Due to positive 2011 results and expectations for a continued strong financial performance, SaskPower will not be seeking a rate increase in 2012. The company made this announcement as it tabled its 2011 Annual Report in the Legislative Assembly today. SaskPower reported an income of $239 million in 2011, representing an increase in operating income of $16 million over the previous year.
"SaskPower's decision to not proceed with a rate application in 2012 is good news for our customers and our province's ongoing economic momentum," Minister responsible for Saskatchewan Power Corporation Rob Norris said. "At the same time, in order to continue energizing Saskatchewan's growth, ongoing capital investments - estimated at $1 billion in 2012 - will be needed to meet increasing electricity demand, renew aging infrastructure and invest in environmentally sustainable technologies."
"During a time of record demand, SaskPower's performance in 2011 exceeded expectations in many areas," SaskPower President and CEO Robert Watson said. "I'm particularly proud of the extraordinary effort made by all our employees in ensuring we continued to provide safe and reliable power to customers during a year of unprecedented flooding and storms. While we're proud of our financial and operational achievements over the past year, we're committed to continue our efforts to strike a balance between maintaining financial stability, ensuring affordability, delivering cleaner sources of energy and providing security of supply."
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