Released on April 14, 2015
SaskPower made significant investments of $1.279 billion into the province’s electrical grid in 2014, as aging infrastructure, increasing demand and changing environmental regulations continue to challenge the Crown corporation.SaskPower tabled its 2014 Annual Report in the Saskatchewan Legislative Assembly today, reporting an operating income of $43 million in 2014 on more than $2 billion in revenue.
“Our province is focusing on investing in infrastructure to keep our province strong, and that includes our electrical grid,” Minister responsible for SaskPower Bill Boyd said. “Those investments do have an impact on SaskPower’s annual income, but they are necessary to renew and improve the system and meet increasing demand for electricity in our growing province.”
“Like many electrical utilities, SaskPower is continuing to operate in a challenging environment,” SaskPower President and CEO Mike Marsh said. “Demand for electricity has grown nearly 10 per cent in just two years, and our peak demand continues to break records. It’s critical that we invest in renewing and maintaining our system so that we are positioned to supply reliable, affordable and sustainable power today and into the future.”
Key SaskPower highlights from 2014 include:
- $409 million to upgrade power stations;
- $583 million to connect customers to the system, as well as transmission and distribution upgrades;
- The successful launch of the Boundary Dam carbon capture and storage project, the first of its kind in the world;
- Construction continued on the Shand Carbon Capture Test Facility, scheduled to be complete this year;
- Work continued on the expansion of the Queen Elizabeth Power Station in Saskatoon, which will add 205 megawatts to the grid when complete in 2015;
- Work on the $380 million I1K transmission line, which will run from Island Falls to Key Lake to serve industry and improve reliability in the province’s north;
- SaskPower reached an agreement with Manitoba Hydro to import 25 MW of power from 2015 to 2022;
- SaskPower was recognized as one of Canada’s Best Diversity Employers and Top Employers for Young People, as well as one of Saskatchewan’s Top Employers;
- SaskPower was awarded Progressive Aboriginal Relations Silver Status by the Canadian Council for Aboriginal Business;
- The interactive Power to Grow tour traveled across the province last summer, making more than 100 stops and reaching more than 26,000 people; and
- SaskPower invested nearly $1.6 million in the communities and organizations that make our province a great place to be.
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For more information, contact:
Tyler Hopson
SaskPower
Regina
Phone: 306-566-3167
Email: thopson@saskpower.com
Cell: 306-536-2886