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SaskPower says no rate increase for 2019-20 fiscal year

SaskPower said a lower than forecasted cost of natural gas will allow it to meet its financial goals without raising rates during the 2019-20 fiscal year. File / Global News

SaskPower said Thursday it does not plan on applying for a rate increase during the 2019-20 fiscal year.

The Crown corporation said it will be able to meet its financial goals without raising electricity rates due to lower than forecasted natural gas prices and its optimization efforts.

READ MORE: Heat wave helps Saskatchewan set new summer power record

Roughly $115 million has been saved since 2015 through a combination of restraint and optimization activities, according to SaskPower.

The Crown corporation said it still plans to invest about $1 billion annually to modernize and grow the province’s power grid.

In 2017-18, SaskPower recorded a net income of $146 million, up from $56 million in 2016-17.

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