SaskEnergy 2023-24 Annual Report
July 10, 2024
SaskEnergy expanded program and service offerings while meeting the energy needs of Saskatchewan in 2023-24.
“SaskEnergy continues to prioritize affordability for customers by reducing the commodity rate by more than 24 per cent, no longer collecting the federal carbon tax on natural gas used for home heating and providing the second-lowest average residential natural gas bills in Canada throughout 2023-24,” Minister Responsible for SaskEnergy Dustin Duncan said. “SaskEnergy also continues to support customers in maintaining low monthly bills through its expanding portfolio of energy efficiency programs like the Residential Equipment Replacement Rebate and the First Nations Furnace Replacement Rebate.”
In 2023-24, SaskEnergy enhanced its service to customers by introducing new online appointment bookings as well as a new mobile app that allows customers to manage their accounts remotely. Three new energy efficiency incentives were also launched to further assist customers, including a new rebate that supports First Nations across Saskatchewan to reduce their energy usage.
To continue serving its growing base of more than 411,000 customers while maintaining a service reliability rate greater than 99.99 per cent, SaskEnergy also invested $171 million in system expansion and reliability initiatives. Expansion projects in 2023-24 were targeted in the Melfort and Regina areas.
“Affordability and environmental responsibility are the hallmarks of our business, and we know these are firmly held values of our customers,” said Mark Guillet, SaskEnergy’s President and CEO. “I’m proud of SaskEnergy’s achievements of the past year, which were realized thanks to the hard work and dedication of our more than 1,200 employees.”
In 2023-24, SaskEnergy recorded a net income before unrealized market value adjustments of $55 million, compared to $126 million from the year prior. The decrease is largely due to year-over-year decreases in asset optimization margins, delivery revenues, and customer capital contributions.
SaskEnergy declared a dividend of $21 million to Crown Investments Corporation (CIC) based on income before unrealized market value adjustments.
Other SaskEnergy highlights for 2023-24 include:
– Reduced greenhouse gas emissions from its operations by 8,000 tonnes of carbon dioxide equivalent (CO2e).
– Received national recognition for the second consecutive year as one of Canada’s Top 100 Employers.
– Supported 871 programs and events in 360 communities through community investment initiatives.
– Purchased $258 million in goods and services from Saskatchewan vendors, representing 65 per cent of all corporate purchase orders.
View SaskEnergy’s 2023-24 Annual Report here.
