SASKATOON — Saskatchewan NDP Crown Investments Corporation critic Aleana Young hit back at the government’s investment and policy choices, which she called mistakes that are forcing residents and businesses to pay for SaskPower's mounting losses through higher rates and the diversion of profits from other Crown corporations.
Young, in a media event after Minister Responsible for CIC Jeremy Harrison presented the Crown annual reports on Tuesday, June 23, at the Courtyard by Marriott, accused the provincial government of mismanaging SaskPower and described CIC’s situation as suffering from historic losses and growing debt that are ultimately shouldered by the public.
"The annual report shows that SaskPower posted a gross loss of $301 million, which is the largest in history. They then received a provincial subsidy of $187 million and still showed a net loss of $114 million. What does this mean for families, farms and small businesses in Saskatchewan? It means they are paying for this government's mistakes and are doing so twice," said Young.
She explained that the public is paying for the government’s mistakes twice, through electricity rate increases and again through subsidies transferred from other Crown corporations. A 3.9 per cent power rate hike took effect on Feb. 1 of this year, while another is expected for 2027, costing about $6 per month for residential customers, or $72 annually, and $132 annually, or $11 per month, for farms.
Young said the direct subsidy, funded by other Crown profits, tries to hide $301 million in losses at SaskPower, whose debt alone increased by nearly $1.2 billion in the last fiscal year, bringing its total debt to $11.46 billion. In contrast, the utility's debt has risen by $3.8 billion over the past five years, and the provincial government is using profits generated by other Crown corporations to offset those mounting losses.
"Every single dollar of Crown profits that goes to pay for Scott Moe and Jeremy Harrison's mistakes is a dollar that is not going to pay for basic public services, health care, schools, rate reduction, debt reduction and affordability. These decisions are short-sighted, they are backwards, and every day hardworking Saskatchewan people and industries are going to pay for it," Young said.
She also criticized what she described as the provincial government’s lack of transparency around its long-term electricity strategy, saying the public needs to know the details and hold the government accountable. She said there was no publicly available information explaining how the government's plans would be financed or what they would mean for future power rates.
Young responded to an argument that rapid growth requires major investments, saying Saskatchewan is the only province without an independent electricity regulator. She added that a quasi-judicial body, similar to those operating elsewhere in Canada, should oversee decisions on major power investments rather than politicians.
"All we have are experts and SaskPower itself saying that the government's plan is going to double rates over the next decade. Leading independent electricity system models in Canada have shown that the Saskatchewan Party government's plan is literally the most expensive option. The government has had every opportunity to explain these decisions, and they refuse,” added Young.
She also rejected the government's claim that using other Crown corporations’ dividends will help maintain affordable electricity rates, arguing that Saskatchewan already has among the highest power costs in the country. She highlighted that, under the Saskatchewan NDP's growth plan, the party would establish an independent electricity regulator to provide oversight and ensure decisions are made in the interests of customers rather than politicians.
"We don't believe politicians should be directing these generational investments. It's fundamentally wrong and costly to see Scott Moe, Jeremy Harrison and Scott Banda doing this. Let's let the experts decide,” Young added.
Young also welcomed growing federal and international interest in nuclear energy and Saskatchewan uranium, but warned that affordable and reliable electricity is essential if the province hopes to capitalize on future opportunities.
"We're not going to realize those opportunities with the most expensive electricity system in the country. You can't grow the economy without affordable electricity," said Young.
