that could impact the life of the asset.
Estimated useful lives are reviewed annually to ensure their reasonableness (Note 3(e) and 3(f)).
The Company periodically conducts depreciation studies to assess asset useful lives.
(vii) Revenues
For contributions in aid of construction revenue, management must make judgments when
determining the period over which revenue is recognized when the associated contracts do not
specify a finite period over which service is provided.
For revenue contracts where a significant financing component is present, management must make
judgments when determining the appropriate discount rate to use.
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British Columbia Hydro and Power Authority
NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS
FOR THE YEARS ENDED MARCH 31, 2023 AND 2022
In January 2014, the IASB issued an interim standard, IFRS 14, Regulatory Deferral Accounts, which
provides guidance on accounting for the effects of rate regulation under IFRS. This guidance allows
entities that conduct rate-regulated activities to continue to recognize regulatory deferral accounts. BC
Hydro has elected to adopt IFRS 14 in its consolidated financial statements. The interim standard is
only intended to provide temporary guidance until the IASB completes its comprehensive project on
rate-regulated activities. IFRS 14 remains in force until either repealed or replaced by permanent
guidance on rate-regulated accounting from the IASB.
Under rate-regulated accounting, the timing and recognition of certain expenses and revenues may
differ from those otherwise expected under other IFRS in order to appropriately reflect the economic
impact of regulatory decisions regarding the Company’s regulated revenues and expenditures. These
amounts arising from timing differences are recorded as regulatory debit and credit balances on the
Company’s consolidated statements of financial position, and represent existing rights and obligations
regarding cash flows expected to be recovered from or refunded to customers, based on decisions and
approvals by the BCUC. In the absence of rate-regulation, these amounts would be included in
comprehensive income.
BC Hydro capitalizes as a regulatory asset, all or part of an incurred cost that would otherwise be
charged to net income or other comprehensive income (OCI) if it is probable that future revenue in an
amount at least equal to the capitalized cost will result from inclusion of that cost in allowable costs for
rate-making purposes and the future rates and revenue approved by the BCUC will permit recovery of
that incurred cost. Regulatory liabilities are recognized for certain gains or other reductions of net
allowable costs for adjustment of future rates as determined by the BCUC. In the event that the
recovery of these asset balances are assessed to no longer be probable based on management’s
judgment or the refund of these liability balances are no longer required, the balances are recorded in
the Company’s consolidated statements of comprehensive income in the period when the assessment is
made.
Regulatory balances that do not meet the definition of an asset or liability under any other IFRS are
segregated on the consolidated statement of financial position, and are separately disclosed on the
consolidated statement of comprehensive income as net movements in regulatory balances related to
net income (loss) or net movements in regulatory balances related to other comprehensive income
(loss). The netting of regulatory debit and credit balances is not permitted. The measurement of
regulatory balances is subject to certain estimates and assumptions, including assumptions made in the
interpretation of the BCUC’s regulations and decisions.
(b) Revenues
The Company recognizes revenue when it transfers control over a promised good or service, which
constitutes a performance obligation under the contract, to a customer and where the Company is
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British Columbia Hydro and Power Authority
NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS
FOR THE YEARS ENDED MARCH 31, 2023 AND 2022
Domestic revenues comprise sales to customers within the province of British Columbia, and sales of
energy outside the province that are under long-term contracts. Sales that are surplus to domestic load
requirements and other sales outside the province are classified as trade.
A significant portion of the Company’s revenue is generated from providing electricity goods and
services. Revenue is recognized over time generally using output measure or progress (i.e., kilowatt
hours delivered) as the Company’s customers simultaneously receive and consume the electricity
goods and services as it is provided. Revenue is determined on the basis of billing cycles and includes
accruals for electricity deliveries not yet billed.
The Company recognizes a financing component where the timing of payment from the customer
differs from the Company’s performance under the contract and where that difference is the result of
the Company financing the transfer of goods and services.
Energy trading contracts that meet the definition of a financial or non-financial derivative are
accounted for at fair value whereby any realized gains and losses and unrealized changes in the fair
value are recognized in trade revenues in the period of change. Realized and unrealized changes in the
fair value of these contracts are accounted for under IFRS 9, Financial Instruments (Note 3(k)).
Energy trading and other contracts which do not meet the definition of a derivative are accounted for
on an accrual basis whereby the realized gains and losses are recognized as revenue as the contracts
are settled. Such contracts are considered to be settled when control of products and services are
transferred to the buyer and performance obligation is satisfied.
Finance costs exclude borrowing costs attributable to the construction of qualifying assets, which are
assets that take six months or more to prepare for their intended use.
Finance recoveries comprises of income earned on sinking fund investments held for the redemption of
long-term debt, foreign exchange gains and realized and unrealized interest and foreign exchange
hedging instrument gains that are recognized in the statement of comprehensive income, excluding
energy trading contracts.
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British Columbia Hydro and Power Authority
NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS
FOR THE YEARS ENDED MARCH 31, 2023 AND 2022
its subsidiaries, using the exchange rates prevailing at the dates of the transactions. Monetary assets
and liabilities denominated in foreign currencies at the reporting date are translated to the functional
currency at the exchange rate in effect at that date. The foreign currency gains or losses on monetary
items is the difference between the amortized cost in the functional currency at the beginning of the
period, adjusted for effective interest and payments during the period, and the amortized cost in the
foreign currency translated at the exchange rate at the end of the reporting period. Non-monetary items
that are measured in terms of historical cost in a foreign currency are translated using the exchange
rate at the date of the transaction.
For purposes of consolidation, the assets and liabilities of Powerex, whose functional currency is the
U.S. dollar, are translated to Canadian dollars using the rate of exchange in effect at the reporting date.
Revenue and expenses of Powerex are translated to Canadian dollars at exchange rates at the date of
the transactions. Foreign currency differences resulting from translation of the accounts of Powerex are
recognized directly in other comprehensive income and are accumulated in the cumulative translation
reserve. Foreign exchange gains or losses arising from a monetary item receivable from or payable to
Powerex, the settlement of which is neither planned nor likely in the foreseeable future and which in
substance is considered to form part of a net investment in Powerex by BC Hydro, are recognized
directly in other comprehensive income in the cumulative translation reserve.
Cost includes expenditures that are directly attributable to the acquisition of the asset. The cost of
self-constructed assets includes the cost of materials, direct labour and any other costs directly
attributable to bringing the asset into service. The cost of dismantling and removing an item of
property, plant and equipment and restoring the site on which it is located is estimated and
capitalized only when, and to the extent that, the Company has a legal or constructive obligation to
dismantle and remove such asset. Property, plant and equipment in service include the cost of plant
and equipment financed by contributions in aid of construction. Borrowing costs that are directly
attributable to the acquisition or construction of a qualifying asset are capitalized as part of the cost
of the qualifying asset. Upon retirement or disposal, any gain or loss is recognized in the statement
of comprehensive income.
Unfinished construction consists of the cost of property, plant and equipment that is under
construction or not ready for service. Costs are transferred to property, plant and equipment in
service when the constructed asset is capable of operation in a manner intended by management.
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British Columbia Hydro and Power Authority
NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS
FOR THE YEARS ENDED MARCH 31, 2023 AND 2022
(iii) Depreciation
Property, plant and equipment in service are depreciated over the expected useful lives of the
assets, using the straight-line method. When major components of an item of property, plant and
equipment have different useful lives, they are accounted for as separate items of property, plant
and equipment.
The expected useful lives, in years, of the Company’s main classes of property, plant and
equipment are:
Generation 15 – 100
Transmission 20 – 75
Distribution 20 – 60
Buildings 5 – 65
Equipment & Other 3 – 35
The expected useful lives and residual values of items of property, plant and equipment are
reviewed annually.
Depreciation of an item of property, plant and equipment commences when the asset is available
for use and ceases at the earlier of the date the asset is classified as held for sale and the date the
asset is derecognized.
The expected useful life for software is 2 to 10 years. Amortization of intangible assets commences
when the asset is available for use and ceases at the earlier of the date that the asset is classified as
held for sale and the date that the asset is derecognized.
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British Columbia Hydro and Power Authority
NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS
FOR THE YEARS ENDED MARCH 31, 2023 AND 2022
For accounts receivable without a significant financing component, the Company applies the
simplified approach for determining expected credit losses, which requires the Company to
determine the lifetime expected losses for all accounts receivable and accrued revenue. For a non-
current receivable with a significant financing component, the Company measures the expected
credit loss at an amount equal to the 12-month expected credit loss at initial recognition. If the
credit risk has increased significantly since initial recognition, the Company measures the expected
credit loss at an amount equal to the lifetime expected credit loss. The expected lifetime credit loss
provision and 12-month expected credit loss is based on historical counterparty default rates, third
party default probabilities and credit ratings, and is adjusted for relevant forward looking
information specific to the counterparty, when required. Impairment of cash and cash equivalent
and restricted cash is evaluated by reference to the credit quality of the underlying financial
institution.
For the purpose of impairment testing, assets that cannot be tested individually are grouped together
into the smallest group of identifiable assets that generates cash inflows from continuing use that
are largely independent of the cash inflows of other assets or groups of assets (the cash-generating
unit, or CGU). The recoverable amount of an asset or CGU is the greater of its value in use and its
fair value less costs to sell. In assessing value in use, the estimated future cash flows are discounted
to their present value using a pre-tax discount rate that reflects current market assessments of the
time value of money and the risks specific to the asset. All of BC Hydro’s assets form one CGU for
the purposes of testing for impairment.
An impairment loss is recognized if the carrying amount of an asset or CGU exceeds its estimated
recoverable amount. Impairment losses are recognized in net income. Impairment losses recognized
in respect of a CGU are allocated to reduce the carrying amounts of the assets in the CGU on a pro-
rata basis.
Impairment losses recognized in prior periods are assessed at the reporting date for any indications
that the loss has decreased or no longer exists. Impairment reversals are recognized immediately in
net income when the recoverable amount of an asset increases above the impaired net book value,
not to exceed the carrying amount that would have been determined (net of depreciation) had no
impairment loss been recognized for the asset in prior years.
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British Columbia Hydro and Power Authority
NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS
FOR THE YEARS ENDED MARCH 31, 2023 AND 2022
(j) Inventories
Inventories are comprised primarily of natural gas, materials and supplies and environmental products
that include certain carbon products. Natural gas and certain carbon product inventory is valued at fair
value less costs to sell and is included in Level 2 of the fair value hierarchy (refer to Note 10).
Materials and supplies and other environmental products inventories are valued at the lower of cost
determined on a weighted average basis and net realizable value. The cost of materials and supplies
comprises all costs of purchase, costs of conversion and other directly attributable costs incurred in
bringing the inventories to their present location and condition. Net realizable value is the estimated
selling price in the ordinary course of business, less the estimated selling expenses.
Transaction costs are expensed as incurred for financial instruments classified or designated as fair
value through profit or loss. For other financial instruments, transaction costs are included in the
carrying amount. All regular-way purchases or sales of financial assets are accounted for on a
settlement date basis.
Financial assets and financial liabilities classified as FVTPL are subsequently measured at fair
value with changes in those fair values recognized in net income in the period of change. Financial
assets and liabilities are measured at amortized cost if the business model is to hold the instrument
for collection or payment of contractual cash flows and those cash flows are solely principal and
interest. If the business model is not to hold the instruments, it is classified as FVTPL. After initial
recognition they are measured at amortized cost using the effective interest method less any
impairment losses in the impairment of financial assets.
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British Columbia Hydro and Power Authority
NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS
FOR THE YEARS ENDED MARCH 31, 2023 AND 2022
Fair value amounts reflect management’s best estimates considering various factors including
closing exchange or over-the-counter quotations, estimates of future prices and foreign exchange
rates, time value of money, counterparty and own credit risk, and volatility. The assumptions used
in establishing fair value amounts could differ from actual prices and the impact of such variations
could be material. In certain circumstances, valuation inputs are used that are not based on
observable market data but based on internally developed valuation models which are based on
models and techniques generally recognized as standard within the energy industry.
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British Columbia Hydro and Power Authority
NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS
FOR THE YEARS ENDED MARCH 31, 2023 AND 2022
Interest rate and foreign exchange related derivative instruments that are not designated as hedges,
are classified as FVTPL whereby instruments are recorded at fair value as either an asset or liability
with changes in fair value recognized in net income in the period of change. For debt management
activities, the related gains or losses are included in finance charges. The Company’s policy is to
not utilize interest rate and foreign exchange related derivative financial instruments for speculative
purposes.
Commodity derivative financial instruments are used to manage economic exposure to market risks
relating to commodity prices. Commodity derivatives that are not designated as hedges are
classified as FVTPL whereby instruments are recorded at fair value as either an asset or liability
with changes in fair value recognized in net income. Gains or losses are included in trade revenues.
(vi) Hedges
In a fair value hedging relationship, the carrying value of the hedged item is adjusted for unrealized
gains or losses attributable to the hedged risk and recognized in net income. Changes in the fair
value of the hedged item attributed to the hedged risk, to the extent that the hedging relationship is
effective, are offset by changes in the fair value of the hedging derivative, which is also recorded in
net income. When hedge accounting is discontinued, the carrying value of the hedged item is no
longer adjusted and the cumulative fair value adjustments to the carrying value of the hedged item
are amortized to net income over the remaining term of the original hedging relationship, using the
effective interest method of amortization.
In a cash flow hedging relationship, the effective portion of the change in the fair value of the
hedging derivative is recognized in other comprehensive income. The ineffective portion is
recognized in net income. The amounts recognized in accumulated other comprehensive income are
reclassified to net income in the periods in which net income is affected by the variability in the
cash flows of the hedged item. When hedge accounting is discontinued the cumulative gain or loss
previously recognized in accumulated other comprehensive income remains there until the
forecasted transaction occurs. When the hedged item is a non-financial asset or liability, the amount
recognized in accumulated other comprehensive income is transferred to the carrying amount of the
asset or liability when it is recognized. In other cases, the amount recognized in accumulated other
comprehensive income is transferred to net income in the same period that the hedged item affects
net income.
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British Columbia Hydro and Power Authority
NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS
FOR THE YEARS ENDED MARCH 31, 2023 AND 2022
Under the Skagit River Agreement, the Company has committed to deliver a predetermined amount of
electricity each year to the City of Seattle for an 80 year period ending in fiscal 2066 in return for
annual payments of approximately US$22 million for a 35 year period ending in 2021 and
US$100,000 (adjusted for inflation) for the remaining 45 year period ending in 2066. The amounts
received under the agreement are deferred and included in income on an annuity basis over the
electricity delivery period ending in fiscal 2066. As a result of the upfront consideration received
under the Skagit River Agreement, in determining the transaction price, the promised amount of
consideration is adjusted for the effects of the time value of money (i.e., significant financing
component). The application of the significant financing component requirement results in the
recognition of interest expense over the financing period and a higher amount of revenue.
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British Columbia Hydro and Power Authority
NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS
FOR THE YEARS ENDED MARCH 31, 2023 AND 2022
Past service costs arising from plan amendments and curtailments are recognized in net income
immediately. A plan curtailment will result if the Company has demonstrably committed to a
significant reduction in the expected future service of active employees or a significant element of
future service by active employees no longer qualifies for benefits. A curtailment is recognized when
the event giving rise to the curtailment occurs.
The net interest costs on the net defined benefit plan liabilities arising from the passage of time are
included in finance charges. The Company recognizes actuarial gains and losses immediately in other
comprehensive income.
(q) Provisions
A provision is recognized if the Company has a present legal or constructive obligation as a result of a
past event, it is probable that an outflow of economic benefits will be required to settle the obligation
and a reliable estimate of the obligation can be determined. For obligations of a long-term nature,
provisions are measured at their present value by discounting the expected future cash flows at a pre-
tax rate that reflects current market assessments of the time value of money and the risks specific to the
liability except in cases where future cash flows have been adjusted for risk.
Decommissioning Obligations
Decommissioning obligations are legal and constructive obligations associated with the retirement of
long-lived assets. A liability is recorded at the present value of the estimated future costs based on
management’s best estimate. When a liability is initially recorded, the Company capitalizes the costs
by increasing the carrying value of the asset. The increase in net present value of the provision for the
expected cost is included in finance costs as accretion (interest) expense. Adjustments to the provision
made for changes in timing, amount of cash flow and discount rates are capitalized and amortized over
the useful life of the associated asset. Actual costs incurred upon settlement of a decommissioning
obligation are charged against the related liability. Any difference between the actual costs incurred
upon settlement of the decommissioning obligation and the recorded liability is recognized in net
income at that time.
Legal
The Company recognizes legal claims as a provision when it is probable that there will be a future
outflow of resources required to settle the claim against the Company and the amount of the settlement
can be reasonably measured. Management obtains the advice of its external counsel in determining the
likely outcome and estimating the expected costs associated with legal claims. Further information
regarding lawsuits in progress is disclosed in Note 25.
