B.C. government confirms errors worth $1.46B in gas revenue forecasts

The British Columbia government has acknowledged several mistakes in its natural gas revenue forecasts, totaling approximately $1.46 billion over five fiscal years, including the current one. Officials have disclosed these administrative errors will be rectified in the province's forthcoming quarterly fiscal report, anticipated this month.

The most significant of these errors was a currency conversion formula error, which has been corrected and will lead to a reduction in power prices by 44 cents per gigajoule for the 2026-2027 forecast. This correction affects the province’s expected revenues, with a reduction of $292 million annually from the current fiscal year to 2030.

The errors were primarily due to incorrect currency conversions across spreadsheets, a miscalculation that led officials to revise the forecasts. The British Columbia government's Energy Ministry disclosed these issues during a technical briefing, with the corrected information set to be included in the upcoming fiscal report.