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July 6, 2022
SaskPower continued to support Saskatchewan’s economic recovery in the 2021-22 fiscal year, investing $922 million in capital projects to sustain, grow and modernize the provincial electric system.
The capital expenditure outlined in the Crown electrical utility’s annual report, tabled today in Regina, included $385 million to repair and upgrade aging generation, transmission and distribution infrastructure, and $490 million on growth projects such as new generation facilities and expanded grid capacity.
“Electricity demand in Saskatchewan increased by 4.1 per cent in 2021-22 and is forecast to rise by an additional 1.4 per cent during this fiscal year – clear signs that our economic recovery is well underway,” Minister Responsible for SaskPower Don Morgan said. “SaskPower played an important role in Saskatchewan’s post-pandemic recovery, directly contributing $1.9 billion to the provincial economy.”
SaskPower reported a net income of $11 million in 2021-22. This is down from $160 million in 2020-21, largely due to rising fuel costs and increased purchased power costs.
“In 2021-22, SaskPower made significant strides toward a cleaner energy future for Saskatchewan,” SaskPower Vice-President of Finance and Business Performance and Chief Financial Officer Troy King said. “We expanded our company’s zero-emission wind power capacity by 385 megawatts (MW) and commissioned Saskatchewan’s first utility-scale solar facility. All low-and non-emitting generation options are still on the table as we work to significantly reduce greenhouse gas emissions.”
Some notable accomplishments for SaskPower in 2021-22 include:
For further information, please visit saskpower.com.
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