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British Columbia Hydro and Power Authority
NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS
FOR THE YEARS ENDED MARCH 31, 2023 AND 2022
(r) Leases
At inception of a contract, the Company assesses whether a contract is, or contains, a lease. A contract
is, or contains, a lease if the contract conveys the right to control the use of an identified asset for a
period of time in exchange for consideration. To assess whether a contract conveys the right to control
the use of an identified asset, the Company assesses whether the contract involves the use of an
identified asset, whether the Company has the right to obtain substantially all of the economic benefits
from use of the asset throughout the period of use, and has the right to direct the use of the asset. At
inception or on reassessment of a contract that contains a lease component, consideration is allocated
to each lease component within the contract on the basis of its relative stand-alone prices.
As a lessee, the Company recognizes a right-of-use asset and a lease liability at the lease
commencement date. The right-of-use asset is initially measured at cost, which comprises the initial
amount of the lease liability adjusted for any lease payments made at or before the commencement
date, plus any decommissioning and restoration costs, less any lease incentives received.
The right-of-use asset is subsequently depreciated from the commencement date to the earlier of the
end of the lease term, or the end of the useful life of the asset. In addition, the right-of-use asset may be
reduced due to impairment losses, if any, and adjusted for re-measurements of the lease liability.
The lease liability is initially measured at the present value of the lease payments that are not paid at
the commencement date, discounted using the interest rate implicit in the lease or, if that rate cannot be
readily determined, the incremental borrowing rate.
Lease payments included in the measurement of the lease liability are comprised of:
i) Fixed payments, including in-substance fixed payments, less any lease incentives
receivable;
ii) Variable lease payments that depend on an index or a rate, initially measured using the
index or rate as at the commencement date;
iv) Exercise prices of purchase options if reasonably certain the option will be exercised; and
v) Payments of penalties for terminating the lease, if the lease term reflects the lessee
exercising an option to terminate the lease.
The lease liability is measured at amortized cost using the effective interest method. It is re-measured
when there is a change in future lease payments arising from a change in an index or rate, if there is a
change in the Company’s estimate or assessment of the amount expected to be payable under a
residual value guarantee, purchase, extension or termination option.
When the lease liability is re-measured, a corresponding adjustment is made to the carrying amount of
the right-of-use asset, or is recorded in profit or loss if the carrying amount of the right-of-use asset has
been reduced to zero.
25
British Columbia Hydro and Power Authority
NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS
FOR THE YEARS ENDED MARCH 31, 2023 AND 2022
Variable lease payments not included in the initial measurement of the lease liability are charged
directly to the consolidated statement of comprehensive income as an expense.
The Company elected to use the following practical expedients under IFRS 16:
(i) The Company has elected not to separate non-lease components and account for the lease
and non-lease components as a single lease component for leases pertaining to generating
assets (including long-term energy purchase agreements).
(ii) The Company has elected not to recognize right-of-use assets and lease liabilities for short-
term leases that have a lease term of 12 months or less and leases of low-value assets.
(s) Taxes
The Company is a Crown corporation and therefore no Canadian provincial or federal income tax is
payable. However, the Company pays provincial and local government taxes and grants in lieu of
property taxes to municipalities, regional districts, and rural area jurisdictions. In addition, Powerex, a
subsidiary of BC Hydro, pays taxes relating to trading activity in the United States.
Three Amendments to IAS 1, Presentation of Financial Statements (effective April 1, 2023 and
April 1, 2024)
Amendments to IAS 8, Accounting Policies, Changes in Accounting Estimates and Errors
(effective April 1, 2023)
Amendments to IFRS 16, Leases (effective April 1, 2024)
IFRS 17, Insurance Contracts (effective April 1, 2023)
The Company does not expect the adoption of the new or amended standards to have a material impact
on the consolidated financial statements.
Note 4: Revenues
Disaggregated Revenue
The Company disaggregates revenue by revenue types and customer class, which are considered to be the
most relevant revenue information for management to consider in allocating resources and evaluating
performance.
26
British Columbia Hydro and Power Authority
NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS
FOR THE YEARS ENDED MARCH 31, 2023 AND 2022
Contract Balances
The Company does not have any contract assets which constitute consideration receivable from a customer
that is conditional on the Company’s future performance. The current and non-current receivable balances
from customers as at March 31, 2023 was $834 million (2022 - $757 million).
Contract liabilities represent payments received for performance obligations which have not been fulfilled.
The following table reconciles the items included in the contract liabilities balance:
27
British Columbia Hydro and Power Authority
NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS
FOR THE YEARS ENDED MARCH 31, 2023 AND 2022
The following table reconciles the changes in the contract liabilities balances during the years ended March
31, 2023 and 2022:
Contract
(in millions) Liabilities
Balance at April 1, 2021 $ 2,363
The Company elected to use the performance obligation practical expedients whereby the performance
obligation is not disclosed for the following:
28
British Columbia Hydro and Power Authority
NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS
FOR THE YEARS ENDED MARCH 31, 2023 AND 2022
(i) Where the Company has a right to consideration from a customer in an amount that corresponds
directly with the value to the customer of the Company’s performance to date, revenue is
recognized in the amount to which the Company has a right to invoice, or
(ii) Where the remaining performance obligations have an original expected duration of one year or
less.
The capitalization rate used to determine the amount of borrowing costs eligible for capitalization was 3.3
per cent (2022 - 3.1 per cent).
29
British Columbia Hydro and Power Authority
NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS
FOR THE YEARS ENDED MARCH 31, 2023 AND 2022
Accrued revenue represents revenue for electricity delivered and not yet billed.
30
British Columbia Hydro and Power Authority
NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS
FOR THE YEARS ENDED MARCH 31, 2023 AND 2022
There were no materials, supplies, and environmental products inventory impairments during the years
ended March 31, 2023 and 2022. Natural gas and certain carbon products inventory held for trading are
measured at fair value less costs to sell and therefore, not subject to impairment testing.
Inventories recognized as an expense during the year amounted to $139 million (2022 - $116 million).
(i) Included within Distribution assets are the Company’s portion of utility poles with a net book value
of $1.24 billion (2022 - $1.21 billion) that are jointly owned with a third party. Depreciation
expense on jointly owned utility poles for the year ended March 31, 2023 was $34 million (2022 -
$33 million).
(ii) The Company received government grants arising from the Columbia River Treaty related to three
dams built by the Company in the mid-1960s to regulate the flow of the Columbia River. The
grants were made to assist in financing the construction of the dams. The grants were deducted
31
British Columbia Hydro and Power Authority
NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS
FOR THE YEARS ENDED MARCH 31, 2023 AND 2022
from the carrying amount of the related dams. In addition, the Company received, in the current
year and prior years, government grants for the construction of transmission lines and electric
vehicle infrastructure and has deducted the grants received from the cost of the asset. BC Hydro
received government grants of $4 million during the year ended March 31, 2023 (2022 - $7
million).
(iii)The Company has contractual commitments to spend $1.79 billion on major property, plant and
equipment projects (on individual projects greater than $20 million) as at March 31, 2023.
(iv) The Company recognized impairments, mainly to unfinished construction assets, as a result of
events that have caused the construction of the asset to no longer be viable.
Long-term
energy purchase Equipment/
(in millions) agreements Property Other Total
Cost
Balance at April 1, 2021 $ 1,984 $ 58 $ 7 $ 2,049
Net additions 29 - - 29
Disposals and retirements - - (3) (3)
Balance at March 31, 2022 2,013 58 4 2,075
Net additions 123 17 - 140
Disposals and retirements - (1) - (1)
Balance at March 31, 2023 $ 2,136 $ 74 $ 4 $ 2,214
Accumulated Depreciation
Balance at April 1, 2021 $ (703) $ (25) $ (4) $ (732)
Depreciation expense (91) (5) - (96)
Disposals and retirements - 1 - 1
Balance at March 31, 2022 (794) (29) (4) (827)
Depreciation expense (78) (4) - (82)
Disposals and retirements - - - -
Balance at March 31, 2023 $ (872) $ (33) $ (4) $ (909)
Refer to Note 19 for additional information on right-of-use assets and lease liabilities.
32
British Columbia Hydro and Power Authority
NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS
FOR THE YEARS ENDED MARCH 31, 2023 AND 2022
Land rights consist primarily of statutory rights of way acquired from the Province in perpetuity.
Substantially all of these land rights have indefinite useful lives and are not subject to amortization. These
land rights are tested for impairment annually or more frequently if events or changes in circumstances
indicate that the asset value may not be recoverable.
33
British Columbia Hydro and Power Authority
NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS
FOR THE YEARS ENDED MARCH 31, 2023 AND 2022
Non-Current Receivables
Included in the non-current receivables balance are $116 million of receivables (2022 - $119 million)
attributable to other contributions receivable from a vendor to aid in the construction of a transmission
system. The contributions are to be received in 16 annual payments of approximately $11 million, adjusted
for inflation. The fair value of the receivable was initially measured using an estimated inflation rate and a
4.6 per cent discount rate.
Sinking Funds
Investments held in sinking funds are held by the Trustee (the Minister of Finance for the Province) for the
redemption of long-term debt. The sinking fund balances include the following investments:
Effective December 2005, all sinking fund payment requirements on all new and outstanding debt were
removed. The existing sinking funds relate to debt that mature in fiscal 2026 and fiscal 2037.
34
British Columbia Hydro and Power Authority
NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS
FOR THE YEARS ENDED MARCH 31, 2023 AND 2022
For each regulatory account, the amount reflected in the Net Change column in the following regulatory
tables represents the impact on comprehensive income for the applicable year. Under rate regulated
accounting, a net decrease in a regulatory asset or a net increase in a regulatory liability results in a
decrease to comprehensive income.
Remaining
As at As at recovery/
April 1 Addition / Net March 31 reversal period
A B
(in millions) 2022 (Reduction) Interest Amortization Change 2023 (years)
Regulatory Assets
Heritage Deferral $ 105 $ (96) $ 2 $ (11) $ (105) $ - Note C
Load Variance 33 (32) - (1) (33) - Note C
Demand-Side Management 868 101 - (111) (10) 858 1-15
Debt Management 286 (201) - (18) (219) 67 5-34
First Nations Provisions & Costs 469 49 1 (34) 16 485 1-9 Note G
Site C 542 6 18 - 24 566 Note E
CIA Amortization 68 (5) - - (5) 63 17
Environmental Provisions & Costs 234 15 (1) (32) (18) 216 Note F, G
Smart Metering & Infrastructure 151 - 5 (26) (21) 130 6
IFRS Pension 382 - - (38) (38) 344 9
IFRS Property, Plant & Equipment 1,039 - - (32) (32) 1,007 29-38
Other Regulatory Accounts 213 39 4 (46) (3) 210 1-20, Note F, H
Total Regulatory Assets 4,390 (124) 29 (349) (444) 3,946
Regulatory Liabilities
Heritage Deferral - 25 - 7 32 32 Note C
Non-Heritage Deferral 185 (51) 8 (32) (75) 110 Note C
Trade Income Deferral 504 747 26 (87) 686 1,190 Note D
Biomass Energy Program 40 40 2 (7) 35 75 Note C
Inflationary Pressures - 57 1 - 58 58 Note I
Load Variance - 28 - 5 33 33 Note C
Non-Current Pension Costs 669 155 - 30 185 854 4-13
Other Regulatory Accounts 81 62 3 (19) 46 127 Note C, F
Total Regulatory Liabilities 1,479 1,063 40 (103) 1,000 2,479
Net Regulatory Asset $ 2,911 $ (1,187) $ (11) $ (246) $ (1,444) $ 1,467
35
British Columbia Hydro and Power Authority
NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS
FOR THE YEARS ENDED MARCH 31, 2023 AND 2022
Remaining
As at As at recovery/
April 1 Addition / Net March 31 reversal period
A B
(in millions) 2021 (Reduction) Interest Amortization Change 2022 (years)
Regulatory Assets
Heritage Deferral $ 65 $ 38 $ 2 $ - $ 40 $ 105 Note C
Load Variance 110 (79) 2 - (77) 33 Note C
Demand-Side Management 881 94 - (107) (13) 868 1-15
Debt Management 449 (153) - (10) (163) 286 6-34
First Nations Provisions & Costs 486 15 2 (34) (17) 469 2-9 Note G
Total Finance Charges - 8 - 31 39 39 Note F
Non-Current Pension Costs 114 (66) - (48) (114) - 5-13
Site C 523 3 16 - 19 542 Note E
CIA Amortization 73 (5) - - (5) 68 18
Environmental Provisions & Costs 294 (1) (1) (58) (60) 234 Note F, G
Smart Metering & Infrastructure 173 - 5 (27) (22) 151 7
IFRS Pension 421 - - (39) (39) 382 10
IFRS Property, Plant & Equipment 1,070 - - (31) (31) 1,039 30-39
Other Regulatory Accounts 116 62 4 (8) 58 174 3-7, Note H
Total Regulatory Assets 4,775 (84) 30 (331) (385) 4,390
Regulatory Liabilities
Non-Heritage Deferral 153 28 4 - 32 185 Note C
Trade Income Deferral 227 264 13 - 277 504 Note D
Biomass 14 25 1 - 26 40 Note C
Non-Current Pension Costs - 602 - 67 669 669 5-13
Other Regulatory Accounts 104 45 - (68) (23) 81 3-6, Note C, F
Total Regulatory Liabilities 498 964 18 (1) 981 1,479
Net Regulatory Asset $ 4,277 $ (1,048) $ 12 $ (330) $ (1,366) $ 2,911
A
As permitted, interest charges were accrued to certain regulatory balances at a rate of 3.3 per cent for the year ended March 31,
2023 (2022 – 3.1 per cent).
B
Net Change includes a net decrease to net income of $1.16 billion (2022 – $608 million) and a net decrease to other
comprehensive income of $282 million (2022 – $758 million).
C
The balances in these regulatory accounts are recovered in rates through the Deferral Account Rate Rider (DARR), which is an
additional charge on customer bills and generally has a recovery period of 4 to 6 years. In its preliminary decision (Decision) on
the Fiscal 2023 to Fiscal 2025 Revenue Requirements Application, the BCUC approved the requested DARR refund of 2.0 per
cent (2022 – 0 percent) for fiscal 2023 on an interim basis effective April 1, 2022 and 1.0 per cent for fiscal 2024 on interim
basis. Commencing in fiscal 2025, the BCUC directed BC Hydro to file for approval of the DARR annually in a filing separate
from the RRA to recover all these balances.
D
The Trade Income Deferral Account balance will be recovered through the DARR in fiscal 2023 and fiscal 2024 as described
in footnote C above. Commencing in fiscal 2025, the balance will be recovered over a three year period, through the Trade
Income Rate Rider (TIRR), which is a separate additional charge or refund on customer bills. The BCUC directed BC Hydro to
file for approval of the TIRR annually in a filing separate from the Revenue Requirements Application.
E
In its Decision on the Fiscal 2023 to Fiscal 2025 Revenue Requirements Application, the BCUC approved the recovery of the
balance in this account over the forecasted weighted average expected useful life of the Site C assets, currently estimated at 84
years, commencing in fiscal 2025.
36
British Columbia Hydro and Power Authority
NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS
FOR THE YEARS ENDED MARCH 31, 2023 AND 2022
F
The balances forecast to be in these accounts at the end of a test period are recovered over the next test period. A test period
refers to the period covered by a revenue requirements application filing.
G
The First Nations Provisions & Costs and Environmental Provisions & Costs regulatory accounts include both expenditures
and provisions (costs to be incurred in future years). Actual expenditures are recovered over the term identified. The provision
balance becomes recoverable at such time as actual expenditures are incurred and transferred to the respective regulatory cost
account.
H
The balance includes an account that is expected to self-clear based on forecast net gains from real property sales experienced
over fiscal 2020 to fiscal 2024, resulting in a forecast zero balance by the end of fiscal 2024, subject to potential interest charges.
I
The recovery period for this account will be determined by the BCUC as part of a future regulatory proceeding.
Rate Regulation
On November 18, 2022, BC Hydro submitted an application to the BCUC request for a new Cloud Costs
regulatory account. On April 18, 2023, the BCUC approved BC Hydro’s request for the Cloud Costs
regulatory account to capture cloud arrangement implementation costs and directed BC Hydro to establish
a separate Cloud Usage Fee regulatory account to capture annual usage fee variances for unplanned cloud
arrangements. The BCUC also approved recovery of the Cloud Costs regulatory account over the expected
term of the cloud arrangement, the Cloud Usage Fees over the following test period and the application of
interest to the accounts. The Cloud Costs regulatory account and Cloud Usage Fees regulatory account
were included within Other Regulatory Accounts – assets in the table above.
