SaskPower Releases 2021-22 Annual Report

CANADA, July 6 - Released on 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:

• Commissioning Golden South Wind Facility, the province's largest-ever wind generation facility.
• Commissioning Highfield Solar, Saskatchewan's first-ever utility-scale solar facility.
• Continuing work on the new natural gas-fired Great Plains Power Station near Moose Jaw.
• Continuing refurbishment projects to extend the life of the 289-MW E.B. Campbell Hydroelectric Station near Nipawin and the 186-MW Coteau Creek Hydroelectric Station at Diefenbaker Lake.
• Commencing construction of SaskPower's Logistics Warehouse at the Global Transportation Hub.
• Taking further steps toward evaluating the potential use of nuclear power from small modular reactors in Saskatchewan.
• Selecting a vendor to build Saskatchewan's first-ever utility-scale Battery Energy Storage System in Regina.
• Once again receiving Gold certification in Progressive Aboriginal Relations from the Canadian Council for Aboriginal Business.

For further information, please visit saskpower.com.

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