SaskPower has announced its 2024-25 capital spending plans, which include a $433-million jump from the previous year.
On Tuesday, the Crown corporation announced it will be investing $1.6 billion in the provincial electricity system during the 2024-25 fiscal year.
SaskPower said the capital spending will ensure more reliable electricity, and continue to modernize and decarbonize the grid.
“Major projects such as the Aspen Power Station will also directly fuel economic growth in our province though the participation of local companies,” said Dustin Duncan, Minister Responsible for SaskPower.
Planned capital expenditures for 2024-25 include:
- $508 million to maintain and upgrade transmission, distribution and generation assets
- $710 million on new generation, including the Aspen Power Station Project and the Ermine and Yellowhead expansions
- $311 million in growth projects, including connecting new customers to the grid
- $67 million in strategic investments that will allow SaskPower to continue with smart meter deployment and continue work on projects such as the Regina Operations and Maintenace Complex
This year, SaskPower will also commission the Great Plains Power Station near Moose Jaw, begin operating the province’s first battery energy storage system near Regina, and add 200 megawatts of renewable energy capacity from the Bekevar Wind Energy Project near Kipling.
“The clean energy transition is the most significant change SaskPower has ever experienced, and investments are required to navigate it successfully,” said Rupen Pandya, SaskPower president and CEO, in a release.
“As we look to the future, our investments will continue to be focused on strengthening our electricity system and moving to lower-carbon generation options.”
More information on the future of SaskPower’s projects can be found at its website.