SaskPower takes $172M hit as Crowns report earning losses

One of Saskatchewan’s largest Crown corporations is reporting significant earning losses.

SaskPower is looking at a net loss of $172 million, which was reportedly largely a factor of rising fuel prices, increased maintenance costs and a $26-million settlement paid over a contract dispute.

The Crown power company said it plans to turn a profit next year, and is budgeting a surplus of $23 million.

According to The Canadian Press, other Crowns in Saskatchewan turned a profit over the past fiscal year, but the earnings were generally lower than the previous year.

SaskEnergy made $59 million, down from $158 million the previous year. SGI Canada earned $24 million, a steep drop from the $82 million reported the year before. SaskTel, meanwhile, made $104 million, about the same as the previous year.

The provincial government received $143 million in dividends from its Crowns this fiscal year.

While the government typically holds a news conference to unveil the numbers, that wasn’t the case this year. Carla Beck, leader of the Saskatchewan NDP, said she feels Scott Moe’s government is ducking away from accountability.

“I understand why they didn’t want these reports to be particularly widely circulated, but that is a function of government,” Beck said.

All told, Saskatchewan’s Crowns reported consolidated net earnings of $7.4 million, a major decline from the $361 million reported a year before.

— With files from The Canadian Press