$1.46 Billion Error Found in B.C.'s Gas Revenue Forecasts
The government of British Columbia has confirmed errors in its gas revenue forecasts totaling $1.46B.
The errors were discovered during a review prompted by Treaty 8 First Nations, who alerted officials to what they believed was an error in the province's accounting of processing and transportation costs for natural gas in June.
Energy Ministry staff said the most substantial error related to U.S.-Canadian dollar conversions, when a formula was incorrectly applied across a spreadsheet. The province uses private-sector estimates of natural gas prices, which are provided in Canadian or U.S. dollars.
The incorrect assumption that figures were shown in U.S. dollars led to an overstatement of revenue, as the numbers were 'again translated into Canadian dollars,' said Energy Minister Dix.