SaskPower invests to support demand growth, renew aging grid
SaskPower tabled its 2014 Annual Report in the Saskatchewan Legislative Assembly today, reporting an operating income of $43 million in 2014 on over $2 billion in revenue.
“Our province is focusing on investing in infrastructure to keep our province strong, and that includes our electrical grid,” Minister Responsible for SaskPower Bill Boyd said. “Those investments do have an impact on SaskPower’s annual income, but they are necessary to renew and improve the system and meet increasing demand for electricity in our growing province.”
“Like many electrical utilities, SaskPower is continuing to operate in a challenging environment,” said President and CEO Mike Marsh. “Demand for electricity has grown nearly 10 per cent in just two years, and our peak demand continues to break records. It’s critical that we invest in renewing and maintaining our system so that we are positioned to supply reliable, affordable and sustainable power today and into the future.”
Key SaskPower highlights from 2014 include:
- $409 million to upgrade power stations
- $583 million to connect customers to the system, as well as transmission and distribution upgrades
- The successful launch of the Boundary Dam carbon capture and storage project, the first of its kind in the world
- Construction continued on the Shand Carbon Capture Test Facility, scheduled to be completed in 2015
- Work continued on the expansion of the Queen Elizabeth Power Station in Saskatoon, which will add 205 megawatts to the grid when complete in 2015
- Work on the $380 million I1K transmission line, which will run from Island Falls to Key Lake to serve industry and improve reliability in the provinceÂ’s north
- SaskPower reached an agreement with Manitoba Hydro to import 25 MW of power from 2015 to 2022
Related News
DBRS Confirms Ontario Power Generation Inc. at A (low)/R-1 (low), Stable Trends
TORONTO - DBRS Limited (DBRS) confirmed the Issuer Rating and the Unsecured Debt rating of Ontario Power Generation Inc. (OPG or the Company) at A (low) and the Commercial Paper (CP) rating at R-1 (low).
All trends are Stable. The ratings of OPG continue to be supported by (1) the reasonable regulatory regime in place for the Company's regulated generation facilities, (2) strong cash flow-to-debt and debt-to-capital ratios and (3) continuing financial support from its shareholder, the Province of Ontario (the Province; rated AA (low) with a Stable trend by DBRS). The Province, through its agent, the Ontario Electricity Financial Corporation…
