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.

 

Get local stories you won't find anywhere else right to your inbox.
Sign up here

Just Posted

Saanich looks to help restaurants increase capacity with outdoor seating

District working to ensure restaurants can make the most of summer weather, mayor says

Saanich farm stands can stay open

Council amending bylaw to allow for temporary use permits

Colwood art centre shuts its doors indefinitely

Board members look for new location when feasible, continue online

Greater Victoria guide dog walk turns to virtual physical challenge

Pet Valu Walk for Dog Guides is May 31 with an online twist

Greater Victoria’s first BC Cannabis Store could open at Saanich shopping centre

Store application for Uptown Shopping Centre headed for public hearing

BC Ferries losing up to $1.5 million each day as pandemic tanks ridership

The company does not qualify for the wage subsidy

COVID-19: B.C. church services resume with public health limits

Maximum 50 in large spaces, Premier John Horgan says

Chilliwack school board censures trustee Barry Neufeld after controversial Facebook post

Board chair issues statement on censure but little else regarding Facebook post controversy

Facing changes together: Your community, your journalists

The COVID-19 pandemic has changed the world in ways that would have… Continue reading

Twenty-nine of Canada’s 48 national parks to reopen to day-use visitors June 1

All national parks, historic sites and marine conservation areas have been closed for weeks

JK Rowling publishes first chapters of new story online

Book will be a fairy tale for kids and benefit those particularly affected by the pandemic

Tahsis opens its gates to visitors to save local economy

Seasonal local businesses that rely on tourism hope to survive despite drop in tourist numbers

BC Corrections to expand list of eligible offenders for early release during pandemic

Non-violent offenders are being considered for early release through risk assessment process

Fraser Valley driver featured on ‘Highway Thru Hell’ TV show dies

Monkhouse died Sunday night of a heartattack, Jamie Davis towing confirmed

Most Read