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

Food service workers at Victoria airport protest for second time in four months

Negotiations continue to drag on with employer Compass Group Canada, VAA refuses to engage

Firefighters rescue horse stuck in Saanich mud

‘It happens more often than you’d think,’ says deputy chief

Esquimalt senior’s complex getting redeveloped

The Esquimalt Lions Lodge is one of the projects to receive funding for affordable housing

Island Corridor Foundation optimistic about restoring rail service

If green-lighted, first priority would be Langford to Victoria route

Federal environment minister faces protesters in Saanich

Catherine McKenna defended her government’s environmental record

People flocking to Vancouver Island city to see hundreds of sea lions

Each year the combination of Steller and California sea lions take over Cowichan Bay

Commercial trucks banned from left lane of Coquihalla

B.C.’s Ministry of Transportation has introduced a new program that hopes to prevent accidents and closures on the Coquihalla Highway.

B.C. on track to record same number of overdose deaths as last year

128 people died of overdoses in September, bringing the total to more than 1,100 so far in 2018

Cowichan school district defends lack of notice to parents following elementary student arrest

Officials with School District 79 stand by their decision not to send out an alert.

Canadians more prepared for weather disaster than financial one: poll

RBC recommends people check their bank app as often as the weather app

B.C. dog owner sues after pet killed in beaver trap

A Kamloops man is suing the operator of a trapline north of the city after his dog died

Heading soccer balls can cause damage to brain cells: UBC study

Roughly 42 per cent of children in the country play soccer, according to statistics from Heritage Canada

Supreme Court hears case on migrant detainees’ rights to challenge incarceration

Currently, migrants who do not hold Canadian citizenship can only challenge detention through an immigration tribunal or a judicial review.

Canada Post issues new offer to employees as eBay calls on Ottawa to end strikes

Ebay is calling on the federal government to legislate an end to the Canada Post contract dispute, warning that quick action is needed to ensure retailers don’t lose out on critical Black Friday and Cyber Monday sales.

Most Read