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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:
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