SaskPower Releases 2023-24 Annual Report

Released on July 9, 2024

SaskPower reported a net income of $184 million for the 2023-24 fiscal year as the company released its annual report today.  

This represents a $356 million increase in net income over 2022-23. The positive results for 2023-24 were largely due to increase sales revenues and lower fuel costs.  

"In 2023-24, SaskPower made significant investments in Saskatchewan’s electricity system to meet the needs of our growing province," Minister Responsible for SaskPower Dustin Duncan said. "Another near-record capital investment of over $1.2 billion saw hundreds of millions of dollars invested in work from local and Indigenous businesses and contractors."

The capital investment program included $520 million in sustainment activities to repair and upgrade aging generation, transmission and distribution infrastructure, and $621 million on growth projects such as new generation facilities and expanded grid capacity. About $72 million was spent on other strategic investments such as the Regina Operations and Maintenance Complex.

SaskPower also remains on track to both reduce greenhouse gas (GHG) emissions by 50 per cent from 2005 levels by 2030 and achieve net-zero emissions by 2050 or earlier.  

"SaskPower is undertaking its largest revitalization and growth initiative in its nearly century-long history, and in 2023-24 we continued to invest in lower-GHG and non-emitting generation options," SaskPower President and CEO Rupen Pandya said. "We have continued to make the necessary investments to ensure we can provide reliable, sustainable and affordable power to customers for many years to come."  

Notable accomplishments for 2023-24 include:

• Launching competitive procurement processes for 600 MW of new renewable generation -- consisting of 200 MW solar generation and 400 MW wind generation -- to be located in south-central Saskatchewan.

• Selecting Iyuhána Solar LP to build a 100-MW solar facility in the Estevan area that will be operational as early as December 2026.

• Advancing assessment of the long-term viability of nuclear small modular reactors as an emissions-free baseload option in Saskatchewan by signing two industry partnership agreements.

• Passing the 95 per cent completion point on construction of the new 377-MW natural gas-fired Great Plains Power Station in Moose Jaw.

• Selecting Burns & McDonnell to be the engineering, procurement and construction partner for the 370-MW Aspen Power Station that will be located near Lanigan.

• Reaching a milestone of six million tonnes of carbon dioxide captured since start-up of the Boundary Dam Power Station Integrated Carbon Capture and Storage Facility.

• Completion of the second and third stages in a five-part public engagement project that saw more than 25,000 Saskatchewan residents take part in a conversation on our future supply planning.

• Contributed more than $1.8 million to educational and community initiatives across the province through our Corporate Contributions Program.

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

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For more information, contact:

Media Relations
SaskPower
Regina
Phone: 306-536-2886
Email: mediarelations@saskpower.com
Cell: 306-536-2886