Latest news with #RupenPandya
Yahoo
24-06-2025
- Business
- Yahoo
Sask. NDP warns of bill hikes as Crown corporations report drop in net earnings
The CEO of SaskPower says customers can expect rate increases as the Crown corporation faces rising demand and pressure on its infrastructure. In the release of Crown corporation annual reports on Monday, SaskPower reported net earnings of $75.7 million in 2024-25, down $108.9 million from the previous year. It attributes the decrease to power electricity exports and customer contributions. SaskPower's spending also dropped, mainly due to lower fuel and purchased power costs. CEO Rupen Pandya said demand on the grid is expected to double by 2050, requiring major investment. "Between 2025 and 2050, to deploy another 5,000 or 6,000 megawatts of power will be an unprecedented challenge," Pandya said. He said demand from electric vehicles, AI data centres and industrial growth are driving that projection. Pandya said that future rate increases are expected, but will they go through the Rate Review Panel before being implemented. "We hope to keep those as modest as possible," he said. Saskatchewan's crown corporations reported the highest ever capital spending and record revenues in 2024-25; however, net earnings declined compared to the previous year, according to the Crown Investments Corporation's (CIC) annual report. CIC functions as a holding company for the various Crown corporations in the province, such as SaskTel and Lotteries and Gaming Saskatchewan. The government says net income was $510 million, down from $578 million the previous year. Almost half of earnings — $240 million — was directed to the province's general revenue fund. Jeremy Harrison, the minister responsible for CIC, said the general revenue fund helps pay for things like education and health care. "Our Crowns delivered the second-lowest total cost utility bundle in Canada in 20224-25 and offered some of the lowest auto insurance and natural gas commodity rates in the entire country," Harrison said. Aleana Young, SaskPower critic for the Sask. NDP, said the dip in earnings and rising debts indicate the Crown corporations are under financial strain. "When profits fall and debt climbs, rate hikes follow," she said at a news conference Monday. "It's only a matter of time before the Sask. Party raises your power bills yet again." The NDP also flagged that the SGI Auto Fund saw a fourth consecutive year of losses in the Rate Stabilization Reserve with almost $200 million lost last year. Meanwhile, SGI posted $43.2 million in net earnings. "SGI is supposed to operate the Auto Fund on a break-even basis and keep rates affordable for Saskatchewan families," said Hugh Gordon, the shadow minister for SGI said a press release. "With years of losses in SGI's rate stabilization fund under the Sask. Party's watch, Saskatchewan people are going to be forced to pay higher premiums." SaskTel earned $82.2 million in net income in 2024–25, down $13.2 million from 2023-24. It spent $398.5 million in capital investments, up $30 million from the last fiscal year. The corporations said that's largely due to increased wireless device costs. "We're going to have to work on being an efficient company … we're here to compete and we're certainly poised to do that," said Jeff Welke, SaskTel's director of corporate affairs. According to the report, more than 77 per cent of Saskatchewan homes and businesses now have access to infiNET, SaskTel's fibre optic network. SaskEnergy reported a net income of $82 million before market value adjustments, up $27.9 million from 2023-24 This is primarily due to increases in core delivery and transportation revenues. According to the report, it returned $31.8 million to the government in the form of dividends, up from $20.6 million last year. It also issued $5 million in energy rebates.
CBC
02-05-2025
- Business
- CBC
Indigenous-led partnerships powering 2 new Sask. renewable energy projects
Social Sharing Two new renewable energy projects are coming to south-central Saskatchewan, both through Indigenous-led partnerships. The projects were announced Thursday at a news conference in Regina with provincial officials, SaskPower and Indigenous leaders. SaskPower awarded contracts for the 200-megawatt Rose Valley Wind Project, east of Assiniboia, and the 100-megawatt Southern Springs Solar Project, south of Coronach. The projects will be developed and run by Potentia Renewables Inc. in partnership with the Meadow Lake Tribal Council (MLTC) and Mistawasis Nêhiyawak First Nation. The wind project will operate under a 30-year power purchase agreement (PPA), while the solar project will run under a 25-year PPA. M-Squared (M2) Renewables, a joint venture between MLTC and Mistawasis Nêhiyawak, will hold a 51 per cent stake in each project — making it the largest Indigenous ownership share of any utility-scale energy initiative in Saskatchewan to date, according to a news release. The provincial government said the announcement reflects a broader commitment to economic reconciliation and supporting Indigenous participation in major infrastructure developments across the province. "With these projects, our government and SaskPower are continuing to advance economic reconciliation and build on our strong relationships with Saskatchewan's Indigenous communities," Jeremy Harrison, minister responsible for SaskPower, said in a news release. SaskPower said the two projects will produce enough electricity to power about 125,000 homes, while helping reduce emissions and maintain affordability. "Southern Springs Solar and Rose Valley Wind will not create emissions while generating," Rupen Pandya, SaskPower President and CEO said. Meadow Lake Tribal Council Chief Jeremy Norman said the projects are not only about delivering power — they're about creating opportunity. He said the ability to own and operate energy infrastructure brings meaningful participation in the provincial economy and supports long-term goals of self-determination. "To make power from wind to make power from the sun, what creator has made, it's a no-brainer for us," Norman tribal said at the event. "To be one step closer to bringing our kids more opportunity, tackling some of the issues in our community, that our people face, it's a no-brainer." Mistawasis Nêhiyawak Chief Daryl Watson also welcomed the collaboration, calling it an example of reconciliation in action. He said the economic impact will help the community build much-needed infrastructure. "Now we're looking at increasing our housing allocations, we're looking at building a hockey arena, we're looking at community centres now that have never been thought of before," Watson said. The projects are expected to be completed in late 2027. Once operational, the new facilities will bring SaskPower's total wind generation capacity to 1,217 megawatts and solar capacity to 318 megawatts.
