Last year was marked by significant and sustained investments into SaskPower's power grid and generation assets, along with the largest increase to electricity sales the company has seen in two decades - a total of $2 billion was invested in infrastructure in 2013.
The company made the announcement as it tabled its 2013 Annual Report in the Saskatchewan Legislative Assembly today. SaskPower reported an operating income of $167 million in 2013 and more than $2 billion in revenue.
"In 2013, demand for power increased 6.4 per cent - the highest annual growth in 20 years," Minister responsible for SaskPower Bill Boyd said. "There's no doubt that SaskPower has a huge challenge ahead to support that continued growth and rebuild an aging electrical grid. SaskPower is managing that challenge very well, based on these results."
"Saskatchewan set records for power consumption," SaskPower President and CEO Robert Watson said. "Our 2013 peak was 229 megawatts greater than our highest demand in 2012. These indicators make it as critical as ever that SaskPower continues renewing and rebuilding our system for the future."
SaskPower began a $700 million finance lease agreement for the North Battleford Generating Station in partnership with Northland Power. The natural gas-fired station went into full operation in June 2013, adding 260 MW to the grid.
Key SaskPower highlights from 2013 include:
$485 million to upgrade power stations, and $265 million on upgrades to transmission and distribution infrastructure.
$165 million to connect new customers to the power grid.
Work continued on a $532 million expansion of Queen Elizabeth Power Station, near Saskatoon, which will add 205 megawatts to the grid.
Progress continued on the Boundary Dam Integrated Carbon Capture and Storage project and the Shand Carbon Capture Test Facility, both of which are scheduled for completion this year.
In 2013, Boundary Dam Unit #1 was retired, resulting in a reduction of 350,000 tonnes of carbon dioxide released into the environment.
SaskPower collected and sold enough fly ash from Boundary Dam and Shand power stations to prevent 180,000 tonnes of carbon dioxide from entering the atmosphere.
Full deployment of smart meters began in October 2013, with 500,000 meters scheduled for installation.
SaskPower continued to build its reputation as a great place to work, as evidenced by our selection as one of Canada's best diversity employers and a top employer for young people.
The 2013 SaskPower Annual Report is available online at www.saskpower.com.