On November 18, 2022, the Government of B.C. issued a Direction to the BCUC respecting Residential
and Commercial Customer Account Credits (B.C. Reg 163/2021, Order in Council No. 571) under section
3 of the Utilities Commission Act. On November 28, 2022, the BCUC issued Order No. G-341-22 as
directed to enable the provision of residential and commercial customer account credits and several
changes to BC Hydro’s regulatory accounts. The Order authorized BC Hydro to establish a Customer
Credit Regulatory Account and Inflationary Pressures Regulatory Account and transfer $320 million and
$74 million, respectively, from the Trade Income Deferral Account to these new accounts. In addition, it
authorized BC Hydro to transfer $6 million from the Trade Income Deferral Account to the Customer
Crisis Fund Regulatory Account. It also required BC Hydro to provide account credits to commercial and
residential customers, defer the amount of the customer credits issued to the Customer Credit Regulatory
Account and allows BC Hydro to defer specified inflationary pressure amounts to the Inflationary
Pressures Regulatory Account. The Customer Crisis Fund Regulatory Account and Customer Credit
Regulatory Account were included within the Other Regulatory Accounts - liabilities in the table above.
On March 31, 2023, BC Hydro submitted an application to the BCUC seeking approval to reinstate a $320
million regulatory liability to the Trade Income Deferral Account. The effect of the reinstatement of the
$320 million regulatory liability is that the customer credits issued in accordance with the Direction and
BCUC Order No. G-341-22 will have been funded through BC Hydro’s operations (i.e., by a reduction in
BC Hydro’s actual fiscal 2023 net income) and not by ratepayers. Customers will retain the credits they
received and there will be no bill adjustments because of the application. The BCUC review of BC Hydro’s
application to reinstate the $320 million regulatory liability in the Trade Income Deferral Account is
currently underway and the BCUC will issue its decision in due course. The financial impact of the
requested reinstatement has been incorporated in these financial statements in accordance with the
Company’s rate regulation accounting policy, whereby BC Hydro recognizes the impacts of requests in
37
British Columbia Hydro and Power Authority
NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS
FOR THE YEARS ENDED MARCH 31, 2023 AND 2022
advance of a final decision by the BCUC if management considers it is probable that the BCUC will
approve the request. As a result, the Customer Credit Regulatory Account had a $nil account balance at
March 31, 2023.
On April 21, 2023, the BCUC issued its preliminary Decision on BC Hydro’s Fiscal 2023 to Fiscal 2025
Revenue Requirements Application and issued a series of compliance directives that impacted BC Hydro’s
fiscal 2023 financial statements. The financial impact of the Decision has been incorporated in these
financial statements. The impact was a revised estimated bill decrease for fiscal 2023 of 1.32 per cent. This
is a 0.06 per cent change in the bill impact compared to the 1.38 per cent interim bill decrease approved by
the BCUC for fiscal 2023. In addition, the BCUC directed BC Hydro to establish two new regulatory
accounts - the Electrification Customer Connection Costs regulatory account and the Site C Variance Costs
regulatory account. The Electrification Customer Connection Costs regulatory account is included within
Other Regulatory Accounts in the table above and the Site C Variance Costs account had a $nil account
balance as at March 31, 2023.
38
British Columbia Hydro and Power Authority
NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS
FOR THE YEARS ENDED MARCH 31, 2023 AND 2022
year period, through the Trade Income Rate Rider (TIRR), which is a separate additional charge or credit
on customer bills. The BCUC directed BC Hydro to file for approval of the TIRR annually in a filing
separate from the RRA.
Load Variance
This account is intended to capture the variance between planned and actual domestic customer load (i.e.,
customer demand). The account is one of BC Hydro’s cost of energy variance accounts and has the same
mechanisms for interest charges and recovery applied to it that are applicable to the NHDA. The account
balance is recovered through the DARR, which is an additional charge or credit on customer bills. In its
recent Decision, the BCUC approved the recovery of the balance through the DARR table mechanism for
fiscal 2023 and fiscal 2024. Commencing in fiscal 2025, the BCUC directed BC Hydro to file for approval
of the DARR annually in a filing separate from the RRA to recover the cost of energy variance account
balances other than the Trade Income Deferral Account.
Inflationary Pressures
On November 18, 2022, the Province issued Order in Council No. 571, which directed the BCUC to
authorize BC Hydro to establish the Inflationary Pressures Regulatory Account and transfer $74 million
from the Trade Income Deferral Account to the new account. It also allowed BC Hydro to defer specified
costs to the Inflationary Pressures Regulatory Account. On November 28, 2022, the BCUC issued Order
No. G-341-22 as directed to authorize BC Hydro to establish the Inflationary Pressures Regulatory Account
and transfer $74 million from the Trade Income Deferral Account to the new account. BC Hydro has not
requested recovery of the Inflationary Pressures Regulatory Account as of March 31, 2023, but expects the
balance to be fully drawn down to zero over time as costs are deferred to the regulatory account.
Demand-Side Management
Demand-Side Management expenditures are deferred and amortized on a straight-line basis over the
anticipated 15 year period of benefit of the expenditures. Demand-Side Management expenditures include
materials, direct labour and applicable portions of support costs, equipment costs, and incentives, which are
not eligible for capitalization. Costs relating to identifiable tangible assets that meet the capitalization
criteria are recorded as property, plant and equipment. In March 2017, the Province issued Orders in
Council No. 100 and No. 101, which enable BC Hydro to pursue cost-effective electrification and allows
39
British Columbia Hydro and Power Authority
NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS
FOR THE YEARS ENDED MARCH 31, 2023 AND 2022
for costs related to undertakings pursuant to Order in Council No. 101 to be deferred to the Demand-Side
Management Regulatory Account.
Forecast lump sum settlement payments are amortized over 10 years starting in the year of payment,
forecast annual settlement payments are amortized in the year of payment, and actual annual negotiation
costs are recovered from the First Nations Costs Regulatory Account in the year incurred. Variances
between forecast and actual lump sum and annual settlement payments in the current test period are
recovered over the following test period.
Site C
Site C Project expenditures incurred in fiscal 2007 through the third quarter of fiscal 2015 were deferred. In
December 2014, the Province approved a final investment decision for the Site C Project, resulting in
expenditures being capitalized in property, plant and equipment starting in the fourth quarter of fiscal 2015.
In its recent Decision, the BCUC approved BC Hydro’s request to begin amortizing the balance of the Site
C Regulatory Account once the Site C assets are in service in fiscal 2025 over the weighted average
expected useful life of the Site C assets, currently estimated at 84 years.
40
British Columbia Hydro and Power Authority
NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS
FOR THE YEARS ENDED MARCH 31, 2023 AND 2022
each year. Variances between forecast and actual environmental and remediation expenditures in the
current test period are recovered over the following test period.
IFRS Pension
Unamortized experience gains and losses on the pension and other post-employment benefit plans
recognized at the time of transition to IFRS as part of the Prescribed Standards (the previous accounting
standards applicable to BC Hydro that were effective April 1, 2012 to March 31, 2019) were deferred to
this regulatory account to allow for recovery in future rates. The account balance is amortized/recovered
over 20 years on a straight-line basis beginning in fiscal 2013.
Debt Management
This account captures mark-to-market gains and losses on financial contracts that economically hedge
future long-term debt. The realized gains or losses are amortized over the remaining term of the associated
long-term debt issuances, commencing in the test period following the test period in which the long-term
debt associated with a particular hedge is issued.
41
British Columbia Hydro and Power Authority
NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS
FOR THE YEARS ENDED MARCH 31, 2023 AND 2022
The Company has a commercial paper borrowing program with the Province which is limited to $5.50
billion (2022 - $5.50 billion) and is included in revolving borrowings. At March 31, 2023, the outstanding
amount under the borrowing program was $2.76 billion (2022 - $2.79 billion).
For the year ended March 31, 2023, the Company issued bonds for net proceeds of $1.50 billion (2022 -
$1.57 billion) and a par value of $1.73 billion (2022 - $1.58 billion), a weighted average effective interest
rate of 4.0 per cent (2022 - 2.4 per cent) and a weighted average term to maturity of 18.6 years (2022 - 21.6
years).
For the year ended March 31, 2023, the Company redeemed bonds with a par value of $500 million (2022 -
$526 million).
Long-term debt, expressed in Canadian dollars, is summarized in the following table by year of maturity:
42
British Columbia Hydro and Power Authority
NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS
FOR THE YEARS ENDED MARCH 31, 2023 AND 2022
Weighted Weighted
Average Average
Interest Interest
1 1
Canadian US Euro Total Rate Canadian US Euro Total Rate
Maturing in fiscal:
2023 $ - - - $ - - $ 500 - - $ 500 6.8
2024 200 - - 200 5.9 200 - - 200 5.9
2025 10 - - 10 5.5 10 - - 10 5.5
2026 900 676 387 1,963 3.6 900 625 365 1,890 3.6
2027 850 - - 850 2.4 850 - - 850 2.4
2028 1,000 - - 1,000 2.8 - - - - -
1-5 years 2,960 676 387 4,023 3.3 2,460 625 365 3,450 3.9
6-10 years 6,510 - - 6,510 3.1 6,535 - - 6,535 2.9
11-15 years - 405 203 608 5.2 - 375 192 567 5.1
16-20 years 3,273 - - 3,273 4.3 1,250 - - 1,250 4.9
21-25 years 2,565 - - 2,565 3.7 4,588 - - 4,588 3.9
26-30 years 7,170 - - 7,170 3.0 5,545 - - 5,545 2.9
Over 30 years 110 - - 110 3.4 985 - - 985 2.7
Bonds $ 22,588 $ 1,081 $ 590 $ 24,259 3.4 $ 21,363 $ 1,000 $ 557 $ 22,920 3.4
Revolving borrowings 2,115 643 - 2,758 4.5 1,910 882 - 2,792 0.6
$ 24,703 $ 1,724 $ 590 $ 27,017 $ 23,273 $ 1,882 $ 557 $ 25,712
Adjustments to
carrying value resulting
from discontinued
hedging activities 7 18 - 25 8 18 - 26
Unamortized premium,
discount, and issue
costs (18) (7) (2) (27) 223 (8) (2) 213
$ 24,692 $ 1,735 $ 588 $ 27,015 $ 23,504 $ 1,892 $ 555 $ 25,951
Less: Current portion (2,315) (643) - (2,958) (2,410) (882) - (3,292)
Non-current long-term
debt $ 22,377 $ 1,092 $ 588 $ 24,057 $ 21,094 $ 1,010 $ 555 $ 22,659
1
The weighted average interest rate represents the effective rate of interest on fixed-rate bonds.
43
British Columbia Hydro and Power Authority
NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS
FOR THE YEARS ENDED MARCH 31, 2023 AND 2022
The following foreign currency contracts were in place at March 31, 2023 in a net liability position of $8
million (2022 – net liability of $27 million). Such contracts are primarily used to hedge foreign currency
long-term debt principal and U.S. commercial paper borrowings.
The following bond locks and forward swap contracts were in place at March 31, 2023 with a net asset
position of $175 million (2022 - net asset of $179 million). Such contracts are used to lock in interest rates
on future Canadian denominated debt issues. The contracts outstanding relate to $2.88 billion (2022 -
$3.73 billion) of planned 10 and 30 year debt (2022 - 10 and 30 year debt) to be issued on dates ranging
from June 2023 to October 2026 (2022 - June 2022 to October 2025).
Forward Swaps
1
Canadian dollar - notional amount $ 2,875 $ 3,150
Weighted forecast borrowing yields 3.19% 3.03%
Weighted remaining term 1 years 1 years
1
Notional amount for a derivative instrument is defined as the contractual amount on which payments are calculated.
For more information about the Company’s exposure to interest rate, foreign currency and liquidity risk,
see Note 23.
44
British Columbia Hydro and Power Authority
NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS
FOR THE YEARS ENDED MARCH 31, 2023 AND 2022
45
British Columbia Hydro and Power Authority
NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS
FOR THE YEARS ENDED MARCH 31, 2023 AND 2022
Maturity analysis
March 31, March 31,
(in millions) 2023 2022
Maturity analysis - contractual undiscounted cash flows
Less than 1 year $ 119 $ 96
1 to 5 years 443 380
More than 5 years 1,479 1,462
Total Undiscounted Lease Liabilities $ 2,041 $ 1,938
46
British Columbia Hydro and Power Authority
NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS
FOR THE YEARS ENDED MARCH 31, 2023 AND 2022
Property leases
The Company leases land and building for its office space and operation use. The property leases typically
run for a period of 2 years to 99 years. Some leases include an option to renew the leases for an additional
period ranging from 1 year to 10 years.
Some leases require the Company to make payments that relate to the property taxes, insurance payments
and operating costs; these amounts are generally determined annually. These variable lease payments for
the year ended March 31, 2023 was $2 million (2022 - $2 million).
Other leases
The Company also leases vehicles, office equipment and other equipment. These vehicle leases are short-
term, and office and other equipment leases are short-term and/or leases of low value items. The Company
has elected not to recognize right-of-use assets and lease liabilities as a result of the practical expedients
used as noted in note 3(r).
47
British Columbia Hydro and Power Authority
NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS
FOR THE YEARS ENDED MARCH 31, 2023 AND 2022
During the year, there were no changes in the approach to capital management.
The debt to equity ratio at March 31, 2023, and March 31, 2022 was as follows:
March 31, March 31,
(in millions) 2023 2022
Total debt, net of sinking funds $ 26,778 $ 25,741
Less: Cash and cash equivalents (148) (99)
Net Debt $ 26,630 $ 25,642
As a result of the Order in Council, there was no dividend payment to the Province for the years ended
March 31, 2023 and 2022.
48
British Columbia Hydro and Power Authority
NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS
FOR THE YEARS ENDED MARCH 31, 2023 AND 2022
defined governance structure. The pension arrangements including investment, plan benefits and funding
decisions are administered by the Company’s Pension Management Committee with the oversight resting
with the Board of Directors. Significant changes to the plans, investment policies, and funding policies
require the approval of the Board of Directors. The most recent actuarial funding valuation for the statutory
pension plan was performed at December 31, 2021. The next valuation for funding purposes will be
prepared no later than as at December 31, 2024, and the results will be available in September 2025.
The Company also provides post-employment benefits other than pensions including limited medical,
extended health, dental and life insurance coverage for retirees who have at least 10 years of service and
qualify to receive pension benefits. Certain benefits, including the short-term continuation of health care
and life insurance, are provided to terminated employees or to survivors on the death of an employee.
These post-employment benefits other than pensions are not funded. Post-employment benefits include the
pay out of benefits that vest or accumulate, such as banked vacation.
By their design, defined benefit pension and other post-employment benefit plans expose the Company to
various risks such as investment performance, reductions in discount rates used to value the obligations,
increased longevity of plan members, future inflation levels impacting future salary increases as well as
future increases in healthcare costs.
Information about the pension benefit plans and post-employment benefits other than pensions is as follows:
(a) The expense for the Company’s benefit plans for the years ended March 31, 2023 and 2022 is
recognized in the following line items in the statement of comprehensive income prior to any
capitalization of employment costs attributable to property, plant and equipment and intangible asset
additions:
Pension Other
Benefit Plans Benefit Plans Total
(in millions) 2023 2022 2023 2022 2023 2022
Current service costs charged to
personnel expense - operating expenses $ 110 $ 142 $ 5 $ 7 $ 115 $ 149
Net interest costs charged to finance
costs 36 49 8 7 44 56
Total post-employment benefit plan
expense $ 146 $ 191 $ 13 $ 14 $ 159 $ 205
Actuarial gain recognized in other comprehensive income was $251 million (2022 – $776 million).
(b) Information about the Company’s defined benefit plans, in aggregate, is as follows:
49
British Columbia Hydro and Power Authority
NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS
FOR THE YEARS ENDED MARCH 31, 2023 AND 2022
Pension Other
Benefits Plans Benefits Plans Total
March 31, March 31, March 31, March 31, March 31, March 31,
(in millions) 2023 2022 2023 2022 2023 2022
Defined benefit obligation of funded plan $ (4,980) $ (5,110) $ - $ - $ (4,980) $ (5,110)
Defined benefit obligation of unfunded plans (161) (160) (171) (180) (332) (340)
Fair value of plan assets 4,581 4,557 - - 4,581 4,557
Plan deficit $ (560) $ (713) $ (171) $ (180) $ (731) $ (893)
Represented by:
Accrued benefit plan liability $ (560) $ (713) $ (171) $ (180) $ (731) $ (893)
The Company determined that there was no minimum funding requirement adjustment required in
fiscal 2023 and fiscal 2022 in accordance with IFRIC 14, The Limit on Defined Benefit Asset, Minimum
Funding Requirements and Their Interaction.
