Released on July 7, 2021
In 2020-21, SaskPower produced a strong financial and operational performance despite the COVID-19 pandemic, while also preparing to assist in Saskatchewan's economic recovery.
"SaskPower introduced financial relief for customers within a week of the first reported case of COVID-19 in Saskatchewan, and the company continued to demonstrate its commitment to its customers throughout the pandemic," Minister Responsible for SaskPower Don Morgan said. "In addition to direct measures such as the Community Rink Relief Program and waiving interest on outstanding bills, SaskPower contributed $1.8 billion to the provincial economy in 2020-21, including $573 million in contracts to Saskatchewan suppliers."
SaskPower reported a net income of $160 million in 2020-21, down $45 million compared to 2019-20. This was due in part to a three per cent drop in electricity use primarily related to the COVID-19 pandemic.
"Our financial results were stronger than expected given the COVID-19 pandemic, and we continued to find internal efficiencies, which contributed to a third consecutive year without filing a rate increase," SaskPower President and CEO Mike Marsh said. "We were able to do this while investing $693 million in the provincial electricity system to ensure the delivery of reliable, sustainable and cost-effective power to our customers."
Some notable accomplishments for SaskPower in 2020-21 include:
- Commencement of construction of the 350-megawatt (MW) natural gas-fired Great Plains Power Station.
- Signing on to the Government of Canada's Small Modular Reactor Action Plan.
- Announcing the development of the 10-MW Foxtail Grove Solar Energy Facility in northeast Regina.
- Entering into power purchase agreements for two 10-MW solar projects brought forward by the First Nations Power Authority.
- Announcing SaskPower's first utility-scale battery energy storage system, which will support the integration of renewable energy and be able to power up to 20,000 homes for one hour.
- Announcing the residential smart meter pilot while also completing the installation of over 38,000 smart meters for industrial and commercial customers since 2017.
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