B.C. BUDGET: Energy revenue decline expected

Gas glut continues, electricity prices low, but recovery forecast for forest products, coal and other commodities

Natural gas prices and revenues are predicted to decline further with a glut of shale gas production in North America.

B.C.’s natural resource revenue is forecast to decline 6.9 per cent in the coming year, mostly due to lower prices for natural gas, oil and electricity.

After gas drilling boom years, the province’s revenue from Crown land tenures is expected to continue to decline slightly for two years. Excluding land tenures, natural resource revenue is expected to increase 7.6 per cent over the next two years due to increased forest stumpage rates and prices for coal and other commodities.

The province is forecasting no revenue from liquefied natural gas exports over the next three years, as investors continue to consider the multi-billion-dollar decisions that would get that industry off the ground in B.C.

Revenue from fees will continue to rise, with Medical Services Plan rates increasing again after a 30 per cent jump in the past five years.

De Jong said a scheduled four per cent increase in BC Ferries fares will also go ahead as scheduled April 1.

 

Just Posted

LETTER: Why is Jati Sidhu ashamed of his riding?

Lytton’s Christopher di Armani shares his dismay at the potential name change of the MP’s riding

Fraser-Cascade School Board votes to invest in protecting the future of its students’ hearing

Decibel monitors to be installed in secondary schools’ machine shops as a visual guide

Kent-Harrison Foundation celebrates 25 years

The foundation started in 1994 on the promise of a two-for-one donation deal

Bucket-list flight for Chilliwack grandmother

Hampton House resident treated to a beautiful plane ride in Moments that Matter

Lagoon improvements, but no safety audit recommendations, coming to Harrison

The lagoon will see electrical upgrades, a new flag pole and fencing, but no life jackets or signs

Harrison Hot Springs students bring ‘Twelfth Night’ to life

The adaption of Shakespeare’s classic comedy include songs and phrases from Canada’s east coast

VIDEO: Vancouver fall to Seattle in Game 2 of the playoffs

Thunderbirds topple the Giants 4-1 in Langley, evening the Western Conference series one game each

Calgary captain has 3 points as Flames torch Canucks 3-1

Giordano leads way as Alberta side cracks 100-point plateau

Fraser Valley Bandits draft Abbotsford’s Joel Friesen first overall

Professional basketball team reveals 13 players selected at CEBL draft

1,300 cruise ship passengers rescued by helicopter amid storm off Norway’s coast

Rescue teams with helicopters and boats were sent to evacuate the cruise ship under extremely difficult circumstances

Province announces $18.6 million for B.C. Search and Rescue

The funding, spread over three years, to pay for operations, equipment, and training

Vancouver-bound transit bus involved in fatal crash near Seattle

One man was killed and a woman injured in crash with bus purchased by TransLink

Late-season wave of the flu makes its round in B.C.

BC Centre for Disease Control reported 50 per cent jump in flu cases in first weeks of March

Most Read