SaskPower reports $205M income in 2019-20, tables annual report
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SaskPower 2019-20 Annual Report highlights $205M net income, grid capacity upgrades, emissions reduction progress, Chinook Power Station natural gas baseload, and wind and solar renewable energy to support Saskatchewan's Growth Plan and Prairie Resilience.
The Situation Explained
SaskPower's 2019-20 results: $205M income, grid upgrades, emissions cuts, and new gas baseload with wind and solar.
$205M net income, up $8M year-over-year
Chinook Power Station adds stable natural gas baseload
Increased grid capacity enables more wind and solar
SaskPower presented its annual report on Monday, with a net income of $205 million in 2019-20, even as Manitoba Hydro's financial pressures highlight regional market dynamics.
This figure shows an increase of $8 million from 2018-19, despite record provincial power demand that tested the grid.
“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.
In the last year, SaskPower has repaired and upgraded old infrastructure, invested in growth projects and increased grid capacity, including plans to buy more electricity from Manitoba Hydro to support reliability and benefiting from new turbine investments across the region.
The utility is also exploring procurement partnerships, including a plan to purchase power from Flying Dust First Nation to diversify supply.
“During the past year, we continued to move toward our target to reduce carbon dioxide emissions 40 per cent from 2005 levels by 2030, as part of efforts to double renewable electricity by 2030 across Saskatchewan,” 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, and exploring geothermal power alongside wind and solar generation.”