(c) Movement of defined benefit obligations and defined benefit plan assets during the year:
Pension Other
Benefit Plans Benefit Plans
March 31, March 31, March 31, March 31,
(in millions) 2023 2022 2023 2022
Defined benefit obligation
Opening defined benefit obligation $ 5,270 $ 5,684 $ 180 $ 217
Current service cost 110 142 5 7
Interest cost on benefit obligations 213 229 8 7
1
Benefits paid (213) (203) (5) (5)
Employee contributions 47 46 - -
2
Actuarial gains (286) (628) (17) (46)
Defined benefit obligation, end of year 5,141 5,270 171 180
50
British Columbia Hydro and Power Authority
NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS
FOR THE YEARS ENDED MARCH 31, 2023 AND 2022
(d) The significant assumptions adopted in measuring the Company’s accrued benefit obligations as at
each March 31 year end are as follows:
Pension Other
Benefit Plans Benefit Plans
March 31, March 31, March 31, March 31,
2023 2022 2023 2022
Discount rate
Benefit cost 4.38% 3.40% 4.19% 3.14%
Accrued benefit obligation 4.96% 4.38% 4.92% 4.19%
Rate of return on plan assets 4.38% 3.40% n/a n/a
Rate of compensation increase
Benefit cost 3.50% 3.50% 3.50% 3.50%
Accrued benefit obligation 3.50% 3.50% 3.50% 3.50%
Health care cost trend rates
Weighted average health care cost trend rate n/a n/a 3.47% 3.46%
Weighted average ultimate health care cost trend rate n/a n/a 3.47% 3.46%
Year ultimate health care cost trend rate will be achieved n/a n/a n/a n/a
The valuation cost method for the accrued benefit obligation is the projected unit credit method pro-
rated on service.
(e) Defined benefit pension plan assets are invested prudently in order to meet the Company’s pension
obligations. The pension plans’ investment strategy is to hold a diversified mix of investments by asset
class and geographic location in order to reduce investment-specific risk to the funded status while
maximizing the expected returns to meet pension obligations. Investment of the plan’s assets follows
an asset/liability framework as investment is conducted with consideration of the pension obligation’s
sensitivity to interest rates which is a key risk factor impacting the obligation’s value.
In developing the pension plan’s asset mix, the Company includes, but is not limited to the following
factors:
the nature of the underlying benefit obligations, including the duration and term profile of the
liabilities;
the member demographics, including expectations for normal retirements, terminations, and deaths;
the financial position of the pension plan;
the diversification benefits obtained by the inclusion of multiple asset classes; and
expected asset returns, including asset and liability correlations, along with liquidity requirements
of the plan.
To implement the asset mix policy, the Company may invest in fixed interest investments (such as debt
instruments), equity securities, and alternative investments. The Company’s defined benefit pension
plan assets are primarily comprised of debt and equity securities and alternative investments.
The publicly traded equity securities are unadjusted quoted market prices in an active market (Level 1)
and the publicly traded fixed interest investments generally have quoted market prices or observable
market inputs for similar assets in an active market (Level 2). Alternative investments include private
51
British Columbia Hydro and Power Authority
NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS
FOR THE YEARS ENDED MARCH 31, 2023 AND 2022
fund investments including infrastructure, renewable resources, real estate, mortgages and private
equity and debt, all of which usually do not have quoted market prices available (Level 3). These fund
assets are valued by external managers and independent valuators using accepted industry valuation
methods and models.
(f) Asset allocation of the defined benefit statutory pension plan as at the measurement date:
Long Term
Strategic
Target Target Range March 31, March 31,
Allocation Min Max 2023 2022
Fixed interest investments 20% 15% 35% 20% 24%
Public equities 40% 30% 50% 42% 42%
1
Real estate 15% 10% 20% 15% 14%
1
Private equities 15% 10% 20% 15% 12%
1
Infrastructure and renewable resources 10% 5% 15% 8% 8%
1
The total cannot exeed 50%.
Plan assets are re-balanced within ranges around target applications. The Company’s expected return
on plan assets is determined by considering long-term historical returns, future estimates of long-term
investment returns, and asset allocations.
The Company’s contribution to be paid to its funded defined benefit statutory pension plan in fiscal
2024 is expected to amount to $55 million. The expected benefit payments to be paid in fiscal 2024 in
respect to the unfunded defined benefit plans are $14 million.
The following table presents the maturity profile of the Company’s defined benefit pension plan
obligation:
52
British Columbia Hydro and Power Authority
NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS
FOR THE YEARS ENDED MARCH 31, 2023 AND 2022
Assumptions adopted can have a significant effect on the value of the obligations for defined benefit
pension and other post-employment benefit plans and are based on historical experience and market
inputs. The increase (decrease) in obligation in the following table has been determined for key
assumptions assuming all other assumptions are held constant. In practice, this is unlikely to occur, as
changes in some of the assumptions may be correlated. The two tables below present the sensitivity
analysis of key assumptions for 2023.
Assumed healthcare cost trend rates have a significant effect on the amounts recognized in net income.
A one percentage point change in assumed healthcare cost trend rates would have the following effects:
2023
increase/ Effect on Effect on
decrease in accrued benefit current
(in millions) assumption obligation service costs
Healthcare cost trend 1 % increase $ 6 $ -
Healthcare cost trend 1% decrease (5) -
The impact on the defined benefit obligation for the Pension Benefit Plans of changing certain of the
major assumptions is as follows:
2023
Increase/ Effect on Effect on
decrease in accrued benefit current service
(in millions) assumption obligation costs
Discount rate 1% increase -493 -27
Discount rate 1% decrease +620 +37
Longevity 1 year increase +103 +2
Longevity 1 year decrease -106 -3
Compensation 1% increase +157 +17
Compensation 1% decrease -136 -14
53
British Columbia Hydro and Power Authority
NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS
FOR THE YEARS ENDED MARCH 31, 2023 AND 2022
The following discussion is limited to the nature and extent of risks arising from financial instruments, as
defined under IFRS 7, Financial Instruments: Disclosures. However, for a complete understanding of the
nature and extent of financial risks the Company is exposed to, this note should be read in conjunction with
the Company’s discussion of Risk Management found in the Management’s Discussion and Analysis
section of the 2022/23 Annual Service Plan Report.
The Company manages financial institution credit risk through a Board-approved Treasury Risk
Management Policy. Exposures to credit risks are monitored on a regular basis. Large customers are
assessed for credit quality by taking into account external credit ratings, where available, an analysis of
financial position and liquidity, past experience and other factors. The Company assigns credit limits for
counterparties based on evaluations of their financial condition, net worth, credit ratings, and other credit
criteria. For some customers, security over accounts receivable may be obtained in the form of a security
deposit.
Maximum credit risk with respect to financial assets is limited to the carrying amount presented on the
consolidated statement of financial position with the exception of U.S. dollar sinking funds and non-current
receivables which are classified as amortized cost and carried on the consolidated statement of financial
position at $237 million and $134 million, respectively. The maximum credit risk exposure for the U.S.
dollar sinking funds and non-current receivables as at March 31, 2023 is their fair value of $239 million
and $135 million, respectively.
54
British Columbia Hydro and Power Authority
NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS
FOR THE YEARS ENDED MARCH 31, 2023 AND 2022
The majority of the Company’s currency risk arises from long-term debt in the form of U.S. dollar
denominated bonds. Energy commodity prices are also subject to currency risk as they are primarily
denominated in U.S. dollars. As a result, the Company’s trade revenues and purchases of energy
commodities, such as electricity and natural gas, and associated accounts receivable and accounts
payable, are affected by the Canadian/U.S. dollar exchange rate. In addition, all commodity derivatives
and contracts priced in U.S. dollars are also affected by the Canadian/U.S. dollar exchange rate.
The Company actively manages its currency risk through its Treasury Risk Management Policy. The
Company uses cross-currency swaps and forward foreign exchange purchase contracts to achieve and
maintain foreign currency exposure targets.
The management of commodity price risk is governed by risk management policies with oversight from
either the BC Hydro or subsidiary Board of Directors. Risk management strategies, policies and limits
are designed to ensure the Company’s risks and related exposures are aligned with the Company’s
business objectives and risk tolerance. Risk management policies and procedures are reviewed
regularly to reflect changes in market conditions and the Company’s activities.
55
British Columbia Hydro and Power Authority
NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS
FOR THE YEARS ENDED MARCH 31, 2023 AND 2022
Amortized Cost:
Cash 78 78 27 27 - -
Accounts receivable and accrued revenue 894 894 802 802 - -
Non-current receivables 134 135 134 140 11 9
Sinking funds 237 239 210 225 10 9
Accounts payable and accrued liabilities (1,953) (1,953) (1,760) (1,760) - -
Revolving borrowings (2,758) (2,758) (2,792) (2,792) (60) (4)
Long-term debt (including current portion due in one year) (24,257) (22,800) (23,159) (23,540) (814) (782)
First Nations liabilities (non-current portion) (435) (467) (404) (611) (18) (18)
Lease liabilities (non-current portion) (1,376) (1,376) (1,327) (1,327) (46) (45)
Other liabilities (non-current portion) (409) (397) (416) (415) (20) (21)
When the carrying value differs from fair value, the fair values of non-derivative financial instruments
would be classified as Level 2 of the fair value hierarchy. The carrying value of cash equivalents, restricted
cash, accounts receivable and accrued revenue, accounts payable and accrued liabilities, and revolving
borrowings approximates fair value due to the short duration of these financial instruments.
Hedges
As permitted by the transitional provision for hedge accounting under IFRS 9, the Company has elected to
continue with the hedging requirements of IAS 39, Financial Instruments: Recognition and Measurement
(IAS 39) and not adopt the hedging requirements of IFRS 9.
The following foreign currency contracts under hedge accounting were in place at March 31, 2023 in a net
liability position of $5 million (2022 - net liability $23 million). Such contracts are used to hedge the
principal on US$ denominated long-term debt and the principal and coupon payments on Euro€
denominated long-term debt for which hedge accounting has been applied. The hedging instruments are
effective in offsetting changes in the cash flows of the hedged item attributed to the hedged risk. The main
source of hedge ineffectiveness in these hedges is credit risk.
56
British Columbia Hydro and Power Authority
NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS
FOR THE YEARS ENDED MARCH 31, 2023 AND 2022
The fair value of derivative instruments designated and not designated as hedges, was as follows:
March 31, March 31,
2023 2022
(in millions) Fair Value Fair Value
Designated Derivative Instruments Used to Hedge Risk
Associated with Long-term Debt:
Foreign currency contract assets (cash flow hedges for US$ $ 29 $ 19
denominated long-term debt)
Foreign currency contract liabilities (cash flow hedges for US$ - (10)
denominated long-term debt)
Foreign currency contract liabilities (cash flow hedges for EURO€ (34) (32)
denominated long-term debt)
(5) (23)
Non-Designated Derivative Instruments:
Interest rate contract assets 199 180
Interest rate contract liabilities (24) (1)
Foreign currency contract liabilities (3) (4)
Commodity derivative assets 585 356
Commodity derivative liabilities (738) (356)
19 175
Net asset $ 14 $ 152
The carrying value of derivative instruments designated and not designated as hedges was the same as the
fair value.
The derivatives are represented on the consolidated statement of financial position as follows:
March 31, March 31,
(in millions) 2023 2022
Current portion of derivative financial instrument assets $ 494 $ 315
Current portion of derivative financial instrument liabilities (474) (228)
For designated cash flow hedges for the year ended March 31, 2023, there was a gain of $18 million (2022
- loss of $39 million). The effective portion was recognized in other comprehensive income. For the year
ended March 31, 2023, $91 million (2022 – ($39 million)) was reclassified from other comprehensive
income and reported in net income, offsetting net foreign exchange losses (2022 - gains) recorded in the
period.
57
British Columbia Hydro and Power Authority
NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS
FOR THE YEARS ENDED MARCH 31, 2023 AND 2022
For outstanding interest rate contracts not designated as hedges with an aggregate notional principal of
$2.88 billion (2022 - $3.73 billion), used to economically hedge the interest rates on future debt issuances,
there was a $69 million increase (2022 - $230 million) in the fair value of these contracts for the year ended
March 31, 2023. For interest rate contracts associated with debt issued, there was a $132 million increase
(2022 - $77 million decrease) in the fair value of contracts that settled during the year ended March 31,
2023. The net increase for the year ended March 31, 2023 of $201 million (2022 - $153 million) in the fair
value of these interest rate contracts was transferred to the Debt Management Regulatory Account which
had an asset balance of $67 million as at March 31, 2023.
Foreign currency contracts for cash management purposes not designated as hedges, for the year ended
March 31, 2023, had a loss of $1 million (2022 – gain of $2 million) recognized in finance charges.
Foreign currency contracts associated with U.S. revolving borrowings not designated as hedges, for the
year ended March 31, 2023, had a gain of $84 million (2022 - gain of $19 million) recognized in finance
charges. These economic hedges offset $83 million of foreign exchange revaluation losses (2022 – losses
of $19 million) recorded in finance charges with respect to U.S. revolving borrowings for the year ended
March 31, 2023.
For commodity derivatives not designated as hedges, a net gain of $929 million (2022 - $785 million) was
recorded in trade revenue for the year ended March 31, 2023.
CREDIT RISK
The value of the current domestic and trade accounts receivable, by age and the related provision for
doubtful accounts are presented in the following table:
58
British Columbia Hydro and Power Authority
NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS
FOR THE YEARS ENDED MARCH 31, 2023 AND 2022
Current Domestic and Trade Accounts Receivable Net of Allowance for Doubtful Accounts
The following table sets out the carrying amounts of recognized financial instruments presented in the
consolidated statement of financial position on a gross basis that are subject to derivative master netting
agreements or similar agreements:
Related
Gross Derivative Instruments
(in millions) Instruments Not Offset Net Amount
As at March 31, 2023
Derivative commodity assets $ 585 $ 9 $ 576
Derivative commodity liabilities 738 9 729
LIQUIDITY RISK
The following table details the remaining contractual maturities at March 31, 2023 of the Company’s non-
derivative financial liabilities and derivative financial liabilities, which are based on contractual
undiscounted cash flows. Interest payments have been computed using contractual rates or, if floating,
based on rates current at March 31, 2023. In respect of the cash flows in foreign currencies, the exchange
rate as at March 31, 2023 has been used.
59
British Columbia Hydro and Power Authority
NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS
FOR THE YEARS ENDED MARCH 31, 2023 AND 2022
60
British Columbia Hydro and Power Authority
NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS
FOR THE YEARS ENDED MARCH 31, 2023 AND 2022
MARKET RISKS
This sensitivity analysis has been determined assuming that the change in foreign exchange rates had
occurred at March 31, 2023 and been applied to each of the Company’s exposures to currency risk for
both derivative and non-derivative financial instruments in existence at that date, and that all other
variables remain constant. The stated change represents management’s assessment of reasonably
possible changes in foreign exchange rates over the period until the next consolidated statement of
financial position date.
For the interest rate contracts, an increase of 100-basis points in interest rates at March 31, 2023 would
otherwise have a positive impact on net income of $330 million and a decrease of 100 basis points in
interest rates at March 31, 2023 would otherwise have a negative impact on net income before
movement in regulatory balances of $400 million but as a result of regulatory accounting would have
no impact on net income or other comprehensive income as all gains and losses will be captured in the
Debt Management Regulatory Account.
This sensitivity analysis has been determined assuming that the change in interest rates had occurred at
March 31, 2023 and been applied to each of the Company’s exposure to interest rate risk for non-
derivative financial instruments in existence at that date, and that all other variables remain constant.
The stated change represents management’s assessment of reasonably possible changes in interest rates
over the period until the next consolidated statement of financial position date.
61
British Columbia Hydro and Power Authority
NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS
FOR THE YEARS ENDED MARCH 31, 2023 AND 2022
The Company has exposure to movements in prices for commodities including electricity, natural gas
and associated derivative products. Prices for electricity and natural gas commodities fluctuate in
response to changes in supply and demand, market uncertainty, and other factors beyond the
Company’s control.
The Company manages these exposures through its risk management policies, which limit components
of and overall market risk exposures, pre-defined approved products and mandate regular reporting of
exposures.
The Company’s risk management policies for trading activities defines various limits and controls,
including Value at Risk (VaR) limits, Mark-to-Market limits, and various transaction specific limits
which are monitored on a daily basis. VaR estimates the pre-tax forward trading loss that could result
from changes in commodity prices, with a specific level of confidence, over a specific time period. The
Company uses an industry standard Monte Carlo VaR model to determine the potential change in value
of the Company’s forward trading portfolio over a 10-day holding period, within a 95 per cent
confidence level, resulting from normal market fluctuations.
VaR as an estimate of price risk has several limitations. The VaR model uses historical information to
determine potential future volatility and correlation, assuming that price movements in the recent past
are indicative of near-term future price movements. It cannot forecast unusual events which can lead to
extreme price movements. In addition, it is sometimes difficult to appropriately estimate VaR
associated with illiquid or non-standard products. As a result, the Company uses additional measures to
supplement the use of VaR to estimate price risk. These include the use of a Historic VaR
methodology, stress tests and notional limits for illiquid or emerging products.
The VaR for commodity derivatives, calculated under this methodology, was approximately $30
million at March 31, 2023 (2022 - $61 million).
The inputs used in determining fair value are characterized by using a hierarchy that prioritizes inputs
based on the degree to which they are observable. The three levels of the fair value hierarchy are as
follows:
Level 1 - values are quoted prices (unadjusted) in active markets for identical assets and liabilities.
Level 2 - inputs are those other than quoted prices included within Level 1 that are observable for
the asset or liability, either directly or indirectly, as of the reporting date.
The Company determines Level 2 fair values for debt securities and derivatives using discounted
cash flow techniques, which use contractual cash flows and market-related discount rates.
