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LOWEST RATES, ENERGY EFFICIENCY COMMITMENT HIGHLIGHT EXCELLENT OPERATIONAL AND FINANCIAL YEAR

Released on April 17, 2007

SaskEnergy delivered the lowest natural gas rates in Canada and continued its industry-leading commitment to customer energy efficiency, two highlights of an excellent operational and financial year in 2006.  The crown corporation tabled its 2006 annual report in the legislature today, recording net income of $53 million, with a dividend declared to Crown Investments Corporation of $34.5 million.

“SaskEnergy stands out as an example of what a well-managed Crown corporation can accomplish, balancing good financial management with sound public policy,” Minister responsible for SaskEnergy Andrew Thomson said. “By helping its customers and the community at large, SaskEnergy has shown it is a leader in our green and prosperous economy.”

Thomson pointed to the more than 15,000 customers who have taken advantage of the Saskatchewan Energy Share initiative, to make permanent improvements to their energy efficiency.  “Customers who change to high efficiency furnaces are frequently able to have permanent savings of between $200 or $300 from rates that are already the lowest in Canada.  SaskEnergy has taken a central role in administering the updated Energuide for Housing Program which is aimed at helping people reduce their energy and water consumption.”

Other 2006 operational and financial highlights included:

  • The addition of another 2,900 customers to the province’s natural gas system, with a further commitment, announced early in 2007, to extend service to La Ronge.
  • Two further rate reductions for transmission and storage customers of TransGas, supporting a healthy natural gas industry within the province.
  • The Corporation invested $71 million in Saskatchewan to extend service and to ensure safety and reliability.  
  • SaskEnergy was also successful in reducing debt by $17 million.
  • The Corporation’s four diversified out-of-province investments – Gas Sur S.A. (Chile), Igasamex (Mexico), Heritage Gas (Nova Scotia) and Swan Valley Gas (Manitoba) – continue to be successful growth investments. 

“We expect SaskEnergy to continue to perform well in 2007 and into the future,” Thomson said.  “This is an efficient, well-run company that is involved in its communities and is committed to serving the people of Saskatchewan.”

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For more information, contact:

Ron Podbielski
Corporate Affairs
Regina
Phone: 306-777-9432
Email: rpodbielski@saskenergy.com
Cell: 306-537-0274

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