(Image / BC Ferries Twitter)

The Office of the BC Ferries Commissioner has approved an annual fare-increase cap of 2.3% until 2024.

As a result, BC Ferries will be allowed to raise their fares by a maximum of 2.3% on average per year from April 1st 2020 to March 31st 2024.

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“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.”

The price cap was determined by the Commissioner after reviewing 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.

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On its end, BC Ferries must meet and report annually an efficiency target equivalent to 1% of annual operating, maintenance, and administrative expenses.

The Commissioner has also encouraged the company to establish Green House Gas reduction targets  and to pursue the electrification of the new Island class ferries as soon as the infrastructure and technology are available.