Level 2 fair values for commodity derivatives are determined using inputs other than unadjusted
quoted prices that are observable for the asset or liability, either directly (i.e. as prices) or indirectly
62
British Columbia Hydro and Power Authority
NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS
FOR THE YEARS ENDED MARCH 31, 2023 AND 2022
(i.e., derived from prices). Level 2 includes bilateral and over-the-counter contracts valued using
interpolation from observable forward curves or broker quotes from active markets for similar
instruments and other publicly available data, and options valued using industry-standard and
accepted models incorporating only observable data inputs.
Level 3 - inputs are those that are not based on observable market data. Level 3 fair values for
commodity derivatives are determined using inputs that are based on significant unobservable
inputs.
Level 3 includes instruments valued using observable prices adjusted for unobservable basis
differentials such as delivery location and product quality, instruments which are valued by
extrapolation of observable market information into periods for which observable market
information is not yet available, and instruments valued using internally developed or non-standard
valuation models.
The following tables present the financial instruments measured at fair value for each hierarchy level as at
March 31, 2023 and 2022:
63
British Columbia Hydro and Power Authority
NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS
FOR THE YEARS ENDED MARCH 31, 2023 AND 2022
The Company’s policy is to recognize level transfers at the end of each period during which the change
occurred. During the year, commodity derivatives with a carrying amount of $6 million (2022 - $2 million)
were transferred from Level 2 to Level 1.
The following table reconciles the changes in the balance of financial instruments carried at fair value on
the consolidated statement of financial position, classified as Level 3, for the years ended March 31, 2023
and 2022:
(in millions)
Balance as at April 1, 2022 $ (83)
Net loss recognized (232)
New transactions 56
Existing transactions settled 4
Balance as at March 31, 2023 $ (255)
(in millions)
Balance as at April 1, 2021 $ (69)
Net loss recognized 24
New transactions (11)
Existing transactions settled (27)
Balance as at March 31, 2022 $ (83)
During the year, no commodity derivatives (2022– no transfers) were transferred between Level 2 to Level
3.
During the year ended March 31, 2023, unrealized losses of $246 million (2022 – losses of $12 million)
were recognized on Level 3 derivative commodity financial instruments still on hand. These gains and
losses were recognized in trade revenues.
64
British Columbia Hydro and Power Authority
NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS
FOR THE YEARS ENDED MARCH 31, 2023 AND 2022
Methodologies and procedures regarding commodity trading Level 3 fair value measurements are
determined by the Company’s risk management group. Level 3 fair values are calculated within the
Company’s risk management policies for trading activities based on underlying contractual data as well as
observable and non-observable inputs. To ensure reasonability, Level 3 fair value measurements are
reviewed and validated by risk management and finance departments on a regular basis.
The key unobservable inputs in the valuation of certain Level 3 financial instruments includes components
of forward commodity prices and delivery or receipt volumes. A sensitivity analysis was prepared using
the Company’s assessment of a reasonably possible change in various components of forward prices and
volumes of 10 percent. Forward commodity prices used in determining Level 3 base fair value at March 31,
2023 range between $0-$665 per MwH and a 10 percent increase/decrease in certain components of these
prices would decrease/increase fair value by $41 million. A 10 percent change in estimated volumes used
in determining Level 3 fair value would increase/decrease fair value by $1 million.
Changes in each class of provision during the financial year are set out below:
65
British Columbia Hydro and Power Authority
NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS
FOR THE YEARS ENDED MARCH 31, 2023 AND 2022
Environmental Liabilities
The Company has recorded a liability for the estimated future environmental expenditures related to
present or past activities of the Company. The Company’s recorded liability is based on management’s best
estimate of the present value of the future expenditures expected to be required to comply with existing
regulations. There are uncertainties in estimating future environmental costs due to potential external
events such as changes in legislation or regulations and advances in remediation technologies. All factors
used in estimating the Company’s environmental liabilities represent management’s best estimates of the
present value of costs required to meet existing legislation or regulations. Estimated environmental
liabilities are reviewed annually or more frequently if significant changes in regulation or other relevant
factors occur. Estimate changes are accounted for prospectively.
At March 31, 2023, the undiscounted cash flow related to the Company’s environmental liabilities, which
will be incurred between fiscal 2024 and 2045, is approximately $340 million and was determined based on
current cost estimates. A range of discount rates between 2.9 per cent and 3.1 per cent were used to
calculate the net present value of the obligations.
Decommissioning Obligations
The Company’s decommissioning obligation provision consists of estimated removal and destruction costs
associated with certain PCB and asbestos contaminated assets and certain submarine cables. The Company
has determined its best estimate of the undiscounted amount of cash flows required to settle remediation
obligations at $103 million (2022 - $107 million), which will be settled between fiscal 2024 and 2053. The
undiscounted cash flows, discounted by a range of discount rates between 2.9 per cent and 3.1 per cent,
were used to calculate the net present value of the obligations. The obligations are re-measured at each
period end to reflect changes in estimated cash flows and discount rates.
66
British Columbia Hydro and Power Authority
NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS
FOR THE YEARS ENDED MARCH 31, 2023 AND 2022
Other Contributions
Other contributions consist of contribution from a vendor to aid in the construction of a transmission
system. Contributions include payment received and also contributions to be received (refer to Note 14)
and are being recognized as an offset to the applicable energy purchase costs over the life of the energy
purchase agreement.
Other Liabilities
Other liabilities mainly include a contractual obligation associated with the construction of a capital
project. This contractual obligation has an implicit interest rate of 7 per cent and a repayment term of 15
years commencing in fiscal 2019. This liability is measured at amortized cost and not re-measured for
changes in discount rates. In addition, other liabilities also include long-term payables to other goods and
service providers.
Included in the total value of the long-term energy purchase agreements is $1.89 billion accounted for as a
lease liability under Note 19. The total BC Hydro combined payments are estimated to be approximately
$1.60 billion for less than one year, $6.60 billion between one and five years, and $37.41 billion for more
than five years.
Powerex has energy purchase commitments with an estimated minimum payment obligation of $6.97
billion extending to 2053. The total Powerex energy purchase commitments are estimated to be
approximately $1.11 billion for less than one year, $2.92 billion between one and five years, and $2.94
billion for more than five years.
Powerex has energy sales commitments of $2.33 billion extending to 2032 with estimated amounts of
$1.30 billion for less than one year, $980 million between one and five years, and $47 million for more
than five years.
Refer to Note 11 for commitments pertaining to major property, plant and equipment projects.
67
British Columbia Hydro and Power Authority
NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS
FOR THE YEARS ENDED MARCH 31, 2023 AND 2022
b) Due to the size, complexity and nature of the Company’s operations, various other legal matters are
pending. It is not possible at this time to predict with any certainty the outcome of such litigation.
Management believes that any settlements related to these matters will not have a material effect on
the Company’s consolidated financial position or results of operations.
c) The Company and its subsidiaries have outstanding letters of credit totaling $0.13 billion (2022 -
$1.36 billion). The 2022 comparative figure include amounts provided by the Company to secure
pension plan solvency deficiency payments related to the registered pension plan, which was no
longer required in 2023. The total outstanding letters of credit also includes US $20 million (2022 -
US $15 million) in foreign denominated letters of credit.
All companies are wholly owned and incorporated in Canada and all ownership is in the form of common
shares. Operating out of Vancouver, BC, Canada, Powerex is an energy marketer, whose activities include
trading wholesale power, environmental products (renewable energy credits or other similar products),
carbon products (allowances and other similar products), natural gas, ancillary services, and financial
energy products in North America. Powertech offers services to solve technical problems with power
equipment and systems in Canada and throughout the world.
Related Parties
As a Crown Corporation, the Company and the Province, including all ministries, crown corporations and
agencies under the Province’s control are considered related parties. All transactions between the Company
and its related parties are considered to possess commercial substance and are consequently recorded at the
exchange amount, which is the amount of consideration established and agreed to by the related parties.
68
British Columbia Hydro and Power Authority
NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS
FOR THE YEARS ENDED MARCH 31, 2023 AND 2022
2023 2022
Amounts incurred/accrued during the year include:
Water rental fees 358 345
Cost of energy 419 263
Grants and Taxes 159 152
Interest 874 786
Derivatives (287) 162
Lease payments 102 100
Other 75 111
The Company’s debt is either held or guaranteed by the Province (see Note 17). Under an agreement with
the Province, the Company indemnifies the Province for any credit losses incurred by the Province related
to interest rate and foreign currency contracts entered into by the Province on the Company’s behalf. As at
March 31, 2023, the aggregate exposure under this indemnity totaled $229 million (2022 - $201 million).
The Company has not experienced any losses to date under this indemnity.
The Site C Project requires the realignment of six segments of Highway 29 with a total length of
approximately 30 kilometers. The highway re-alignment activities are needed for reservoir inundation
which is required prior to the first generating unit in service forecasted for December 2024. The Province
(Ministry of Transportation and Infrastructure) maintains effective control over the highway during the re-
alignment activities and after these activities are complete. During fiscal year 2023, BC Hydro incurred
total costs of approximately $103 million (2022 – $190 million) on highway re-alignment activities, of
which $61 million (2022 - $104 million) was paid directly to the Province. As of March 31, 2023, all six
segments of Highway 29, including the new bridges, have been opened to traffic and are being operated by
the Ministry of Transportation and Infrastructure.
BC Hydro is a Part 3 Fuel Supplier of British Columbia’s low carbon fuel standard program and as a
participant receives Low Carbon Fuel Credits from the Province, and these are sold through a public
auction process.
All other transactions with the Province, including all ministries, crown corporations and agencies under
the Province’s control occurred in the normal course of operations, and are not considered to be
individually or collectively significant.
69
British Columbia Hydro and Power Authority
NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS
FOR THE YEARS ENDED MARCH 31, 2023 AND 2022
Key management personnel and board compensation includes compensation to the Company’s executive
management team and board of directors.
70
BRITISH COLUMBIA HYDRO AND POWER AUTHORITY
AND ITS SUBSIDIARIES POWERTECH LABS & POWEREX CORP.
SCHEDULE OF REMUNERATION AND EXPENSES
BOARD OF DIRECTORS
FISCAL YEAR ENDED MARCH 31, 2023
NUMBER OF FULL DAY
RETAINERS ($)1 MEETING FEES ($)1 TOTAL
MEETINGS ATTENDED1
NAME POSITION REMUNERATION EXPENSES ($)
($)
BC Hydro Powertech Powerex BC Hydro Powertech Powerex BC Hydro Powertech Powerex
1
Note that retainers, meeting fee amounts and maximum number of full day meeting fees are set by Treasury Board Directive 2/20 (linked below). Meeting fees are paid $750 per day and $375 per half day with a threshold of 4 hours to become a full day.
For Fiscal 2023, BC Hydro was granted a temporary increase in the maximum number of annual meeting fees for the Board Chair and Directors to a maximum of 90 meetings for the Board Chair and 45 for Directors.
Treasury Board Directive: Remuneration Guidelines for Appointees to Crown Agency Boards (gov.bc.ca)
² Note that Director Wanamaker has waived her fees for the reporting period and accordigly received no retainer or meeting fee compensation.
71
BRITISH COLUMBIA HYDRO AND POWER AUTHORITY
SCHEDULE OF DEBTS
A listing of debts and sinking funds can be found in Notes 14 and 17 of the Audited
Consolidated Financial Statements contained within this report.
72
BRITISH COLUMBIA HYDRO AND POWER AUTHORITY
Aquila Networks Canada (British Columbia) Ltd. and Teck Cominco Metals Ltd.
Bank of Montreal
Columbia Basin Broadband Corporation and Teck Metals Ltd.
Columbia Power Corporation/Columbia Basin Trust*
Her Majesty the Queen in Right of Canada
Her Majesty the Queen in Right of the Province of British Columbia and Cominco Ltd.
Her Majesty the Queen in Right of the Province of British Columbia and Teck Metals Ltd.
Royal Trust Corporation of Canada
T&N PLC and J.W. Roberts Limited
Teck Cominco Metals Ltd. and FortisBC Inc.
Teck Metals Ltd. (7 indemnities)
Teck Metals Ltd. and FortisBC Inc. (2 indemnities)
Teck Metals Ltd., Teck Resources Limited and Teck American Limited
The Toronto-Dominion Bank
Waneta Holdings (US) Inc., Teck Resources Limited and TCAI Inc.
Waneta Expansion General Partner Ltd. (3 indemnities)
List of Indemnity Agreements issued through a process that received prior approval by Government^*
Name of Company/Indemnified Party
Bank of Montreal $1,094.72
Bank of Montreal
Bank of Nova Scotia $446,800.00
Bank of Nova Scotia $544,133.32
CQ Energy Canada Resources Partnership
Her Majesty the Queen in Right of Canada
National Defence (Public Works and Government Services Canada) $5,126.14
Public Works and Government Services Canada $3,965.11
Sun Life Assurance Company of Canada $182,500.00
The Bank of Tokyo-Mitsubishi UFJ Ltd. USD 1,466,795.00
The Board of Education of School District No. 39 (Vancouver)
BC Hydro provides each Director on the Board of Directors, and each executive on the
Management Executive Team, with a full indemnity under an indemnity agreement.
List of Guarantees issued through a process that received prior approval by Government
Stellar J Corporation (on behalf of its subsidiary, Powertech Labs Inc.) USD $675,000.00
BC Hydro has issued guarantees on behalf of its subsidiary, Powerex Corp. BC Hydro has not disclosed information related to these
guarantees as doing so would cause harm to third-party business interests and BC Hydro's economic interests.
73
BRITISH COLUMBIA HYDRO AND POWER AUTHORITY
During the fiscal year ended March 31, 2023, there were 13 severance agreements made
between British Columbia Hydro and Power Authority and its non-unionized employees.
These agreements represented from 2 weeks to 15 months compensation.
GENERAL
The schedule of remuneration paid to employees during the year ended March 31, 2023lists
gross remuneration which can include base salary, overtime, timebank payouts, LQFHQWLYH
SD\PHQWV, benefit payouts and other cash payments (e.g. shift premiums).
