Released on July 6, 2022
SaskEnergy provided value to customers throughout 2021-22 - including the lowest residential natural gas bills in Canada - while delivering strong financial results on behalf of the people of Saskatchewan.
In its annual report released today, SaskEnergy reported net income from operations of $82 million - up $23 million compared to last year. The increase is largely due to a one-time accounting adjustment related to the conclusion of litigation that awarded SaskEnergy title to its head office building in Regina.
Higher demand for natural gas from industrial customers, as well as higher demand overall due to colder-than-normal winter weather and the addition of more than 2,800 new distribution customers, also contributed to higher net income from operations.
"In 2021-22, SaskEnergy delivered on its vision of providing critical energy for a greener Saskatchewan and contributing to the province's economic prosperity for future generations," Minister Responsible for SaskEnergy Don Morgan said. "SaskEnergy achieved this while ensuring the lowest residential natural gas bills in Canada and providing 99.99 per cent service reliability."
The strong financial showing in 2021-22 allowed SaskEnergy to declare a dividend of $22 million to Crown Investments Corporation, up $1 million from last year. The dividend will go into the Province of Saskatchewan's general revenue fund where it will support public services such as health care and education and help pay for provincial infrastructure such as highways and schools.
Over the past fiscal year, SaskEnergy also enhanced efforts to be environmentally sustainable, including progress on its commitment to reduce emissions from operations by 35 per cent by 2030.
"SaskEnergy staff from across the province came together throughout 2021-22 and developed a comprehensive roadmap that shows how our emissions-reduction goal can be reached," SaskEnergy's Acting President and CEO Mark Guillet said. "SaskEnergy recognizes the critical role we play in a sustainable and prosperous Saskatchewan. Every day of the year - including on the coldest days of winter - SaskEnergy delivers safe, reliable, affordable energy to homes, businesses and industries across the province while supporting local economies and working toward a cleaner energy future."
Other SaskEnergy highlights for 2021-22 include:
- Received three national Environmental Stewardship Awards from the Canadian Gas Association in recognition of SaskEnergy's environmental sustainability efforts in 2021-22;
- Reduced greenhouse gas emissions from operations by 22,000 tonnes of carbon dioxide equivalent (CO2e);
- Helped customers reduce their own end-use emissions through an additional $1.2 million in funding for customer energy efficiency programs - resulting in more than $3 million in rebates for residential and commercial customers who purchased high-efficiency heating equipment;
- Bought $278 million in goods and services from Saskatchewan vendors, representing nearly three quarters of all corporate purchase orders;
- Supported 396 non-profit and charitable programs and events in nearly 200 communities across the province;
- Increased the capacity of its natural gas system and supported the economies of local communities through two system expansion projects - a new 30-kilometre cross-border transmission line near Pierceland and a new 86-kilometre gas line from Rosetown to Vanscoy; and
- Added more than 2,800 new distribution customers to its natural gas system, with total customers now exceeding 405,000.
To view SaskEnergy's 2021-22 Annual Report, please visit https://www.saskenergy.com/about-us/our-company/reports.
For more information, contact:SaskEnergy