The 1,100MW Site C project is expected to produce low-cost, large-scale hydroelectric power for more than 100 years as well as attract investment in mineral exploration and development for multiple generations.
British Columbia Premier Christy Clark said: "Site C will support our quality of life for decades to come and will enable continued investment and a growing economy.
Power demand in British Columbia is expected to increase by 40% over the next 20 years.
The project is part of BC Hydro’s ambitious Power Smart programs which aims to meet 78% of future electricity growth.
British Columbia Energy and Mines Minister Bill Bennett said: "British Columbia has the third-lowest electricity rates in North America and we need to meet our future needs in a way that keeps rates down.
"It’s clear that to keep rates low, we must choose the option of building Site C."
Ratepayers would save an average of $650m to $900m annually over the first 50 years of operational life of the project.
The project construction is scheduled to commence in summer 2015 and would generate approximately 10,000 direct construction jobs.
Image: Illustration of Site C dam. Photo: courtesy of Province of British Columbia/Flicker
