B.C. Gas Revenue Forecast Errors Total $1.46 Billion

British Columbia's government has confirmed errors in its natural gas revenue forecasts totaling $1.46 billion over five fiscal years, according to Energy Minister Adrian Dix.

The most significant error was a 44-cent overstatement in the forecasted per-gigajoule price of natural gas this fiscal year, which Dix called a 'serious mistake.'

The errors were caused by botched currency conversions, with staff using an incorrect formula to translate private-sector estimates of natural gas prices from US dollars to Canadian dollars.

The impact on the province's deficit would be made clear in its quarterly fiscal report expected later this month, which will also include corrections for other errors.