Home Canada SaskPower shows $160M in net income for 2020-21, down $45M from a...

SaskPower shows $160M in net income for 2020-21, down $45M from a year ago

SaskPower shows $160M in net income for 2020-21, down $45M from a year ago

SaskPower says it produced a “solid financial and operational performance” in 2020-21 despite some challenges caused by the coronavirus pandemic whereas trying to assist Saskatchewan’s economic recovery.

Early Newspaper

“SaskPower introduced financial aid for possibilities within a week of the primary reported case of COVID-19 in Saskatchewan, and the company continued to demonstrate its dedication to its possibilities all thru the pandemic,” Don Morgan, the minister accountable for SaskPower said.

“In addition to order measures such as the Community Rink Aid Program and waiving interest on outstanding payments, SaskPower contributed $1.8 billion to the provincial economic system in 2020-21, including $573 million in contracts to Saskatchewan suppliers.”

The Crown Corporation released its annual document Wednesday, showing a net income of $160 million in 2020-21 which is down $45 million from the old year. SaskPower says the dip is primarily attributable to a three per cent tumble in electricity use related to the pandemic.

Tale continues below advertisement

“Our financial outcomes had been stronger than anticipated given the COVID-19 pandemic, and we continued to find internal efficiencies, which contributed to a third consecutive year without filing a rate increase,” said Mike Marsh, SaskPower president and CEO.

“We had been able to accomplish this whereas investing $693 million in the provincial electricity system to make sure that the availability of reliable, sustainable and price-effective vitality to our possibilities.”

Outlined in the document, SaskPower began construction of the 350-megawatt natural gas-fireplace Great Plains Vitality Station during 2020-21, signed on to Canada’s small modular reactor action plan and announced the enchancment of the 10-MW Foxtail Grove Solar Energy Facility in northeast Regina.

SaskPower entered into vitality purchase agreements for two 10-MW solar initiatives introduced forward by the First Nations Vitality Authority in 2020-21.

It also announced the cooperation’s first utility-scale battery energy storage system in 2020-21, supporting the integration of renewable energy which can present vitality for up to 20,000 for one hour in the province.

In 2020-21, SaskPower achieved the installation of extra than 38,000 smart meters for industrial and commercial possibilities which began in 2017 and announced the residential smart meter pilot in March which can look extra than 3,700 residents receive smart meters.

Tale continues below advertisement

Click to play video: 'SaskPower rolling out residential smart meter pilot project'

SaskPower rolling out residential smart meter pilot project

SaskPower rolling out residential smart meter pilot project – Mar 16, 2021

© 2021 Global Information, a division of Corus Entertainment Inc.

SaskPower shows $160M in net income for 2020-21, down $45M from a year ago