74
BRITISH COLUMBIA HYDRO AND POWER AUTHORITY
Schedule of Remuneration Paid to Employees and Expenses Paid to or Page No: 1 of 84
on Behalf of Employees During the Year Ended March 31, 2023
75
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Schedule of Remuneration Paid to Employees and Expenses Paid to or Page No: 2 of 84
on Behalf of Employees During the Year Ended March 31, 2023
76
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Schedule of Remuneration Paid to Employees and Expenses Paid to or Page No: 3 of 84
on Behalf of Employees During the Year Ended March 31, 2023
77
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Schedule of Remuneration Paid to Employees and Expenses Paid to or Page No: 4 of 84
on Behalf of Employees During the Year Ended March 31, 2023
78
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Schedule of Remuneration Paid to Employees and Expenses Paid to or Page No: 5 of 84
on Behalf of Employees During the Year Ended March 31, 2023
79
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Schedule of Remuneration Paid to Employees and Expenses Paid to or Page No: 6 of 84
on Behalf of Employees During the Year Ended March 31, 2023
80
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Schedule of Remuneration Paid to Employees and Expenses Paid to or Page No: 7 of 84
on Behalf of Employees During the Year Ended March 31, 2023
81
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Schedule of Remuneration Paid to Employees and Expenses Paid to or Page No: 8 of 84
on Behalf of Employees During the Year Ended March 31, 2023
82
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Schedule of Remuneration Paid to Employees and Expenses Paid to or Page No: 9 of 84
on Behalf of Employees During the Year Ended March 31, 2023
83
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Schedule of Remuneration Paid to Employees and Expenses Paid to or Page No: 10 of 84
on Behalf of Employees During the Year Ended March 31, 2023
84
BRITISH COLUMBIA HYDRO AND POWER AUTHORITY
Schedule of Remuneration Paid to Employees and Expenses Paid to or Page No: 11 of 84
on Behalf of Employees During the Year Ended March 31, 2023
85
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Schedule of Remuneration Paid to Employees and Expenses Paid to or Page No: 12 of 84
on Behalf of Employees During the Year Ended March 31, 2023
86
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Schedule of Remuneration Paid to Employees and Expenses Paid to or Page No: 13 of 84
on Behalf of Employees During the Year Ended March 31, 2023
87
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Schedule of Remuneration Paid to Employees and Expenses Paid to or Page No: 14 of 84
on Behalf of Employees During the Year Ended March 31, 2023
88
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Schedule of Remuneration Paid to Employees and Expenses Paid to or Page No: 15 of 84
on Behalf of Employees During the Year Ended March 31, 2023
89
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Schedule of Remuneration Paid to Employees and Expenses Paid to or Page No: 16 of 84
on Behalf of Employees During the Year Ended March 31, 2023
90
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Schedule of Remuneration Paid to Employees and Expenses Paid to or Page No: 17 of 84
on Behalf of Employees During the Year Ended March 31, 2023
91
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Schedule of Remuneration Paid to Employees and Expenses Paid to or Page No: 18 of 84
on Behalf of Employees During the Year Ended March 31, 2023
92
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Schedule of Remuneration Paid to Employees and Expenses Paid to or Page No: 19 of 84
on Behalf of Employees During the Year Ended March 31, 2023
93
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Schedule of Remuneration Paid to Employees and Expenses Paid to or Page No: 20 of 84
on Behalf of Employees During the Year Ended March 31, 2023
94
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Schedule of Remuneration Paid to Employees and Expenses Paid to or Page No: 21 of 84
on Behalf of Employees During the Year Ended March 31, 2023
95
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Schedule of Remuneration Paid to Employees and Expenses Paid to or Page No: 22 of 84
on Behalf of Employees During the Year Ended March 31, 2023
96
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Schedule of Remuneration Paid to Employees and Expenses Paid to or Page No: 23 of 84
on Behalf of Employees During the Year Ended March 31, 2023
97
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Schedule of Remuneration Paid to Employees and Expenses Paid to or Page No: 24 of 84
on Behalf of Employees During the Year Ended March 31, 2023
98
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Schedule of Remuneration Paid to Employees and Expenses Paid to or Page No: 25 of 84
on Behalf of Employees During the Year Ended March 31, 2023
99
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Schedule of Remuneration Paid to Employees and Expenses Paid to or Page No: 26 of 84
on Behalf of Employees During the Year Ended March 31, 2023
100
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Schedule of Remuneration Paid to Employees and Expenses Paid to or Page No: 27 of 84
on Behalf of Employees During the Year Ended March 31, 2023
101
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Schedule of Remuneration Paid to Employees and Expenses Paid to or Page No: 28 of 84
on Behalf of Employees During the Year Ended March 31, 2023
102
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Schedule of Remuneration Paid to Employees and Expenses Paid to or Page No: 29 of 84
on Behalf of Employees During the Year Ended March 31, 2023
103
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Schedule of Remuneration Paid to Employees and Expenses Paid to or Page No: 30 of 84
on Behalf of Employees During the Year Ended March 31, 2023
104
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Schedule of Remuneration Paid to Employees and Expenses Paid to or Page No: 31 of 84
on Behalf of Employees During the Year Ended March 31, 2023
105
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Schedule of Remuneration Paid to Employees and Expenses Paid to or Page No: 32 of 84
on Behalf of Employees During the Year Ended March 31, 2023
106
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Schedule of Remuneration Paid to Employees and Expenses Paid to or Page No: 33 of 84
on Behalf of Employees During the Year Ended March 31, 2023
107
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Schedule of Remuneration Paid to Employees and Expenses Paid to or Page No: 34 of 84
on Behalf of Employees During the Year Ended March 31, 2023
108
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Schedule of Remuneration Paid to Employees and Expenses Paid to or Page No: 35 of 84
on Behalf of Employees During the Year Ended March 31, 2023
109
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Schedule of Remuneration Paid to Employees and Expenses Paid to or Page No: 36 of 84
on Behalf of Employees During the Year Ended March 31, 2023
110
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Schedule of Remuneration Paid to Employees and Expenses Paid to or Page No: 37 of 84
on Behalf of Employees During the Year Ended March 31, 2023
111
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Schedule of Remuneration Paid to Employees and Expenses Paid to or Page No: 38 of 84
on Behalf of Employees During the Year Ended March 31, 2023
112
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Schedule of Remuneration Paid to Employees and Expenses Paid to or Page No: 39 of 84
on Behalf of Employees During the Year Ended March 31, 2023
113
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Schedule of Remuneration Paid to Employees and Expenses Paid to or Page No: 40 of 84
on Behalf of Employees During the Year Ended March 31, 2023
114
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Schedule of Remuneration Paid to Employees and Expenses Paid to or Page No: 41 of 84
on Behalf of Employees During the Year Ended March 31, 2023
115
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Schedule of Remuneration Paid to Employees and Expenses Paid to or Page No: 42 of 84
on Behalf of Employees During the Year Ended March 31, 2023
116
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Schedule of Remuneration Paid to Employees and Expenses Paid to or Page No: 43 of 84
on Behalf of Employees During the Year Ended March 31, 2023
117
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Schedule of Remuneration Paid to Employees and Expenses Paid to or Page No: 44 of 84
on Behalf of Employees During the Year Ended March 31, 2023
118
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Schedule of Remuneration Paid to Employees and Expenses Paid to or Page No: 45 of 84
on Behalf of Employees During the Year Ended March 31, 2023
119
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Schedule of Remuneration Paid to Employees and Expenses Paid to or Page No: 46 of 84
on Behalf of Employees During the Year Ended March 31, 2023
120
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Schedule of Remuneration Paid to Employees and Expenses Paid to or Page No: 47 of 84
on Behalf of Employees During the Year Ended March 31, 2023
121
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Schedule of Remuneration Paid to Employees and Expenses Paid to or Page No: 48 of 84
on Behalf of Employees During the Year Ended March 31, 2023
122
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Schedule of Remuneration Paid to Employees and Expenses Paid to or Page No: 49 of 84
on Behalf of Employees During the Year Ended March 31, 2023
123
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Schedule of Remuneration Paid to Employees and Expenses Paid to or Page No: 50 of 84
on Behalf of Employees During the Year Ended March 31, 2023
124
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Schedule of Remuneration Paid to Employees and Expenses Paid to or Page No: 51 of 84
on Behalf of Employees During the Year Ended March 31, 2023
125
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Schedule of Remuneration Paid to Employees and Expenses Paid to or Page No: 52 of 84
on Behalf of Employees During the Year Ended March 31, 2023
126
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Schedule of Remuneration Paid to Employees and Expenses Paid to or Page No: 53 of 84
on Behalf of Employees During the Year Ended March 31, 2023
127
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Schedule of Remuneration Paid to Employees and Expenses Paid to or Page No: 54 of 84
on Behalf of Employees During the Year Ended March 31, 2023
128
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Schedule of Remuneration Paid to Employees and Expenses Paid to or Page No: 55 of 84
on Behalf of Employees During the Year Ended March 31, 2023
129
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Schedule of Remuneration Paid to Employees and Expenses Paid to or Page No: 56 of 84
on Behalf of Employees During the Year Ended March 31, 2023
130
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Schedule of Remuneration Paid to Employees and Expenses Paid to or Page No: 57 of 84
on Behalf of Employees During the Year Ended March 31, 2023
131
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Schedule of Remuneration Paid to Employees and Expenses Paid to or Page No: 58 of 84
on Behalf of Employees During the Year Ended March 31, 2023
132
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Schedule of Remuneration Paid to Employees and Expenses Paid to or Page No: 59 of 84
on Behalf of Employees During the Year Ended March 31, 2023
133
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Schedule of Remuneration Paid to Employees and Expenses Paid to or Page No: 60 of 84
on Behalf of Employees During the Year Ended March 31, 2023
134
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Schedule of Remuneration Paid to Employees and Expenses Paid to or Page No: 61 of 84
on Behalf of Employees During the Year Ended March 31, 2023
135
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Schedule of Remuneration Paid to Employees and Expenses Paid to or Page No: 62 of 84
on Behalf of Employees During the Year Ended March 31, 2023
136
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Schedule of Remuneration Paid to Employees and Expenses Paid to or Page No: 63 of 84
on Behalf of Employees During the Year Ended March 31, 2023
137
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Schedule of Remuneration Paid to Employees and Expenses Paid to or Page No: 64 of 84
on Behalf of Employees During the Year Ended March 31, 2023
138
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Schedule of Remuneration Paid to Employees and Expenses Paid to or Page No: 65 of 84
on Behalf of Employees During the Year Ended March 31, 2023
139
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Schedule of Remuneration Paid to Employees and Expenses Paid to or Page No: 66 of 84
on Behalf of Employees During the Year Ended March 31, 2023
140
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Schedule of Remuneration Paid to Employees and Expenses Paid to or Page No: 67 of 84
on Behalf of Employees During the Year Ended March 31, 2023
141
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Schedule of Remuneration Paid to Employees and Expenses Paid to or Page No: 68 of 84
on Behalf of Employees During the Year Ended March 31, 2023
142
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Schedule of Remuneration Paid to Employees and Expenses Paid to or Page No: 69 of 84
on Behalf of Employees During the Year Ended March 31, 2023
143
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Schedule of Remuneration Paid to Employees and Expenses Paid to or Page No: 70 of 84
on Behalf of Employees During the Year Ended March 31, 2023
144
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Schedule of Remuneration Paid to Employees and Expenses Paid to or Page No: 71 of 84
on Behalf of Employees During the Year Ended March 31, 2023
145
BRITISH COLUMBIA HYDRO AND POWER AUTHORITY
Schedule of Remuneration Paid to Employees and Expenses Paid to or Page No: 72 of 84
on Behalf of Employees During the Year Ended March 31, 2023
146
BRITISH COLUMBIA HYDRO AND POWER AUTHORITY
Schedule of Remuneration Paid to Employees and Expenses Paid to or Page No: 73 of 84
on Behalf of Employees During the Year Ended March 31, 2023
147
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Schedule of Remuneration Paid to Employees and Expenses Paid to or Page No: 74 of 84
on Behalf of Employees During the Year Ended March 31, 2023
148
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Schedule of Remuneration Paid to Employees and Expenses Paid to or Page No: 75 of 84
on Behalf of Employees During the Year Ended March 31, 2023
149
BRITISH COLUMBIA HYDRO AND POWER AUTHORITY
Schedule of Remuneration Paid to Employees and Expenses Paid to or Page No: 76 of 84
on Behalf of Employees During the Year Ended March 31, 2023
150
BRITISH COLUMBIA HYDRO AND POWER AUTHORITY
Schedule of Remuneration Paid to Employees and Expenses Paid to or Page No: 77 of 84
on Behalf of Employees During the Year Ended March 31, 2023
151
BRITISH COLUMBIA HYDRO AND POWER AUTHORITY
Schedule of Remuneration Paid to Employees and Expenses Paid to or Page No: 78 of 84
on Behalf of Employees During the Year Ended March 31, 2023
152
BRITISH COLUMBIA HYDRO AND POWER AUTHORITY
Schedule of Remuneration Paid to Employees and Expenses Paid to or Page No: 79 of 84
on Behalf of Employees During the Year Ended March 31, 2023
153
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Schedule of Remuneration Paid to Employees and Expenses Paid to or Page No: 80 of 84
on Behalf of Employees During the Year Ended March 31, 2023
154
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Schedule of Remuneration Paid to Employees and Expenses Paid to or Page No: 81 of 84
on Behalf of Employees During the Year Ended March 31, 2023
155
BRITISH COLUMBIA HYDRO AND POWER AUTHORITY
Schedule of Remuneration Paid to Employees and Expenses Paid to or Page No: 82 of 84
on Behalf of Employees During the Year Ended March 31, 2023
