SASKATOON — The 2025-26 annual reports for Saskatchewan's Crown corporations have been released and they are a mixed bag, with losses being reported in particular at SaskPower.
SaskPower reported major net losses of $114 million in 2025-26. But on the flip side, revenues are up at SaskTel and SaskEnergy, while Lotteries and Gaming Saskatchewan reported record income before payments to the General Revenue Fund.
The annual reports and financials for each of the Crown corporations and agencies were revealed at a news conference in Saskatoon attended by Minister of Crown Investments Corporation Jeremy Harrison, along with CEOs and other leaders from the various Crowns. This is the second year in a row that the Crown annual reports have been released all on one day at a single news conference in Saskatoon.
Here is a rundown of highlights from each of the Crown annual reports for 2025-26:
SaskPower
SaskPower is reporting a net loss for 2025-26 of $114 million, way down from the $76 million in net income seen in 2024-25. According to the Crown utility, this $190-million reduction in net income was the result of the removal of the federal carbon tax charge on bills as of April 1.
SaskPower states that its balance sheet remains strong with a 78.9 per cent debt ratio.
SaskPower is also reporting investment of $1.8 billion in the electricity system in the province. This number includes a capital investment program of $1.1 billion on growth projects, including new generation facilities and expanded grid capacity; $579 million to repair and upgrade aging generation, transmission and distribution infrastructure; and $116 million on other strategic investments, including the Regina Operations and Maintenance Centre.
SaskTel
SaskTel is reporting net income of $104.7 million and operating revenues of $1.398 billion for the past fiscal year — up $33.1 million from the previous year. The Crown is pointing to growth in several core business areas such as wireless, broadband expansion, maxTV, and digital and IT solutions.
The Crown corporation states its total capital spending was $443.3 million, with $136.3 million going toward advancing its wireless network for 5G, LTE and Wi-Fi. $103 million was invested in its SaskTel infiNET expansion, and SaskTel is touting expansion of 5G to 93 per cent of the population.
SaskTel also declared dividends of $41.9 million to Crown Investments Corporation for the fiscal year ending March 31, 2026.
SaskEnergy
SaskEnergy is reporting net income before unrealized market value adjustments of $96 million, up from $82 million last year — a difference of $14 million. The Crown states this is driven in part by stronger asset optimization and natural gas market activities, as well as higher customer contributions to capital projects.
Based on this performance, SaskEnergy says it has declared a dividend of $34 million to Crown Investments Corporation.
According to SaskEnergy's news release, highlights for the year include $434 million in capital for projects that support customer growth, risk management, system expansion and reliability, and technology; over $2.7 million to volunteer-led programs and events; $44.6 million in contracts awarded to businesses with Indigenous ownership or providing Indigenous labour, up over $10 million; and $5.3 million in cost savings through efficient procurement practices.
SaskEnergy also increased capital investment, with over $430 million directed to projects aimed at expanding capacity, improving reliability, strengthening communities and meeting Saskatchewan’s growing energy needs — an increase of nearly $100 million over the year before.
SGI
For the commercial side of SGI, SGI Canada is reporting a net income of $75.7 million, which it said enabled it to return a dividend of $16 million in 2026.
Other highlights include $1.474 billion in gross premium written, premium growth of 3.4 per cent in all provinces, $103.4 million in investment earnings, $143.5 million in net catastrophe claim losses, and $1 million in sponsorships, partnerships and joint initiatives, with a focus on safety, security and inclusion.
For the Saskatchewan Auto Fund, it reports $1.191 billion in total net claims incurred, $1.177 billion in gross premium written, $189.5 million in discounts to customers through the Safe Driving Recognition and Business Recognition programs, and $170.3 million in investment earnings. SGI states the Auto Fund continues to provide customers with among the lowest auto insurance rates on average in Canada.
It also reports the Provincial Traffic Safety Fund grant program awarded $3.5 million in the past year to 139 community projects for road safety improvements. There is $633.6 million left in the Rate Stabilization Reserve following a reduction of $93.3 million.
SaskWater
SaskWater has reported $7.3 million in total comprehensive income in 2025-26 and declared dividends of $4.7 million to the province.
According to its news release, SaskWater is reporting continued investment in long-term growth, including plans to construct a regionally expandable water treatment plant in Preeceville, commissioning of the wastewater treatment plant on the English River First Nation’s Grasswoods Urban Reserve near Saskatoon, and initiatives around operational reliability, innovation and affordability throughout the year.
Lotteries and Gaming Saskatchewan
Lotteries and Gaming Saskatchewan reports record income of $400 million before payments to the General Revenue Fund. Earnings after payments to the GRF of $240 million resulted in dividends of $215.2 million. The primary contributor is revenue growth from land-based casinos and VLTs.
Over 1,550 local businesses and communities across Saskatchewan received $61.8 million in VLT and lottery retail commissions last year, according to its news release. Lotteries and Gaming Saskatchewan also directly contributed almost $9 million through charitable gaming grants to approximately 2,900 non-profit and charitable organizations in communities across Saskatchewan.
Crown Investments Corporation
CIC is reporting that on behalf of its subsidiary Crowns, it contributed $68 million in dividends to the province's General Revenue Fund. That is way down from last year, when the contribution was $240 million.
Also a change from last year: CIC provided $187 million to SaskPower to "support rate affordability for customers," according to its news release.
CIC is also touting ongoing collaboration between the Crown sector and government ministries and agencies. It reports Saskatchewan secured nearly $4.5 billion in investment — well above the $1-billion target — while collaboration initiatives delivered $69.5 million in cost savings, exceeding their targets.
As was the case in its report last year, the province is again touting the second-lowest cost utility bundle in Canada.
“Saskatchewan people have good reason to be proud of their Crown sector and its contributions to our province over the last year. Employee efforts in response to the devastating wildfires in Northern Saskatchewan helped ensure the safety and well-being of residents, communities and businesses,” said Jeremy Harrison, Minister Responsible for Crown Investments Corporation, in a news release.
“We also released the Saskatchewan First Energy Security Strategy and Supply Plan, which sets the direction for a reliable and affordable energy future. Most notably, our sector stood up for Saskatchewan people by removing the carbon tax from power bills—saving ratepayers 11 per cent.”
