Released on April 22, 2009
In 2008, SaskPower set new marks indicative of the province's strong growth; record peak load, record customer connects and record new service applications.
Today's announcement came as the Corporation's financial and operating highlights were released during the tabling of SaskPower's 2008 Annual Report in the Saskatchewan Legislative Assembly. SaskPower posted an operating income of $92 million and paid dividends of $46 million to Crown Investments Corporation in 2008.
"During unprecedented economic growth last year, SaskPower responded with an exceptional operational performance as extraordinary demands were placed on infrastructure and services," Crown Corporations Minister Ken Cheveldayoff said. "SaskPower continues to play a pivotal role in the ongoing economic growth of our province."
Key SaskPower highlights from 2008 include:
- Record peak load of 3,194 megawatts (MW).
- Record 16,162 new service applications.
- Record $103 million spent on new customer connects.
- One of the first and largest fully integrated carbon capture and sequestration demonstration projects in the world announced at Boundary Dam Power Station Unit #3.
- Contracts for the installation of 94 MW of natural gas-fired generation at the Ermine Switching Station awarded.
- Natural gas-fired units of 105 MW at Queen Elizabeth Power Station and 141 MW at a location near North Battleford planned.
- $125-million major upgrade of Poplar River Power Station Unit #1 concluded.
- Geothermal and Self-generated Renewable Power Loan introduced.
- Funding for Energy Efficiency for New Homes Rebate Program and Net Metering Program enhanced.
- More than $1 billion spent on Saskatchewan goods and services.
"In 2009, SaskPower will make its single largest investment in the provincial electrical system, spending more than $950 million to meet the growing demand for power in Saskatchewan," Cheveldayoff said. "We expect that our recent announcement of a dividend suspension in 2009 will further strengthen SaskPower's program of revitalization and expansion."
"With one of the most capital-intensive periods in the company's history ahead, SaskPower is committed to balancing the need to introduce cleaner sources of energy while maintaining security of supply and financial stability," SaskPower President and CEO Pat Youzwa said. "We recognize the leadership role we must take in supporting the Government of Saskatchewan's Go Green Plan, and we will partner with customers, the private sector and public sector to assist in meeting the provincial target for reducing greenhouse gas emission levels."
Copies of the 2008 SaskPower Annual Report are available online at saskpower.com.
About SaskPower
As the principal supplier of electricity in Saskatchewan, SaskPower serves more than 460,000 customers and manages $4.5 billion in assets. The corporation operates three coal-fired power stations, seven hydroelectric stations, four natural gas stations and two wind facilities with an aggregate generating capacity of 3,172 megawatts (MW). SaskPower maintains more than 156,000 kilometres of power lines, 52 high voltage switching stations and 182 distribution substations.
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For more information, contact:
Larry Christie
SaskPower
Regina
Phone: 306-566-3167
Email: lchristie@saskpower.com
Cell: 1-888-536-0000