156
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Schedule of Remuneration Paid to Employees and Expenses Paid to or Page No: 83 of 84
on Behalf of Employees During the Year Ended March 31, 2023
157
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Schedule of Remuneration Paid to Employees and Expenses Paid to or Page No: 84 of 84
on Behalf of Employees During the Year Ended March 31, 2023
REMUNERATION EXPENSES
Consolidated total of other employees with remuneration of $75,000 or less 110,568,771 3,507,326
Total 887,585,418 35,277,251
158
BRITISH COLUMBIA HYDRO AND POWER AUTHORITY
Schedule of Payments to Suppliers for Goods and Services During Page No: 1 of 35
the Year Ended March 31, 2023
159
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Schedule of Payments to Suppliers for Goods and Services During Page No: 2 of 35
the Year Ended March 31, 2023
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Schedule of Payments to Suppliers for Goods and Services During Page No: 3 of 35
the Year Ended March 31, 2023
Andec Agencies Ltd. 33,550 Armstrong Crane & Rigging Inc. 259,109
Andrew Sheret Ltd. 115,434 Armtec Inc 219,043
Andritz Hydro Canada Inc 3,157,589 ARO Inc 62,232
Anipet Animal Supplies Inc 40,541 Arrow Lakes Power Corporation 75,768,983
Anixter Canada Inc. 4,351,062 Arrow Transportation Systems Inc 378,000
Anixter Power Solutions Canada Inc 53,330,157 Arrowhead Holdings Ltd 29,364
Ansan Industries Ltd. 4,041,041 Artech Consulting Ltd 26,214
Antares Construction LLP 25,022 Arteche USA Inc 29,538
Antares Project Services LLP 286,931 Ascent Helicopters Ltd 4,843,889
Anthem Crestpoint 27,210 Asco Aerospace Canada Ltd 54,728
Anthony Jones & Associates Inc 76,140 Ashlu Creek Investment LP 14,893,710
Antiquus Archaeological Consultants 68,302 Ashton Mechanical Ltd 54,400
Aon Canada Inc 68,760 ASI Group Ltd 331,692
Apache Powerline Consulting Ltd 25,901 Aski Reclamation Limited Partnershp 2,033,077
APP Engineering Inc. 33,849 Aspen Planers Ltd 930,983
Appenzell Construction Inc 36,400 Aspen Traffic Control 50,888
Appia Developments (2001) Ltd 297,630 Asplundh Canada ULC 25,233,987
Apple 27,556 Assa Abloy Entrance Systems Canada 265,494
Aqua-Bility Projects Ltd. 369,701 Associated Electrical Services Ltd. 74,449
Aquatech Heating & Air Conditioning 72,745 Associated Engineering (B.C.) Ltd 155,667
Aquaterra Corporation Ltd. 111,709 Associated Environmental Consultants Inc 83,177
Aquiform Distributors Ltd 33,520 Associated Fire Safety Equipment 49,720
Arbor Art Tree Service Ltd 32,542 Association of Professional Engineers & Geoscientists 157,411
Arborwest Consulting Ltd. 845,070 Assured First Aid & Safety 82,246
ARC Resources Ltd 1,641,025 ASTC Science World Society 120,985
Archer CRM Partnership 403,547 AT&T Global Services Canada Co 27,676
Arcose Consulting Ltd 387,691 ATB Riva Calzoni Hydro Canada Inc 8,275,527
ArcTech Welding & Machining Ltd. 60,339 ATC Power Corporation 3,042,213
Arctic Arrow Powerline Group Ltd 6,065,930 ATCO Energy Ltd 31,769
Arete Safety & Protection Inc. 70,149 ATCO Structures & Logistics Ltd. 45,643
ARI Financial Services Inc. 55,593,493 ATCO Two Rivers Lodging Group 64,819,893
Ariba Inc 2,512,160 Atlantic Industries Ltd 762,754
Ariva Resorts Limited Partnership 42,641 Atlantic Power Preferred Equity Ltd 43,946,652
Armature Electric Ltd 188,321 Atlas Copco Compressors Canada 107,888
Armor Alloys BC Ltd. 56,486 Atlassian Pty Ltd 42,301
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Buck Robertson Contracting Ltd 26,140 Canadian Hydro Developers Inc. 20,643,794
Building officials Association 35,000 Canadian Linen & Uniform Service 97,130
Building Owners & Managers 283,463 Canadian Mountain Holidays LP 306,337
Burgess Plumbing Heating 36,467 Canadian National Railway Co. 298,643
Burns & McDonnell Canada Ltd 2,575,527 Canadian Pacific Railway Company 162,910
Burrard Place Development Management AB Ltd 381,438 Canadian Softwood Inspection Agency Inc 68,293
Business Council of British Columbia 41,685 Canadian Tire Corporation Limited 422,142
Busy Bee Cleaning 89,885 Canadian Wildlife Federation 39,423
Butler Concrete & Aggregate Ltd 216,301 CanaSteel Rebar Services Corp 49,454
Butler Ridge Energy Services (2011) 71,226 Cancor Rathole Inc 38,551
BV Electric Ltd. 50,615 Can-Dive Construction Ltd. 32,361
C & D Technologies Inc. 293,009 Canem Systems Ltd. 97,752
C Marshall and Associates Inc 69,815 Canfor Pulp Limited 11,735,304
C. Norman Trenching Ltd. 645,272 CanMine Contracting LP 34,732
C.J. Ledgers 41,585 Canoe Creek Hydro Limited 1,445,332
Cadillac Fairview Corporation Ltd. 651,000 Canpac Marine Services Inc 98,666
Caltech BC Land Surveying Inc 207,378 Canruss Paramedic Oil Services Ltd 506,618
Cam Tran Co Ltd 54,141,205 Cansel Survey Equipment Inc 35,412
Cameron Van Driel Consulting Inc 65,791 Cantac Machining Ltd 94,539
Campbell River Common Shopping Centre 292,267 Cantalk (Canada) Inc. 60,682
Campbell Scientific (Canada) 125,277 Canteen of Canada Limited 189,499
Camtrux CCTV Inspections Ltd 204,711 Cantega Technologies Inc 1,067,861
Canada Bread Co Ltd 169,705 Cantex-Okanagan Construction Ltd 13,438,057
Canada Metal (Pacific) Ltd. 69,160 Cantower Coatings Inc 169,616
Canada NDE Technical Services 179,531 Cape Scott Wind LP 49,386,661
Canada Post Corp. 6,252,751 Capilano University 95,073
Canadian Aerothermal 57,055 Capital City Paving Ltd 387,304
Canadian Broadcasting Corp. 165,541 Capital Grid Services Corp 146,428
Canadian Dewatering LP 255,268 Capital Power LP 64,375,150
Canadian Doormaster Electric Ltd 78,717 Capital Regional District 1,097,136
Canadian Electricity Association 53,288 Capital Tree Service Inc 1,501,644
Canadian Emergency Medical Services Inc 394,041 Capreit Apartments Inc 299,556
Canadian Forest Products Ltd. 434,873 Carbon60 Operating Co Ltd 90,773
Canadian Helicopters Ltd. 2,926,510 Cariboo Power Flagging Ltd 900,893
Canadian Home Builders Association 298,100 Carrier Lumber Ltd 463,995
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Cascade Capital Machine Sales Inc 200,530 Chinook Scaffold Systems Ltd. 649,247
Cascade Energy Inc 76,510 Chris' Crane Service 235,717
Cascadia Port Management Corporation 89,428 Christensen Associates Energy 114,929
Castle Mountain Hydro Ltd. 3,246,209 Chu Cho Environmental LLP 192,663
Catalyst Paper Corporation 76,850 Chu Cho Industries LP 1,573,769
Cayoose Creek Indian Band 142,264 Cicame Energie Inc. 90,186
Cayoose Creek Power LP 2,147,011 CIMA Canada Inc 122,542
Cayuse Flats Transportation 146,585 Cintas Corporation 280,039
CBRE Limited 37,896 Cipa Lumber Company Ltd 137,354
CBV Collection Services Ltd 48,632 Cisco Systems Canada Co 45,920
CD Industrial Group Inc 43,995 Cisco Systems Capital Canada Co 687,615
CD Nova Ltd. 81,416 City Green Solutions Society 150,000
CDC Synectics Inc 56,595 City of Abbotsford 4,944,908
CDW Canada Inc. 57,656,691 City of Armstrong 106,773
CEATI International Inc 877,643 City of Burnaby 13,234,793
Cedars at Cobble Hill 40,880 City of Campbell River 3,774,370
Celtic Reforestation Services Ltd 157,274 City of Castlegar 88,950
Central Cariboo Disposal Services 43,938 City of Chilliwack 2,084,940
Central Interior Piping & Maintenance Ltd 169,205 City of Colwood 190,026
Central Island Powerline Ltd. 10,057,989 City of Coquitlam 4,035,807
Central Kootenay Invasive Species 52,368 City of Courtenay 693,583
Central Park Developments Inc. 613,870 City of Dawson Creek 1,256,224
Centrix Control Solutions LP 86,004 City of Delta 5,218,701
Century 21 In Town Realty 26,173 City of Duncan 68,296
Century Plastics Ltd. 173,839 City of Fort St. John 2,118,108
Ceragon Networks Inc 42,788 City of Kamloops 2,699,849
CG Industrial Specialties Ltd 47,616 City of Kelowna 28,756
CGI Information Systems and Mgmt Consultants Inc 3,741,411 City of Kimberley 131,117
Chartered Professional Accountants of BC 56,490 City of Langford 525,511
Chartwell Consultants Ltd 6,748,463 City of Langley 338,494
Cheakamus Foundation for Environmental Learning 74,375 City of Maple Ridge 2,339,088
Cheam First Nation 56,598 City of Merritt 365,067
Checkmate Fire Prevention Inc 84,624 City of Nanaimo 3,077,532
Chevin Fleet Solutions LLC 60,431 City of Nelson 3,088,954
Chewters Chocolates (1992) Inc 32,570 City of New Westminster 459,492
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Conifex Power Limited Partnership 9,790,764 Cover Star Structures Ltd 57,960
Connect Hearing 51,759 Cowichan Tribes 62,690
Conquer Contracting Ltd 82,053 Craftsman Collision Ltd 110,916
Consortium for Energy Efficiency 126,967 Craig McCook 42,989
Constable Consulting 47,301 Crane Creek Enterprises 33,188
Construction Foundation of British Columbia 100,000 Crane Fire Systems Ltd 38,745
Consus Management Ltd 1,103,173 Craneium Inc 1,748,210
Contemporary office Interiors Ltd 2,146,351 Creative Energy Vancouver Platforms 189,552
Content Strategy Incorporated 90,362 Credit Bureau of Vernon Ltd. 197,241
Controlled Bolting Equipment Inc 64,950 Crescendo Management Company 33,548
Conway Electric Inc 48,669 Crescent Bay Construction Ltd. 139,064
Conwest (1575 POCO) Ltd 53,505 Creston Valley Wildlife 477,540
Cooper Equipment Rentals Limited 243,197 Crew Energy Inc 52,775
Cooper Industries (Electrical) Inc 3,136,891 Crimson Holdings Inc 57,433
Copcan Civil Limited Partnership 1,665,116 Cross Canada Millwright Ltd 38,811
COPE Local 378 176,307 Crossroads Hwy Services Ltd 62,372
Copper Bay Concrete Ltd 531,174 Crosstown Metal Industries Ltd. 8,092,955
Copper Mountain Mine (BC) Ltd 2,081,351 Crystal Lee Johnson 322,252
Copperleaf Technologies Inc. 918,716 CSA Group Testing & Certification Inc 185,000
Coral Canada Wide Ltd 257,812 CSP Management Ltd 227,467
Corelogic Facility Services 26,231 CT Inlet Marine Repairs Inc 110,006
Corix Multi-Utility Services Inc 183,395 Cube Project Management Ltd 70,400
Cornerstone Planning Group 72,090 Cullen Diesel Power Ltd. 184,954
Corporate Electric Limited 26,951 Culliton Creek Power Limited Partnership 6,693,927
Corporation of The City of Cranbrook 556,105 Cumberland Community Forest Society 96,000
Corporation of The City of Enderby 45,141 Curtis Personalized Health 178,718
Corporation of The City of Fernie 257,104 Custom Air Conditioning Ltd. 83,392
Corporation of The District of Oak Bay 179,920 Custom Cubes Ltd 45,234
Corporation of The Village of Burns Lake 142,367 Custom Dozing Ltd. 133,696
Corporation of The Village of Cumberland 52,110 Cutting Edge Consulting Inc 53,738
Corporation of The Village of Masset 63,559 CWPC Property Consultants Ltd 60,900
Corporation of The Village of McBride 82,778 Cyclone Hydrovac Ltd 325,508
Costco Wholesale Canada Ltd. 198,134 Cyclone Logistic Solutions 115,292
Covanta Burnaby Renewable Energy 7,620,666 Cyient Canada Inc 142,242
Cove Software LLC 58,229 Cyme International T&D Inc. 55,253
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FAST First Aid & Survival 227,345 Foundex Explorations Ltd. 6,599,104
Fastenal Canada Ltd 73,058 Four Rivers Co-operative 26,614
Fematics Canada Inc 65,468 FR Rentals Ltd 167,924
FG Deli Group Ltd 82,217 Franklin Covey Canada Ltd 169,379
FGL Sports Ltd 58,781 Fraser Basin Council Society 165,475
Fineline Road Marking Ltd 27,539 Fraser Burrard Diving Ltd 334,044
Finnair Ltd. 3,124,360 Fraser Health Authority 46,515
Finning International Inc. 5,509,112 Fraser River Pile & Dredge (GP) Inc 2,603,641
Firefin Enterprises 655,521 Fraser Valley Regional District 156,750
First Nations Energy & Mining Council 72,200 Fred Thompson Contractors (1991) 22,864,065
First Quartile Consulting LLC 42,028 Freshpoint Vancouver Ltd 71,365
FIS Capital Markets US LLC 185,063 Freshwater Fisheries Society of BC 320,389
Fitzsimmons Creek Hydro Limited 2,434,762 Freshworks Studio Inc 161,352
Flameguard Safety Services Ltd. 84,237 Frontier First Aid Services Ltd 106,533
Flatiron Dragados Joint Venture 140,722 Frontier Power Products ULC 317,563
Flatiron-Graham 1,237,437 Frontline Medical Services 64,376
Fleming Tree Experts Ltd 596,387 FRP Engineering Ltd 64,844
Flexiforce Canada Inc 27,834 FT Telkwa RV Park Ltd 63,000
Flextrack Inc 2,546,585 Fujitsu Consulting (Canada) Inc. 26,552,104
Flightdeck Media Inc 110,061 Fujitsu Network Communications Inc 218,075
Flow Consulting Group Inc 29,513 Fulford Harbour Consulting Ltd 33,994
Flow Science Inc 27,829 Fully Charged Show Limited 30,000
Flynn Canada Ltd 172,335 Furry Creek Power Ltd. 2,292,898
FNX-INNOV Inc 1,455,691 G & B Fuels Inc 2,003,063
Foisy Enterprises 53,485 Gabriel Somjen 25,336
Fonex Data Systems Inc. 2,718,790 Gap Wireless Inc 180,598
Foothills Pipe Lines (South BC) Ltd 120,790 Garnett Wilson Realty Advisors Ltd 128,993
Foothills Silva Culture Inc 128,943 Gartner Canada, Co. 224,070
Forbes Bros Ltd 32,736,880 Gasfield Plumbing and Heating Ltd 64,013
Forest Power Sports Ltd 54,274 Gasworld 59,965
FORME Ergonomics & Workplace Health Inc 63,591 Gateway Infrastructure Group GP 857,951
Formula Contractors Ltd 12,442,135 GCT Canada GP LLC 29,227
Forrester Research Limited 97,982 GCT Canada Limited Partnership 538,650
FortisBC Energy Inc 13,822,021 GE Energy Management Services LLC 3,278,460
Fortress Information Security LLC 231,835 GE Multilin 734,458
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Inventa Sales & Promotion Inc 156,889 Janox Fluid Power Ltd 636,411
IOSecure Internet Operations Inc 37,905 Jared Hobbs Ecological Consulting 35,960
IPKeys Power Partners LLC 2,179,794 Jawl Properties Ltd 516,089
iProspect Canada Inc 4,925,496 JB Horizons Limited Partnership 420,097
Iris Legal Law Corporation In Trust 89,655 JE Electric Ltd 1,568,286
Iris Power LP 334,395 Jean Goettemoeller 48,493
IRISNDT Corp 57,861 Jeoffrey Benitez 85,601
Iron Mountain Incorporated 476,797 Jesstec Industries Inc. 41,285
Irwin's Safety & Industrial Labour Services Ltd 1,902,542 Jewel Holdings Ltd 99,428
Ise Consulting Group 597,693 JHW Construction Ltd 38,774
Island Corridor Foundation 70,000 Jim Dent Construction Ltd. 18,926,390
Island Otter Cottage 50,898 Jim Easson Contracting 34,055
Itafos Conda LLC 679,395 Jim Pattison Enterprises Ltd 177,763
ITB Subsea Ltd 2,017,984 Jimmie Creek Limited Partnership 22,488,940
ITM Instruments Inc. 299,048 JJM Construction Ltd 232,570
Itron Canada Inc. 18,871,777 JLB Ventures Ltd 35,371
It's On Electric Company Inc 3,803,537 JM Hydrovac Service 32,028
Ivanhoe Loader Service 92,563 Jocks Drilling & Blasting Ltd 34,839
Ivey Business School Foundation 74,100 John Brooks Company Ltd. 182,283
IVL Contracting Ltd. 910,118 John Cootes 35,670
IWC Excavation Ltd 116,752 John Hagen and Associates 91,530
J & R Services 151,123 John Hunter Co. Ltd. 1,163,000
J Shane Contracting Ltd 280,995 Jonker Auto Ltd 33,186
J. Weir 54,836 Jordair Compressors Inc. 35,485
J. Wilkins Consulting Ltd. 464,506 Joseph Teiber 26,685
J.L.'s Excavating Ltd. 399,081 JSK Naval Support Inc 35,343
Jaco Powerlines Ltd 175,864 JTS Consulting Inc 3,616,778
Jacob Bros. Construction Inc 8,825,408 Justason Market Intelligence Inc 40,740
Jacques Electric (1997) Ltd 33,671 JWF Consulting LLC 109,731
Jake-Jay Construction Ltd 1,608,828 K&D Logging Ltd 214,416
Jakob Penner 50,000 K. Pearson Contracting Ltd. 240,264
James Carter 65,249 K2 Electric Ltd 6,086,469
Jamie Creek LP 5,826,908 Kal Tire 77,329
Jamie Shane Contracting 34,204 Kalmar Construction Ltd 2,155,571
Janda Group Holdings Inc 97,830 Kamloops Indian Band 46,553
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Kanaka Bar Indian Band 111,684 Koncar Instrument Transformers Inc. 803,766
Karamtara Engineering PVT Limited 416,286 Kone Inc 69,061
Kasian Architecture Interior Design 2,598,426 Konecranes Canada Inc. 47,851
Katerberg & Associates In Trust 86,000 Kontzamanis Graumann Smith MacMillan Inc 1,753,138
Kato and Associates Research Ltd 25,200 Kootenay Dirty Diggers 61,763
Katzie First Nation 113,000 Kootenay Native Plant Society 58,471
Ken Boon 75,979 Korem Geospatial Software and Data Inc 41,407
Ken Byron Excavating 105,310 Kpeats & Associates Inc 43,208
Ken Johnson Trucking Ltd. 305,896 KPMG LLP 1,085,028
Kermodei Adventures Inc 187,680 Kruger Kamloops Pulp LP 4,405,882
Kerr Wood Leidal Assoc. Ltd. 804,243 Kruger Products LP 128,555
Kettle River Contracting Limited 3,490,307 KSB Pumps Inc 41,638
Key Largo Electric Ltd 2,803,891 KTA-Tator Inc 98,818
Keystone Environmental Ltd 62,775 Ktunaxa Nation Council Society 101,410
