Crown corporation declares $46 million operating income for 2016-17

SaskPower invested $886 million in the province's electricity system over the past year, as it continues to meet the challenge of sustaining an aging power grid while meeting growing demand and environmental commitments.

SaskPower's 2016-17 Annual Report was tabled in the Saskatchewan Legislative Assembly today, reporting an operating income of $46 million.

"Our province has been called on to meet many challenges over the last year, and we are succeeding. We're investing in the core services that matter to the people of our province to keep Saskatchewan strong," said Minister Responsible for SaskPower Gordon Wyant. "The Province recognizes the importance of SaskPower's investment to sustain our growth and maintain our electrical infrastructure."

While infrastructure investment is crucial and ongoing, SaskPower has also implemented a number of measures to improve processes, work more efficiently and reduce costs. Over the past two years, SaskPower has saved $73 million in budgeted operating, maintenance and administration spending.

"Moving forward, we will continue to invest in the health of our electricity system," said SaskPower President & CEO Mike Marsh. "We'll continue to find ways to work more efficiently and effectively so we can fulfil our mission of ensuring reliable, sustainable and cost-effective power for our customers and the communities we serve." Notable accomplishments for 2016-17 include:

• Beginning construction of a 350 megawatt natural gas-fired plant, Chinook Power Station, near Swift Current
• Starting the $300 million life extension of six units at the E.B. Campbell Hydroelectric Station, which will allow that facility to operate for 50 more years
• Reaching a milestone of capturing nearly 1.5 million tonnes of carbon dioxide at the Boundary Dam Capture Facility since start-up
• Launching the competitive process for our province's first 10 megawatt utility-scale solar project; once built, it will be the first Canadian project of that size outside of Ontario
• Launching the competitive process for up to 200 megawatts of wind generation, with service scheduled to begin in 2021
• Setting three new records for peak electricity demand this past winter, with a total peak increase of 107 megawatts
• Launching the Safety Improvement Program, with a focus on achieving zero workplace injuries and creating a safety first culture at SaskPower
• Investing over $1.4 million in the communities and organizations that make our province a great place to be, with a focus on educational programming in workforce excellence, safety and conservation

To view the full annual report, visit saskpower.com.

At a glance...

• SaskPower reported an operating income of $46 million for 2016-17
• In 2016-17, SaskPower contributed almost $2.4 billion to the provincial economy
• Over the past two years, SaskPower has saved $73 million in budgeted operating, maintenance and administration spending