July 05, 2019

SaskPower Releases 2018-19 Annual Report; Crown Electrical Utility Reports Net Income of $197 Million

SaskPower invested $833 million into the province’s electricity system in 2018-19 as part of the Crown corporation’s commitment to ensuring reliable, sustainable, and cost-effective power for its Saskatchewan customers.

SaskPower’s annual report was tabled in the Saskatchewan Legislative Assembly today, with a reported net income of $197 million, up $51 million from 2017-18.

“Electricity plays a critical role in the lives of all Saskatchewan people, and in our diverse economy,” Minister Responsible for SaskPower Dustin Duncan said.  “Like many electrical utilities across the country, SaskPower deals with several challenges as it works to fulfill that role.  Our government is confident SaskPower’s direction will ensure a robust, flexible and sustainable electricity system for future generations.”

The increase in net income is attributed to higher electricity sales. SaskPower has also saved $155 million in budgeted operating, maintenance, and administration spending since 2015.  This has been achieved through a combination of restraint and optimization activities.

“The electricity industry is changing. Technology and innovation is changing the way we create, supply and use electricity,” SaskPower President and CEO Mike Marsh said.  “SaskPower’s story over the course of the last year focuses on how we are working through that change, providing the power our customers need while being mindful of costs and our changing operating environment.  As we move forward, we will continue to make sure we are making sound financial decisions and will continue to improve efficiencies wherever we can.”

Notable accomplishments for 2018-19 include:

  • Added new 20 megawatt (MW) Western Lily Wind Energy Facility, located near Grenfell;
  • Announced Potentia Renewables Inc. as the successful proponent for the province’s latest utility-scale wind power project — the 200 MW Golden South Wind Energy Facility located near Assiniboia;
  • Announced Saturn Power Inc. as the successful proponent for Saskatchewan’s first utility-scale solar project, a 10 MW installation located southeast of Swift Current;
  • Signed a new term sheet with Manitoba Hydro that lays the groundwork for purchasing an additional 215 MW of reliable renewable hydroelectricity;
  • Signed a First Nations Opportunity Agreement with the First Nations Power Authority to source 20 MW of flare gas power generation projects led by Indigenous communities and businesses;
  • Selected Moose Jaw Industrial Park as the preferred site for the next 350 MW combined cycle natural gas facility;
  • Continued construction of a $231 million, 200 kilometre double circuit 230/138 kilovolt transmission line to move electricity from the new Chinook Power Station and integrate future renewables.
  • Continued work on a $300 million project to extend the life of E.B. Campbell Hydroelectric Station near Nipawin, ensuring that this renewable source of hydroelectric generation will be available for another 50 years;
  • Launched a new online outage map, giving customers an easy-to-use way to get the latest information on service interruptions across the province;
  • Selected as one of Canada’s Best Employers, one of Canada’s Best Diversity Employers, one of Canada’s Top Employers for Young People, and one of Saskatchewan’s Top Employers; and
  • Invested more than $1.7 million in educational and community programming throughout Saskatchewan.

To view the full annual report, visit www.saskpower.com.  #Powering2030