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SaskEnergy annual report shows $59M in net profit for 2020-21, low commodity rate

SaskEnergy said it's achieved strong financial and operational results in 2020-21 while maintaining its lowest commodity rate in more than 20 years. File / Global News

SaskEnergy is reporting a net income of $59 million in 2020-21 and declared a $21-million dividend to Crown Investments Corporation (CIC) while maintaining its lowest commodity rate in more than 20 years at $2.575 per gigajoule, highlighted in its annual report released Wednesday.

“Despite the unprecedented challenges presented by the pandemic, SaskEnergy maintained an exceptional level of service to customers while also providing one of the lowest residential gas utility rates in the country,” said Don Morgan, Saskatchewan’s minister responsible for SaskEnergy.

“The reliability and affordability of SaskEnergy’s service provides residents peace of mind knowing they will have the energy they need to heat their homes and run their businesses.”

Through its residential equipment replacement rebate, commercial space and water heating program, and commercial boiler program, SaskEnergy helped both homeowners and businesses replace aging natural gas equipment with new high-efficiency models.

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It provided more than $1.8 million in rebates through these programs, helping customers to lower utility costs and reduce greenhouse gas emissions.

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SaskPower also implemented the province’s Crown utility interest waiver program, which waived late payment charges for a six-month period to provide some relief to customers during the pandemic.

“SaskEnergy’s customer programs not only help Saskatchewan residents and businesses make their energy dollars go further, they highlight the importance of carbon monoxide safety,” Morgan said.

“This year, the Canadian Gas Association awarded SaskEnergy’s carbon monoxide (CO) safety initiative with its annual Michael Mulcahy Award for Excellence and Innovation in Customer Care and Service.”

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The CO safety initiative included a $10 point of purchase CO alarm rebate in 139 stores across 75 communities, allowing customers across Saskatchewan to install 24,500 carbon monoxide alarms in their homes in 2020-21.

SaskEnergy also invested $48.6 million in transmission infrastructure and gas lines near Shaunavon and Pierceland aimed at strengthening system reliability and invested $89 million into safety and integrity programs across Saskatchewan.

The Crown Corporation spent $319 million in Saskatchewan which is about 70 per cent of its total purchases in 2020-21.

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According to the report, SaskEnergy reduced its overall greenhouse gas emissions by 12,900 tonnes of carbon dioxide which equates to taking more than 2,800 cars off the road.

It also added 3,001 new residential, business and industrial distribution customers and focused on establishing and expanding collaborations with Indigenous environment groups.

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