An interim agreement on power benefits announced last week involving the Ktunaxa and two other interior B.C. First Nations will likely be worth $6 million to $15 million each per year.
The province announced last week the Ktunaxa, Secwepmec, and Syilx Okanagan nations are in line for five per cent of downstream power benefits under the Columbia River Treaty over the next four years.
No dollar figures were included, but the province says the total amount varies from year to year based on energy prices.
Under the terms of the treaty, Canada receives a share of U.S. downstream benefits, also referred to as the Canadian entitlement, delivered in power representing half of the potential additional electricity generation capability in the U.S. due to how B.C. manages its reservoirs.
BC Hydro subsidiary Powerex then sells the Canadian entitlement at market value to either BC Hydro or utilities in Alberta or the U.S., which generates annual returns of $120 million to $300 million. The government says the exact amount is also subject to high flow years or unusually hot or cold weather.
We expect to speak to the Ktunaxa Nation about the agreement this week.
The province indicated it is also seeking a long-term deal with the nations. The treaty itself is under renegotiation.
