SaskPower, SaskEnergy release annual reports as SaskPower reveals substantial net income decline
Global News
SaskPower reported a net income of $11 million during the 2021-2022 fiscal year, a drop from $160 million in 2020-2021.
The 2021-2022 annual reports for SaskEnergy and SaskPower have been released with the spotlight focused on the latter’s financial performance in the previous fiscal year.
SaskPower’s annual report, which was presented on Wednesday, shared that the company recorded a net income of $11 million — a substantial decrease from 2020-2021’s $160 million net income.
Officials say the drop is largely resulting from rising fuel costs, increased purchase power costs and low water levels in Lake Diefenbaker that were not enough to create much hydroelectricity.
As a result, SaskPower purchased more natural gas and coal as the demand for electricity grew by 4.1 per cent in the province.
“I think it shows the vulnerability we have to weather conditions as well with the good work SaskPower and its partners have done with regards to diversifying the electrical supply,” said Morgan on Wednesday at the legislative building.
Morgan added there will be additional financial pressures over the coming months or years — due to new power sources going online — if the province has to rely on coal while waiting for other options to be brought online.
SaskPower anticipates power demand will increase another 1.4 per cent in this fiscal year.
“Most of the new sources that will come online will be more expensive than coal or natural gas,” said Morgan.
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