History and Background
BCTC was formed in 2003 as a mandate to separate the province's power distribution and generation initiatives but was integrated back into its sister company BC Hydro on July 5, 2010 as part of the province's Clean Energy Act.
BCTC is a provincial crown-corporation located in downtown Vancouver, and is regulated by the BC Utilities Commission. (BCUC).
BCTC was formed in 2003 as the BC Liberal Party's mandate to separate the province's power distribution from BC Hydro. The creation of a separate corporation and the split, cost taxpayers an estimated 65 million dollars.
Seven years after the separation of BC Hydro, it was integrated back into its sister company BC Hydro, on July 5, 2010 as part of the province's New Clean Energy Act.
BCTC was established in 2003 under Michael Costello, CEO from 2003-2004. Jane Peverett was BCTC’s president and CEO from 2004-2009. Jane Peverett had been at Imperial Oil from 1981-1987 before transferring to a natural gas utility in Toronto. The company was eventually bought by West Coast Energy. When West Coast was bought by Duke Energy in 2002, Jane played a key role in the transition. One year later, she accepted the CFO role at the newly created Vancouver company, British Columbia Transmission Corporation (BCTC). Janet Woodruff was BCTC's interim CEO from 2009–2010.
When BCTC was formed, the North American electricity industry was hoping to attain increased independence of transmission, and the development of regional transmission organizations. Since then, regional transmission organizations did not develop in the Pacific Northwest, and the movement towards greater independence for transmission was halted. BCTC's publicly owned transmission infrastructure was created to help foster and encourage new sources of power generation across the province of BC. Which was one of the goals of the Province’s 2002 Energy Plan.
In February 2007, the B.C. government issued a new Energy Plan. This plan included several policies relating to transmission to ensure adequate transmission is in place to support the province’s goal of energy self sufficiency as well as ensuring that BC will have mandatory reliability standards for energy generation.
Read more about this topic: BC Transmission Corporation
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