SaskPower saw its net income take a significant hit.
The crown corporation saw its net income drop from $160 million to $11 million in the 2021-2022 fiscal year.
In its annual report, SaskPower’s reported $2.885 billion in revenue, up $114 million from last year and $2.874 billion, up $263 million.
Minister Responsible for SaskPower Don Morgan said that lower water levels in Lake Diefenbaker led to SaskPower having to buy more coal and natural gas.
Morgan said that led to the increase in expenses and a decrease in net income.
“I think it shows the vulnerability we have to weather conditions as well as the good work that SaskPower and its partners have done with regard to diversifying the electrical supplies that we have.”
To possibly make up for the decrease in revenue, SaskPower has asked the
Saskatchewan Rate Review Panel for average rate increases of four per cent starting September 1 and four per cent as of April 1. The increase would add $60 million to the Crown’s revenues.
The panel is expected to deliver its response this month.
It wasn’t all bad news for SaskPower as the cooperation reported its on-track to beat its goal of reducing greenhouse gas emissions.
“SaskPower is on track to reduce greenhouse gas emissions by 50 per cent from the 2005 levels by 2030,” Morgan said.”This exceeds the previous goal of 40 per cent over the same time frame.”
Despite the decrease, SaskPower still has a long way to go to reach the federal government’s goal of seeing all provinces be net-zero by 2035. A timeline that has been lowered from 2050.
Morgan stated that the province can’t reach that goal and that ‘it’s going to make some difficult times for our province.’
