SaskPower projecting rare $100M loss this year
CBC
SaskPower is projecting a net shortfall of $105 million this fiscal year, something the minister responsible for the Crown corporation, Don Morgan, says is rare.
SaskPower reported a net income loss of $97 million in the first half of 2022-23, a period that ending Sept. 30.
Over the same period in 2021-22, the corporation reported $13 million in net income. The $110-million swing was due to a $172-million increase in expenses.
SaskPower reported a total net income of $11 million in 2021-22, down from $160 million the previous year.
"We saw a significant drop in water levels, which limited what we could do with electrical generation for hydro," Morgan said.
"We've had significant increases in some of our supply costs: 38 per cent increase to natural gas, 36 per cent increase to coal, [plus] both coal and natural gas attract carbon tax, which is a significant expense as well," Morgan said.
SaskPower said fuel and purchased power costs increased by $121 million.
Morgan said federal government carbon pricing is having an impact on SaskPower, with emissions payments going up to an estimated $180 million in 2022 from $56 million in 2020.
"So our goal has to be to move away from fossil fuels and find a path forward for additional renewables and look more carefully at nuclear."
He said it is rare for the corporation to report a net income loss. It's last deficit came in 2015-16 when the Crown corporation reported a net income loss of $19 million.
"SaskPower has provided positive numbers going back to the early 1990s. We want to watch very carefully what's going to happen and what adjustments we have to make to both rates and where we go forward for power generation."
SaskPower increased rates by four per cent in 2022 and will again add four per cent in April 2023. In Dec., it announced plans to add a separate three per cent increase effective Jan. 1, 2023.
"We are striving to achieve these goals while keeping rates as low as possible, while complying with a federal regulatory framework that requires us to collect additional carbon tax revenue," said SaskPower President & CEO Rupen Pandya, in a news release.
Morgan said if natural gas and coal prices remain high, "that has to affect the rates that are paid by customers."
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WARNING: This story contains profanity and details of racist language.