For Immediate Release
23-005
March 7, 2023

BC FERRIES SUBMITS REVISED 4-YEAR PLAN TO COMMISSIONER

VICTORIA – Since filing in September 2022, an elevated risk of recession, coupled with higher inflation and cost pressures across BC Ferries operations, has forced a recalculation of estimates and plans contained in the company’s Performance Term Six Submission to the independent BC Ferries Commissioner.

Revisions to the plan are in three key areas:

• Traffic Outlook – BC Ferries’ traffic outlook has been updated to reflect the growing certainty of a mild recession occurring during Fiscal 2024;
• Capital Program and Maintenance – continued inflation and higher maintenance costs associated with maintaining an ageing fleet have been factored into an updated schedule and 12-year capital plan.
• Labour and Talent Development – a more comprehensive view of actions necessary to secure required crew levels in response to the growing gap of both exempt and bargaining unit wages relative to the marketplace.

The revised plan also acknowledges the recent commitment of $500 million in new funding from the Province to support the lowering of fare increases for people who rely upon the coastal ferry service. While funding terms are not finalized, the Commissioner will determine the impact on BCF’s revised four-year plan.

The plan is now posted on the Commissioner’s website bcferrycommission.ca for public feedback.

The performance term process concludes with the Commissioner establishing price caps for routes specified in the Contract. A price cap is the maximum average fare to be collected each year during the four-year performance term.

The Commissioner will make a final determination on the Performance Term Six price caps by September 30, 2023.