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SaskPower Delivers Financial Performance while Investing in Energy Infrastructure
News Release – April 11, 2011
SaskPower today tabled its 2010 Annual Report in the Saskatchewan Legislative Assembly, reporting an operating income of $179 million.
Despite the corporation’s solid financial showing, SaskPower continues to be challenged by the need for ongoing capital investments – an estimated $1 billion in 2011 – to meet the growing demand for electricity, renew aging infrastructure and invest in environmentally sustainable technologies.”We are committed to ensuring SaskPower is able to maintain a strong balance sheet while meeting its mandate of providing reliable and affordable electricity to Saskatchewan businesses and residents,” Minister responsible for Saskatchewan Power Corporation Rob Norris said. “For the second year in a row – and only the second time since 1991 – dividends declarable by SaskPower to Crown Investments Corporation of Saskatchewan were suspended. This will allow SaskPower to continue on solid financial footing while powering Saskatchewan’s energy infrastructure through much-needed renewal and expansion.”
As a result of the strong financial performance of 2010 and expectations for continued strength, SaskPower will not be seeking a rate increase in 2011. The corporation’s year-end system average rates compare favourably with other Canadian utilities dependent on thermal generation, coming in at approximately 20 per cent below those of industry peers.
Key SaskPower highlights from 2010 include:
• New electricity and conservation strategy endorsed by the Saskatchewan Legislative Assembly Standing Committee on Crown and Central Agencies.
• $565 million investment in provincial electrical infrastructure.
• 138-megawatt gas-fired Yellowhead Power Station completed and commissioned.
• $354-million rebuild announced for Boundary Dam Power Station Unit #3.
• Six environmentally friendly power projects totalinlg 33 megawatts from independent power producers selected under Green Options Partners Program.
• Construction of 160-kilometre, 230-kilovolt transmission line completed from Poplar River Power Station to Pasqua Switching Station near Moose Jaw.
• Near-record pace for connections of large industrial customers continues.
• Second largest number of new service requests in the past decade.
• $2 billion in spending to be saved or avoided in 10 years targeted by Business Renewal Program.
• Advanced Metering Infrastructure (AMI) Project announced, with new electronic meters expected to facilitate quicker response times for power outages while assisting customers to become more energy efficient.
• Feasibility of new hydroelectric projects studied in partnership with Saskatchewan First Nations communities as part of an ongoing effort to engage with the Aboriginal community.
• Farmyard Power Line Relocation Program and Rural Electrical Distribution Program continued.
• Customer energy efficiency and conservation programs expanded.
• SaskPower recognized as one of Canada’s best diversity employers and one of Saskatchewan’s top employers.
• More than $1 billion flows from SaskPower into Saskatchewan’s economy.
“As we prepare to meet the future requirements of Saskatchewan’s citizens and businesses, we are striving to build upon SaskPower’s legacy by transforming it into a world-class company,” SaskPower President and CEO Robert Watson said. “Overall, we are looking at striking a balance between how to maintain financial stability, ensure affordability, deliver cleaner sources of energy and provide security of supply.”
The 2010 SaskPower Annual Report is available online at www.saskpower.com.
As the principal supplier of electricity in Saskatchewan, SaskPower serves more than 473,000 customers and manages $5.3 billion in assets. The Corporation operates three coal-fired power stations, seven hydroelectric stations, six natural gas stations and two wind facilities with an aggregate generating capacity of 3,513 megawatts (MW). Power purchase agreements bring our company’s total available generating capacity to 3,982 MW. SaskPower maintains more than 150,000 kilometres of power lines, 53 high voltage switching stations and 182 distribution substations.
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