Released on July 6, 2020
SaskPower reported a net income of $205 million for 2019-20 today as the company tabled its annual report at the provincial Legislative Assembly. This represents an $8 million increase in net income for the Crown electrical utility over 2018-19.
“Reliable, sustainable and cost-effective electricity is crucial to achieving the economic goals laid out in the Government of Saskatchewan’s Growth Plan and the emissions reductions targets outlined in Prairie Resilience, our made-in-Saskatchewan climate change strategy,” Minister Responsible for SaskPower Dustin Duncan said. “During the past year, SaskPower has continued demonstrating its leadership in powering homes and businesses province wide while laying the groundwork for a lower-carbon future.”
During 2019-20, SaskPower invested about $696 million into the provincial electricity system. This includes $374 million to repair and upgrade aging generation, transmission and distribution infrastructure, and $253 million on growth projects such as new generation facilities and expanded grid capacity. About $69 million was spent on other strategic investments such as technology and security, Advanced Metering Infrastructure (AMI), and other projects.
“During the past year, we continued to move toward our target to reduce carbon dioxide emissions 40 per cent from 2005 levels by 2030,” SaskPower President and CEO Mike Marsh said. “The newly commissioned natural gas-fired Chinook Power Station will provide a stable source of baseload power while enabling the ongoing addition of intermittent renewable generation capacity such as wind and solar generation.”
Notable accomplishments for 2019-20 include:
- Commissioning of the new 353-megawatt (MW) natural gas-fired Chinook Power Station near Swift Current on time and under budget.
- Completion of the Pasqua to Swift Current Transmission Line, a $185 million project that stretches 200 km and plays a key role in moving electricity from the new Chinook Power Station while supporting future wind generation development.
- Announcement of a Request for Proposal (RFP) phase of the new 350-MW natural gas-fired Great Plains Power Station, to be located in Moose Jaw and operational in 2024.
- Opening of a new competitive solicitation for up to 300-MW of wind-generated power to be developed and operational by the end of 2023.
- Announcement of a 25-year power purchase agreement with Meadow Lake Tribal Council for up to 8-MW of biomass-generated electricity from a facility adjacent to the NorSask Sawmill located near Meadow Lake.
- Signing of a 20-MW utility-scale solar Opportunity Agreement with First Nations Power Authority to secure the development of First Nations-led projects estimated to be worth $85 million over 20 years.
- Continuing work on a $248 million project to extend the life of the 289-MW E.B. Campbell Hydroelectric Station near Nipawin.
- Approval of 23 new customer projects bringing 34-MW of solar and carbon-neutral flare gas projects to the grid as part of our Power Generation Partner Program.
- Achievement of the Canadian Electricity Association Sustainable Electricity Company Designation, recognizing SaskPower’s commitment and work surrounding social responsibility and sustainable development.