Saskatchewan's Crown corporations tabled their annual reports on Tuesday, with SaskPower reporting a net loss of $114 million despite significant capital spending. Minister responsible for Crown Investments Corporation (CIC) Jeremy Harrison highlighted the province's second-lowest utility bundle in Canada, while the NDP criticized the growing debt and potential rate hikes.
CIC contributes $68 million to general revenue
Among the major highlights, CIC, the holding company for the Crowns, announced it contributed $68 million to Saskatchewan's general revenue fund. Harrison said during a news conference in Saskatoon that Saskatchewan residents pay the second lowest amount for combined utilities like power, gas and wireless services.
SaskTel and SaskEnergy report strong profits
SaskTel reported net income of $104 million on revenues of $1.3 billion in the 2025-26 fiscal year. The telecom company invested $443 million in capital spending and paid a dividend of more than $41 million to CIC. SaskEnergy posted $96 million in net income with $430 million in capital project spending, paying a $34 million dividend to CIC.
SaskPower's $1.8 billion grid modernization
SaskPower spent $1.8 billion to modernize the grid, including connecting the province's north and south power grids—a "generationally significant" investment, according to Harrison. The minister noted more than $900 million has been set aside to support nuclear power rollout. He also highlighted the recent groundbreaking of a 200-megawatt wind energy project, stating the province is on track to have 35 per cent of its power from renewable sources soon.
Coal power and nuclear strategy defended
Harrison defended the government's "all of the above" approach, including plans to run coal power stations past 2030. "We're not taking existing generation off the grid because we have an enormous demand that is coming forward," he said. Responding to the federal government's nuclear strategy, Harrison appreciated Canada recognizing Saskatchewan's role in the global nuclear supply chain.
The opposition critic for SaskPower, Alena Young, said the current policies will double rates and see the corporation "drowned" with debt. Young noted SaskPower's gross loss was $301 million, offset by a $187 million provincial subsidy, reducing the loss to $114 million. "Every single dollar of Crown profits that goes to pay for Scott Moe and Jeremy Harrison's mistakes is a dollar of Crown profits that is not going to pay for basic public services," she said.
