SaskPower has announced it is seeking another rate increase in a continual string of rate increases in recent years.
The Crown corporation said in a release on Aug. 15 that in order to continue to keep up with the challenge of growing electricity demand, environmental commitments and the need to invest in an aging electrical system, it had submitted an application for a rate increase of five per cent, effective March 1, 2018.
If the increase is approved, an average residential customer will pay an additional $6 per month.
鈥淥ur mission at SaskPower is to ensure reliable, sustainable and cost-effective power for our customers and the communities we serve. In order to keep providing that for the people of Saskatchewan, we will continue to need additional funding,鈥� said SaskPower president and CEO Mike Marsh. 鈥淚n the past five years, we鈥檝e invested over $6 billion in capital projects and power purchase agreements to continue to bring power to our customers.鈥�
As noted in its recent 2016-17 Annual Report, SaskPower invested $886 million in the province鈥檚 electricity system over the past year. Capital investment is forecasted to be $1.12 billion in 2017-18. As well, over the past two years, restraint measures were implemented. SaskPower said it has saved $73 million in budgeted operating, maintenance and administration spending while also reducing or deferring $484 million in capital spending.
鈥淲e鈥檒l continue to find ways to work more efficiently and effectively, and keep finding savings by managing our workforce, prioritizing requests for new spending and deferring projects where we can so our customers鈥� money goes to the highest priorities,鈥� said Marsh.
