Released on April 21, 2015
Saskatchewan’s Crown Corporations had consolidated net earnings of $163 million in 2015, with total revenues increased to $5.2 billion.Crowns recognize the need for capital improvements and the increase in demand for their services.
In order to meet this unprecedented need, Crown corporation capital investment in infrastructure continued at record levels. In 2014, $1.9 billion was spent, despite challenges of competition, high construction and operation costs and unrealized market value adjustments that affected net earnings at SaskTel, SaskEnergy and SaskPower.
“The Crown corporations are investing to meet the demands of growth in our province,” Crown Investments Minister Don McMorris said. “Infrastructure investment continues, at record levels, enabling the Crowns to provide high quality services that Saskatchewan residents and businesses have come to expect, while keeping rates among the lowest in Canada.”
Some of the projects included:
- Launch of the Boundary Dam Integrated Carbon Capture and Sequestration Project, the first of its kind in the world.
- Expansion of InfiNET, SaskTel’s fibre network, to Prince Albert – continuing the work already being done in Regina, Saskatoon and Moose Jaw.
- SaskEnergy spent $101 million to ensure continued safe and reliable distribution and transmission of natural gas.
- $6.5 million spent by SaskWater on asset refurbishment and replacement.
- The Crown sector also paid $206 million to the government’s General Revenue Fund (GRF).
The 2014 Crown Investments Corporation Annual Report is available online at www.cicorp.sk.ca.
-30-
For more information, contact:
Laur'Lei Silzer
Crown Investments Corporation
Regina
Phone: 306-787-5889
Email: lsilzer@cicorp.sk.ca
Cell: 306-535-7784