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

Port Alice Health Centre receives special appreciation

Society makes luncheon to recognize healthcare staff

Port Hardy approves the first step towards new subdivision

Mayor and council pass rezoning needed for new development

Windmill blade display finds a home in Port Hardy

The blade will be installed on the corner of Highway 19 and the Bear Cove Highway

Port Harvey shipyard greenlit

Bylaw 895 has been adopted by RDMW

Port McNeill Volunteer Fire Department appoints deputy chief

Port McNeill Fire Chief Dean Tait has appointed 10+ year firefighter veteran… Continue reading

VIDEO: After the floods, comes the cleanup as Grand Forks rebuilds

Business owners in downtown wonder how long it will take for things to go back to normal

9 temperature records broken across B.C. as warm weather continues

Clearwater, Golden, Williams Lake, Malahat a few of the cities that broke records Thursday

COLUMN: Stanley Cup final prediction

Upstart Vegas Golden Knights clash with Washington Capitals

Tyson’s Thoughts: History in the making at Port McNeill totem pole ceremony

The crowd of 1,200-1,500 people, young and old, were clearly thrilled to be there to witness history

Vancouver Island wildfire burning near Campbell River coal mine

The fire is suspected to be human caused at this time

Big brew tanks headed for Chilliwack wrapped to look like beer cans

Snap a #beertanks selfie if you see massive tanks en route to Chilliwack

TransLink to ‘pause’ Morgan Freeman PSAs after sexual harassment allegations

Eight women told CNN they were sexually harassed by the Hollywood actor

UPDATE: Two-year-old found unresponsive in pool passes away

Mission RCMP located toddler after she went missing from a local daycare

Toronto opening 800 emergency spaces to deal with influx of refugee claimants

Beginning Thursday, Toronto will temporarily house refugee claimants and new arrivals in 400 beds in the city’s east end.

Most Read