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It’s too early to say whether the B.C. Hydro Site C project can be completed on time and on budget, according to a preliminary report from the B.C. Utilities Commission.

In its report on the $8.8-billion hydro-power project, filed late Wednesday to meet a provincial government deadline, the Commission said the project is currently on time and, indeed, has a year’s worth of contingency time built in. It says B.C. Hydro appears to be pushing ahead more aggressively than planned and if it experiences no delays, it could be producing power a year ahead of schedule, in 2023.

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The Commission warns that diversion of the river to allow dam construction must happen in September of 2019 or the project could eat up its entire year’s leeway, and run up significant extra costs, before a September 2020 window to do the diversion.

“A one-year delay in the project would have a significant effect on the budget. B.C. Hydro is facing significant challenges with the main civil works on the left bank as a result of two tension cracks, and currently expects to use three months of float as a result.” It said it was not clear how much of that contingency time is really left.