According to the newly released Crown Annual Reports, SaskPower’s net income dropped by over $100 million last year, while its debt ratio climbed to 76.2%. SaskTel’s profits declined for the fourth consecutive year.
“The writing’s on the wall,” said Aleana Young, Shadow Minister for SaskPower. “The Sask. Party is mismanaging SaskPower, and it’s only a matter of time before they hike rates again.”
“Phone bills are next,” added Erika Ritchie, Shadow Minister for Crown Investments Corporation. “Families are already paying more than ever, and they’ll be paying even more for this government’s mismanagement.”
The SGI Auto Fund saw a fourth consecutive year of losses in the Rate Stabilization Reserve with almost $200 million lost last year. SGI Canada is paying a dividend to the government this year, despite a $34.9 million decrease in its net earnings from last year – a year when it didn’t pay a dividend at all.
“SGI is supposed to operate the Auto Fund on a break-even basis and keep rates affordable for Saskatchewan families,” said Hugh Gordon, Shadow Minister for SGI. “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.”
At SaskEnergy, net revenue increased significantly, but so did the dividend to government — rising from $20.6 million to $31.8 million.
“The Sask. Party is raiding our Crowns instead of putting that money back in the pockets of Saskatchewan people,” said Sally Housser, Shadow Minister for SaskEnergy. “They're squeezing ratepayers at every turn — even when profits are up.”
In an unprecedented move, the government released all Crown annual reports at once — breaking with the long-standing practice of staggering releases through early July to allow for proper public and media scrutiny.
“This is a clear attempt to bury bad numbers,” said Ritchie. “And once again, it’s Saskatchewan families who will pay the price.”
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