SaskEnergy gained a small profit and gave a small dividend to the province last year amidst a refusal to collect a federally-mandated carbon levy.Minister Responsible for SaskEnergy Dustin Duncan issued the company's annual report on Tuesday."SaskEnergy continues to prioritize affordability for customers by reducing the commodity rate by more than 24%, no longer collecting the federal carbon tax on natural gas used for home heating and providing the second-lowest average residential natural gas bills in Canada throughout 2023-24," Duncan said."SaskEnergy also continues to support customers in maintaining low monthly bills through its expanding portfolio of energy efficiency programs like the Residential Equipment Replacement Rebate and the First Nations Furnace Replacement Rebate."In 2023-24, SaskEnergy introduced new online appointment bookings and a new mobile app that allows customers to manage their accounts remotely. Three new energy efficiency incentives were launched, including a rebate that supports First Nations to reduce their energy usage. To continue serving its growing base of more than 411,000 customers while maintaining a service reliability rate greater than 99.99%, SaskEnergy also invested $171 million in system expansion and reliability initiatives. Expansion projects in 2023-24 were targeted in the Melfort and Regina areas. SaskEnergy's President and CEO Mark Guillet said affordability and environmental responsibility were "hallmarks" of his company and its customers."I am proud of SaskEnergy's achievements of the past year, which were realized thanks to the hard work and dedication of our more than 1,200 employees," he said in a press release.In 2023-24, SaskEnergy recorded a net income before unrealized market value adjustments of $55 million, compared to $126 million from the year prior. The decrease is largely due to year-over-year decreases in asset optimization margins, delivery revenues and customer capital contributions.SaskEnergy declared a dividend of $21 million to Crown Investments Corporation (CIC) based on income before unrealized market value adjustments. Other SaskEnergy highlights for 2023-24 include:Reduced greenhouse gas emissions from its operations by 8,000 tonnes of CO2e. Received national recognition for the second consecutive year as one of Canada's Top 100 Employers.Supported 871 programs and events in 360 communities through community investment initiatives.Purchased $258 million in goods and services from Saskatchewan vendors, representing 65% of all corporate purchase orders.According to SaskEnergy's 2023-24 Annual Report here, the company is "committed" to hire according to diversity and inclusion goals."Women in Management Roles was reported as 38.5 per cent in 2023-24, lower than the 2022-23 results of 38.9% and the 2023-24 target of 41.0%. The below-target results are an area of focus in developing a diverse and inclusive workforce," the document said."The percentage of Indigenous employees decreased slightly in 2023-24 to 12.8%, as compared to 13.3% in 2022-23 and the 2023-24 target of 14.5%. The Saskatchewan Human Rights Commission’s recommended target is 14% provincially, but SaskEnergy also recognizes that this demographic is trending higher in the province."The company's debt/equity ratio remains at 59/41 as it did the previous two fiscal years.
SaskEnergy gained a small profit and gave a small dividend to the province last year amidst a refusal to collect a federally-mandated carbon levy.Minister Responsible for SaskEnergy Dustin Duncan issued the company's annual report on Tuesday."SaskEnergy continues to prioritize affordability for customers by reducing the commodity rate by more than 24%, no longer collecting the federal carbon tax on natural gas used for home heating and providing the second-lowest average residential natural gas bills in Canada throughout 2023-24," Duncan said."SaskEnergy also continues to support customers in maintaining low monthly bills through its expanding portfolio of energy efficiency programs like the Residential Equipment Replacement Rebate and the First Nations Furnace Replacement Rebate."In 2023-24, SaskEnergy introduced new online appointment bookings and a new mobile app that allows customers to manage their accounts remotely. Three new energy efficiency incentives were launched, including a rebate that supports First Nations to reduce their energy usage. To continue serving its growing base of more than 411,000 customers while maintaining a service reliability rate greater than 99.99%, SaskEnergy also invested $171 million in system expansion and reliability initiatives. Expansion projects in 2023-24 were targeted in the Melfort and Regina areas. SaskEnergy's President and CEO Mark Guillet said affordability and environmental responsibility were "hallmarks" of his company and its customers."I am proud of SaskEnergy's achievements of the past year, which were realized thanks to the hard work and dedication of our more than 1,200 employees," he said in a press release.In 2023-24, SaskEnergy recorded a net income before unrealized market value adjustments of $55 million, compared to $126 million from the year prior. The decrease is largely due to year-over-year decreases in asset optimization margins, delivery revenues and customer capital contributions.SaskEnergy declared a dividend of $21 million to Crown Investments Corporation (CIC) based on income before unrealized market value adjustments. Other SaskEnergy highlights for 2023-24 include:Reduced greenhouse gas emissions from its operations by 8,000 tonnes of CO2e. Received national recognition for the second consecutive year as one of Canada's Top 100 Employers.Supported 871 programs and events in 360 communities through community investment initiatives.Purchased $258 million in goods and services from Saskatchewan vendors, representing 65% of all corporate purchase orders.According to SaskEnergy's 2023-24 Annual Report here, the company is "committed" to hire according to diversity and inclusion goals."Women in Management Roles was reported as 38.5 per cent in 2023-24, lower than the 2022-23 results of 38.9% and the 2023-24 target of 41.0%. The below-target results are an area of focus in developing a diverse and inclusive workforce," the document said."The percentage of Indigenous employees decreased slightly in 2023-24 to 12.8%, as compared to 13.3% in 2022-23 and the 2023-24 target of 14.5%. The Saskatchewan Human Rights Commission’s recommended target is 14% provincially, but SaskEnergy also recognizes that this demographic is trending higher in the province."The company's debt/equity ratio remains at 59/41 as it did the previous two fiscal years.
