VICTORIA, British Columbia, Sept. 30, 2019 (GLOBE NEWSWIRE) -- The Office of the British Columbia Ferries Commissioner today announced the final decision on the price caps for BC Ferries’ next four-year performance term. The decision allows average BC Ferries’ fares to increase by a maximum of 2.3% annually from April 1, 2020 to March 31, 2024.
“This final price cap decision confirms the preliminary decision announced on April 1 of this year,” says Commissioner Sheldon Stoilen. “We believe these increases are in the public interest – affordable to ferry users and taxpayers, while sufficient to allow BC Ferries to meet their financial targets, barring any extraordinary situation.”
Before finalizing the price caps, the Commissioner considered additional information received since setting the preliminary price caps. This included amendments to the Coastal Ferry Services Contract, additional input from BC Ferries and the BC Government, comments from the public, and the results of a performance review on BC Ferries’ efficiency and their long-term capital plan.
Detailed reasons for the price cap increases are set out in the Report on the Final Price Cap Decision for the Fifth Performance Term, available on the BC Ferries Commissioner’s website at bcferrycommission.ca.
As part of the final price cap decision, the Commissioner confirmed an efficiency target – equivalent to 1% of annual operating, maintenance and administrative expenses – which BC Ferries must meet and report on annually. In addition, the Commissioner is encouraging BC Ferries to establish GHG-reduction targets, and to pursue the electrification of the new Island class ferries – being introduced next year – as soon as the infrastructure and technology are available.
Backgrounder available at bcferrycommission.ca.
About the Office of the BC Ferries Commissioner:
Under provincial legislation, the Office of the BC Ferries Commissioner (BCFC) serves a regulatory and oversight role over BC Ferries’ operations, including approving major capital expenditures and setting price caps on the maximum allowable increase in the average fare levels that BC Ferries is permitted to charge its customers. The Commissioner is independent of both the provincial government and BC Ferries.