KFN Forestry LP 332,884 Kwadacha Natural Resources Limited Partnership 142,861
KGAL Consulting Engineers Ltd 156,835 Kwagis Power Limited Partnership 17,188,128
KGPCO Canada ULC 101,003 Kwantlen First Nation 88,588
Kick Start Technologies Ltd 518,947 Kwantlen Polytechnic University 30,000
King Cool Refrigeration & Air Conditioning Ltd 127,104 Kwoiek Creek Resources 16,475,652
King Kubota Services Ltd. 54,211 Kyah Resources Inc 943,474
King Pacific Projects Inc 622,533 Kyndryl Canada Limited 71,456
Kingswood 3555 Holdings Ltd 113,295 L & S Electric of Canada ULC 2,395,449
KinSeed Ecologies 29,358 Labatt Brewing Company Limited 80,714
Kisters North America Inc. 218,879 Lafarge Canada Inc. 771,239
Kitasoo Xai'xais Nation 379,339 Laich-Kwil-Tach Environmental 1,529,876
KL Solutions Inc 72,184 Laing Roofing (Vernon) Ltd 762,955
Kledo Construction Ltd 32,550 Lake Trail Environmental Consulting 44,468
Klohn Crippen Berger Ltd. 40,548,244 Lakeland Projects Ltd 47,059
KMF Traffic Solutions Ltd 113,768 Landmark Solutions Ltd 254,495
KMR Industries Llc 64,912 Landsure Systems Ltd 415,508
KMS Tools & Equipment 468,247 Lanesafe Traffic Control Ltd 966,707
Knappett Industries (2006) Ltd. 4,046,242 Langley Concrete & Tile Ltd 838,844
Koios Systems Inc 126,961 Laprairie Crane Ltd. 36,666
Kolesar Buchanan & Associates Ltd 47,250 Law Society of British Columbia 72,673
K'omoks First Nation 112,804 Lawson Lundell LLP 4,262,706
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Lawson Products Inc. 155,567 Load 'Em Up Contracting (TD) Ltd 222,358
Lax Kw'alaams Band Council 26,000 Loblaws Inc 72,550
Leavitt Machinery Inc. 252,328 Local Rental Solutions Ltd 220,193
LED Roadway Lighting Ltd 10,227,896 Locates Unlimited Services Ltd 245,055
Lee Mac Electric Ltd. 32,557 London Drugs 33,049
Leger Marketing Alberta Inc 109,043 Long Lake Hydro Inc 23,610,538
Lehigh Hanson Materials Limited 199,089 Long View Systems Corporation 1,704,499
Leko Precast Ltd. 41,664 Longo Development Corp 44,539
Les Hall Filter Service (2013) Ltd 109,247 Loomis Express 82,685
Let's Untangle It Consulting Inc 34,335 Lordco Parts Ltd. 124,310
LevEllen Holdings Corp 38,755 Lotek Wireless Inc 44,954
Lgl Limited 936,654 Lotic Environmental Ltd 34,612
LGM Enterprises Ltd 330,244 Louisiana Pacific Canada Ltd. 69,440
Lheidli T'enneh First Nation 72,055 Lower Mainland Pump Supplies Inc 88,716
LifeSpeak Inc 52,978 Lower Nicola Indian Band 33,967
Lifting Technologies LLC 42,546 Lowe's Companies Canada ULC 66,581
Lightship Works Inc 83,253 LS Cable America Inc 2,787,603
Lil Bro Truckin Inc 134,605 Lubavitch BC 28,000
Lillooet Builders World Ltd. 36,456 Lundstrom Contracting Ltd. 81,536
Lillooet Disposal Services 51,723 Lyle McClelland 53,445
Lil'wat Forestry Ventures LP 42,634 Lynn Scott 57,624
Limestone Learning Inc 310,963 Lynne Betts & Associates 60,764
Limona Construction Ltd 126,465 Lyons Landscaping Ltd 27,948
Lincoln Electric Cooperative Inc 90,120 Lytton First Nation 72,259
Linda Arkhanguelski 381,652 M & K Plumbing & Heating Co Limited 28,900
Lindsey Manufacturing Co 117,597 M H King Excavating Ltd 41,354
Lineman's Testing Laboratories of Canada Ltd. 783,898 M Pauletto and Associates LLC 45,479
LineStar Utility Supply Inc. 6,230,924 M&M Resources Inc. 25,988,496
LinkedIn 101,058 M. Schott Contracting Ltd. 30,299
LIOS Technology Inc 236,562 M.N.D. Consulting Inc. 35,692
Lisa Pineault Ent 60,125 MacDonald Commercial Real Estate Services Ltd 74,600
Little Big Works Revelstoke Ltd 126,827 MacDonald Power Services Ltd. 104,703
Little Shuswap Lake Band 193,415 Madrone Environmental Services Ltd 29,726
Living Lakes Canada 40,000 Magnolia Communications Ltd 28,823
Livingland Developments Ltd 32,760 Magnum Electric Ltd 770,711
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O.K. Industries Ltd 27,563 P.G. Leisure Time (1984) Ltd 35,290
Oakes Custom Homes Ltd 30,400 P.S.I. Fluid Power Ltd. 34,614
O'Brien Brothers Enterprise 9,992,327 Pace Technologies (BC) Inc 5,357,611
Ocean Trailer 60,084 Pacesetter Equipment Ltd 112,462
Odgers Berndtson 439,467 Pacific Air Mechanical Ltd 32,971
OETS Services Ltd 169,680 Pacific Apex Structures Inc 39,152
Okanagan Indian Band 386,675 Pacific Blasting & Demolition Ltd 177,395
Okanagan Nation Alliance 1,245,951 Pacific Bolt Manufacturing Ltd 114,082
Okanagan Test Rite Liveline Tool 244,114 Pacific Climate Impacts Consortium 210,000
Okanagan's Diversified Concrete Specialist Ltd 51,872 Pacific Coast Terminals Co Ltd 61,953
Okiok Data Ltd 108,060 Pacific Customs Brokers Ltd 388,066
Olameter Inc 400,557 Pacific Electrical Installations 20,601,471
Old Massett Village Council 388,006 Pacific Fasteners Ltd. 50,927
Oldcastle Building Products Canada Inc 89,243 Pacific Flagging 305,532
Omicron Construction Management Ltd 3,974,557 Pacific Industrial & Marine Ltd 5,131,074
Omicron Electronics Canada Corp 68,347 Pacific Industrial Movers LP 948,379
Onix Networking Corp 64,541 Pacific National Exhibition 112,500
Onsite Engineering Ltd 162,362 Pacific Northern Gas Ltd. 445,848
OnSolve Intermediate 52,667 Pacific Powertech Inc 4,828,238
Opatrny Consulting Inc. 29,664 Pacific Reach Properties Ltd 64,159
Open Access Technology 1,096,349 Pacific Reach Properties Services Limited Partnership 56,033
Open Green Building Society 67,500 Pacific Ropes Contracting Ltd 427,175
Oracle Canada ULC 3,756,223 Pacific U-Power Inc 47,866
Orbe Canada Inc 63,146 Pacific-Surrey Construction Ltd 277,188
Orca Specialty Foods Ltd 41,022 Paladin Technologies Inc 24,823,084
Orkin Canada 380,021 Panevo Services Limited 175,047
OSIsoft LLC 1,120,255 Paragon Remediation Group Ltd 1,225,903
Osprey Integrity Ltd 173,369 Parkland Fuel Corporation 6,359,082
OTT Hydromet Corporation 173,283 Parks West Enterprise Inc 1,286,853
Ouest Business Solutions Inc 2,024,715 Parsnip River Forestry Inc. 65,530
Overhead Door Co of Grande Prairie (1979) Ltd 198,063 Pathfinder Endeavours Ltd. 4,341,920
Overwaitea Food Group Limited 136,748 Pathways Archaeological Consulting Ltd 160,615
OxBlue LLC 181,333 Patton & Cooke Co 672,573
P & L Ventures Ltd 138,220 Paul Landrecht 127,540
P.D. Mclaren Ltd 62,425 PCB Freight Management Ltd 149,084
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PCL Constructors Westcoast Inc 35,078,692 Power Line Systems LLC 162,433
Peace Country Rentals & Sales Inc. 27,833 Power Pros Electrical Ltd 3,161,595
Peace Country Rentals Chetwynd Ltd 187,152 Power Tree Werx 1,176,317
Peace River Hydro Partners 447,933,673 Powerpoint Electrical Contractors Ltd 75,279
Peace River Regional District 1,628,181 PowerSafe Energy Services Inc 38,647
Peace Valley Line Locating Ltd 116,327 Powerside 256,371
Peace View Enterprises Ltd. 36,792 PPG Architectural Coatings Canada Inc 27,710
Penguin Computing Inc 34,312 Praxair Canada Inc. 93,143
Penmat Mana JV Ltd 85,181 Precise Cleaning Services 86,234
Peregrine Aerial Surveys Inc 26,998 Precision Communications Services 31,626
PERI Formwork Systems Inc 52,820 Precision Cutting & Coring 81,572
Peter Kiewit Sons ULC 7,352,337 Precision ERP Inc. 3,162,218
Petro-Canada 108,285 Precision Medical Monitoring Ltd 104,491
Petro-Canada Lubricants Inc 2,031,415 Precision Pole Inspections Ltd 1,174,259
PFN 3 Feathers Development Corporation 100,000 Precision Radar Scanning 38,215
Phasor Engineering Inc 1,151,052 Precision Service & Pumps Inc. 68,208
Pictometry Canada Corp 106,400 Precision Tree Services Ltd 3,194,792
Pidherny Contracting Ltd. 280,195 Preformed Line Products (Canada) 73,706
Pinchin Ltd. 698,112 Premier Farnell Canada Ltd. 102,973
Pinton Forrest & Madden Group Inc 155,936 Pretium Resources Inc 268,821
Pioneer Fuel Delivery Ltd 109,204 Pricewaterhousecoopers LLP 5,092,365
Pit Stop Portable Toilet Services 46,379 Pride Truck Delivery Ltd 64,637
PJB Crane Services Ltd 78,480 Primary Engineering & Construction 3,513,844
Planetworks Consulting Corporation 298,504 Primax Technologies Inc 677,162
Platinum Electric Ltd 128,619 Prince Rupert Port Authority 57,218
Polaris Corporate Services Inc. 162,248 Prism Engineering 1,518,316
Polycast International 42,378 Pro Care Enterprises Ltd 1,329,054
Pomeroy Hotel 75,795 Procom Consultants Group Ltd 5,620,042
Port Alberni Port Authority 35,616 Procrane Inc 1,056,851
Posi-Plus Technologies Inc 3,425,542 Progressive Fence Installations 592,875
Posterity Group Consulting Inc 28,881 Progressive Ventures Construction Ltd 2,388,017
Postmedia Network Inc 90,103 Prometek Inc 287,134
Powell Canada Inc 1,275,330 Proven Compliance Solutions Inc 1,013,035
Power Battery Sales Ltd. 159,717 Providence Health Care 522,318
Power Info LLC 66,416 Province of BC 2,903,916
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Provincial Fire and Safety Training Ltd 51,862 Ralph's Radio Ltd. 30,639
Provincial Health Services 190,974 Ram Environmental Response Ltd 398,951
PRT Growing Services Ltd 34,259 Randstad Interim Inc 46,102,971
Prysmian Cables and Systems Canada Ltd 239,153 Randy Reimann 29,453
PTI Transformers Inc 1,997,024 Rapid Span Structures Ltd 626,192
Pulse Electronics Inc 38,952 Raven Center Holdings Ltd 220,876
Pure Sunfarms Corp 472,500 Raysa Enterprises Inc 50,164
PureHM Inc 53,924 RBC Investor Services Trust 54,067
Purolator Inc. 168,320 RDH Building Science Inc 89,775
PWO Investments Ltd 32,508 RE Postill & Sons Ltd 31,440
QED Technical Services Inc 58,911 Real Time Networks Inc 1,540,129
QM LP 2,235,310 Receiver General For Canada 2,065,216
Quad L Enterprises ULC 1,278,430 Recycle BC 40,955
Quadra Utility Locating Ltd 95,537 Recycle-it 70,048
QuadReal Property Group Limited 43,125 Red Wing Brands of America, Inc 65,044
Qualitrol Company LLC 400,994 RedBlue Heatpumps & Refrigeration Inc 62,350
Qualitrol Corporation 46,798 Redington Property Group Ltd 40,068
Qualtrics LLC 574,312 Redline Communications Inc 29,637
Quantum Lighting Inc. 509,712 Reel Coh Inc. 4,030,546
Quest Structures Inc 77,299 Reg Norman Trucking Ltd. 75,785
Questionmark Corporation 38,487 Regional District of Central Kootenay 1,410,235
Quietly Media Inc 50,668 Regional District of East Kootenay 93,919
R & B Complete Services 328,016 Regional District of Fraser - Fort George 1,245,566
R & J Williams Consulting Inc. 45,560 Regional District of Kootenay Boundary 1,666,274
R C Rescue One Services Ltd 405,450 Reinhausen Canada Inc 598,970
R E Hecky 50,199 Reliable Mobile Hearing Testing Ltd 40,009
R Radloff & Associates Inc 73,672 Remedy Eco Design 36,930
R.A.L. Bobcat Service 53,105 Rental Housing Council of BC 68,250
R.F. Binnie & Associates Ltd. 2,191,863 Rentco Equipment Ltd 31,555
Radwell International Canada ULC 50,648 Residential Consumer Intervenor Association 200,300
Rae Power Ltd 25,114 Resolution Reprographics Ltd. 589,680
Raging River Power & Mining Inc. 2,583,140 Resort Municipality of Whistler 983,437
Rainbow Greenhouses Inc 346,215 Response Specialties 48,976
Raleigh Fire Safety Ltd 29,095 Rethink Communications LLP 714,313
Ralmax Contracting Ltd 4,235,459 Rexel Canada Electrical Inc. 7,193,103
183
BRITISH COLUMBIA HYDRO AND POWER AUTHORITY
Schedule of Payments to Suppliers for Goods and Services During Page No: 26 of 35
the Year Ended March 31, 2023
184
BRITISH COLUMBIA HYDRO AND POWER AUTHORITY
Schedule of Payments to Suppliers for Goods and Services During Page No: 27 of 35
the Year Ended March 31, 2023
185
BRITISH COLUMBIA HYDRO AND POWER AUTHORITY
Schedule of Payments to Suppliers for Goods and Services During Page No: 28 of 35
the Year Ended March 31, 2023
186
BRITISH COLUMBIA HYDRO AND POWER AUTHORITY
Schedule of Payments to Suppliers for Goods and Services During Page No: 29 of 35
the Year Ended March 31, 2023
187
BRITISH COLUMBIA HYDRO AND POWER AUTHORITY
Schedule of Payments to Suppliers for Goods and Services During Page No: 30 of 35
the Year Ended March 31, 2023
188
BRITISH COLUMBIA HYDRO AND POWER AUTHORITY
Schedule of Payments to Suppliers for Goods and Services During Page No: 31 of 35
the Year Ended March 31, 2023
189
BRITISH COLUMBIA HYDRO AND POWER AUTHORITY
Schedule of Payments to Suppliers for Goods and Services During Page No: 32 of 35
the Year Ended March 31, 2023
190
BRITISH COLUMBIA HYDRO AND POWER AUTHORITY
Schedule of Payments to Suppliers for Goods and Services During Page No: 33 of 35
the Year Ended March 31, 2023
191
BRITISH COLUMBIA HYDRO AND POWER AUTHORITY
Schedule of Payments to Suppliers for Goods and Services During Page No: 34 of 35
the Year Ended March 31, 2023
192
BRITISH COLUMBIA HYDRO AND POWER AUTHORITY
Schedule of Payments to Suppliers for Goods and Services During Page No: 35 of 35
the Year Ended March 31, 2023
Total 6,515,749,072
193
BRITISH COLUMBIA HYDRO AND POWER AUTHORITY
194
0
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195
POWEREX CORP.
Schedule of Remuneration Paid to Employees and Expenses Paid to or Page No: 1 of 4
on Behalf of Employees During the Year Ended March 31, 2023
196
POWEREX CORP.
Schedule of Remuneration Paid to Employees and Expenses Paid to or Page No: 2 of 4
on Behalf of Employees During the Year Ended March 31, 2023
197
POWEREX CORP.
Schedule of Remuneration Paid to Employees and Expenses Paid to or Page No: 3 of 4
on Behalf of Employees During the Year Ended March 31, 2023
P Sung 117,483 18
MG Tadesse 109,102 1,303
GM Tang 403,638 5,518
XH Teo 105,548 0
MA Thibault 89,955 0
KM Thielmann 91,302 1,050
JM Timmers 228,802 2,059
PL Tom 87,267 0
O Towfigh 227,914 1,956
DC Tse 148,357 0
PD Vaillancourt 328,543 0
JR Van Groll 109,580 2,908
KA Van Heerden 118,086 1,743
A Vanderhelm 100,855 473
B Vincent 106,412 0
J Vroom 106,453 0
KC Wagner 494,048 498
D Watson 91,214 0
N Wein 142,343 0
T Wiersma 121,867 0
K Wild 305,479 15,706
N Wilkinson 130,229 0
KA Williams 118,015 37
W Willis 87,286 6,223
J Yam 114,664 0
L Yang 129,930 0
S Yartsev 128,538 0
D Yeadon 215,864 5,574
C Yeung 101,710 549
L Yuen 103,749 1,041
H Yuun 84,362 0
D Zavoral 335,884 328
D Zhang 78,794 1,537
RC Zittlau 117,402 2,314
198
POWEREX CORP.
Schedule of Remuneration Paid to Employees and Expenses Paid to or Page No: 4 of 4
on Behalf of Employees During the Year Ended March 31, 2023
REMUNERATION EXPENSES
Consolidated total of other employees with remuneration of $75,000 or less 1,819,540 24,313
Total 38,633,124 597,972
199
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204
POWERTECH LABS INC.
Schedule of Remuneration Paid to Employees and Expenses Paid to or Page No: 1 of 4
on Behalf of Employees During the Year Ended March 31, 2023
205
POWERTECH LABS INC.
Schedule of Remuneration Paid to Employees and Expenses Paid to or Page No: 2 of 4
on Behalf of Employees During the Year Ended March 31, 2023
206
POWERTECH LABS INC.
Schedule of Remuneration Paid to Employees and Expenses Paid to or Page No: 3 of 4
on Behalf of Employees During the Year Ended March 31, 2023
207
POWERTECH LABS INC.
Schedule of Remuneration Paid to Employees and Expenses Paid to or Page No: 4 of 4
on Behalf of Employees During the Year Ended March 31, 2023
REMUNERATION EXPENSES
Consolidated total of other employees with remuneration of $75,000 or less 5,579,792 195,248
Total 24,385,843 1,016,921
208
POWERTECH LABS INC.
Schedule of Payments to Suppliers for Goods and Services During Page No: 1 of 3
the Year Ended March 31, 2023
209
POWERTECH LABS INC.
Schedule of Payments to Suppliers for Goods and Services During Page No: 2 of 3
the Year Ended March 31, 2023
210
POWERTECH LABS INC.
Schedule of Payments to Suppliers for Goods and Services During Page No: 3 of 3
the Year Ended March 31, 2023
Total 16,066,287
211
BCHPA CAPTIVE INSURANCE COMPANY LTD.
Schedule of Payments to Suppliers for Goods and Services During Page No: 1 of 1
the Year Ended March 31, 2023
Total 1,967,799
212
COLUMBIA HYDRO CONSTRUCTORS LTD.
Schedule of Payments to Suppliers for Goods and Services During Page No: 1 of 1
the Year Ended March 31, 2023
Total 14,606
213
NOTE
A reconciliation of amounts reported in the Financial Information Act Return and the audited
consolidated financial statements has not been prepared. BC Hydro prepares its Financial
Statements on an accrual basis while the amounts reported in the Financial Information Act
Return are based on cash payments in the year. This will result in timing differences between
amounts recorded as expenses in the Financial Statements and amounts paid in the year.
214
British Columbia Hydro and Power Authority
Contact Information
Vancouver, BC
V6B 5R3
Lower Mainland
604 BCHYDRO
1 800 BCHYDRO
bchydro.com
215