SaskEnergy made a profit of $70 million in the last fiscal year, according to its annual financial report.
Saskatchewan Energy Minister Dustin Duncan said this year has been more challenging fiscally than what people have been “used to” for the past decade. However, he didn’t express concern about the Crown corporation’s future, despite the struggling economy.
“SaskEnergy continues to add customers and every time they add a customer, there is a cost to that, but that is a source of revenue,” Duncan said at a press conference on Monday.
Last fiscal year, 4,000 new customers joined SaskEnergy’s delivery system, and that number is expected to grow to about 4,500 this year.
SaskEnergy recently applied to raise charges for its delivery of natural gas to businesses and homes. At the press conference, CEO Ken From said the provincial delivery rates rank second cheapest overall in Canada, better than Manitoba and Alberta.
Annual reports will be released by SaskTel, SaskWater, STC, SaskPower, SGI, SOCO, CIC and Sask Gaming this week, providing a snapshot of how much money Saskatchewan will get from its Crowns.
SaskEnergy’s report said market adjustments were “favourable” and increased the corporation’s net income to $146 million.
The corporation paid $29 million in dividends to the Crown Investments Corporation, the holding corporation for Saskatchewan’s Crowns.
Saskatchewan is importing more natural gas than it’s exporting because of low natural gas prices, From said.
In 1988, the industry saw deregulation and the market opened up.
From said that was partnered with massive activity in the oil and gas industry and that allowed the province to export its own product.
However, he said that’s no longer the case as the prices have been so low for the past few years and there hasn’t been new drilling of gas wells.