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SaskPower reports higher operating income in 2015

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SaskPower reports higher operating income in 2015

In its 2015-16 annual report, reported an improvement inits operating income for 2015, thanks to higher revenues.

The utility recorded operating income of C$104 million on C$2.30billion in revenues for 2015, compared to C$43 million in operating income onC$2.16 billion in revenues in 2014.

SaskPower reported net income of C$40 million for 2015,compared to C$60 million in 2014. The company attributed the decrease to noncashlosses from natural gas hedges.

SaskPower noted that it has changed its fiscal year-end toMarch 31 to mirror financial reporting of other government ministries anddepartments. And for the most recent annual report, the company also includedresults from Jan. 1, 2015, to March 31, 2016.

During this 15-month period, SaskPower reported operatingincome of C$124 million and revenue of C$2.89 billion. The company alsoinvested C$1.2 billion in Saskatchewan's electrical system for the fiscal year.

"We continue to operate in an environment where we needto balance the renewal of our aging electrical system while meeting customers'growing demand for power," said SaskPower President and CEO Mike Marsh."We'll continue to look for ways to increase our efficiency andeffectiveness, so that we can provide reliable, sustainable and cost­-effectivepower to the people of Saskatchewan."

SaskPower plans to invest about C$1 billion a year oncapital projects to renew and maintain aging facilities and on necessaryinfrastructure to meet demand growth.