SASKATOON - The provincial government pointed to strong results as it released the 2024-25 annual reports for Saskatchewan’s Crown corporations on Monday.
Minister of Crown Investments Corporation (CIC) Jeremy Harrison made the announcement in Saskatoon of the 2024-25 annual reports and financial statements from CIC, SaskPower, SaskTel, SaskEnergy, SGI, SaskWater, and Lotteries and Gaming Saskatchewan, covering the 12 months ended March 31, 2025.
According to those numbers tabled Monday, highlights cited by the government included net earnings of $510.7 million, including $240 million in dividends to the General Revenue Fund. Harrison said that brought total dividends to the general revenue fund up to $835 million over the past five years.
He also pointed to Crown assets of over $25.2 billion, a consolidated debt ratio at 64 per cent, and a return on equity of 7.6 per cent.
“Through sound fiscal management and diligent work from our employees, our Crowns delivered the second lowest total cost utility bundle in Canada in 2024-25 and offered some of the lowest auto insurance and natural gas commodity rates in the entire country."
He also pointed to major projects and initiatives moving forward in 2024-25. Harrison reported that the Crowns invested $2.2 billion in infrastructure in 2024-25, which he said went to “support a reliable power grid to meet the increasing demand for electricity across the province, enable SaskTel to better connect people through the fastest internet, Wi-Fi, and 5G mobile technologies in Saskatchewan, and facilitate system expansions for natural gas distribution and non-potable water supplies to entice private sector investment and economic growth.”
Harrison also said the Crown sector forecasts “continued historic levels of capital investment with an average of $2.7 billion annually over the next five years.”
Among the highlights for the Crowns were the following:
SaskPower
The province announced that SaskPower invested $1.5 billion during the 2024-25 fiscal year to “modernize, grow and sustain the provincial electricity system,” according to a provincial news release. This represented a $284 million increase over the previous year.
Harrison pointed to SaskPower commissioning the 370-megawatt natural gas-fired Great Plains Power Station near Moose Jaw and starting construction of the Aspen Power Station near Lanigan. Harrison also pointed to the announcement of 500 megawatts of brand new renewable projects as well as last week’s news of “the life extension of 1,500 megawatts of coal-fired base load power generation.”
He also pointed to SaskPower narrowing the site search for Saskatchewan's first potential small modular nuclear reactor to two locations in the Estevan area.
SaskPower net income was $76 million for this past fiscal year, and they have a debt ratio of 76.2 per cent.
SaskEnergy
Harrison said that in 2024-25, SaskEnergy “once again demonstrated its commitment to customers through strategic system work to support growth and reliability of service and projects to support new customer operations in key sectors of enhanced oil recovery, potash production, and power generation.”
According to the province’s news release, in 2024-25 SaskEnergy invested $171 million in system expansion and reliability initiatives in the past year, including “system expansion projects to serve new and expanding customer operations in enhanced oil recovery, potash production and power generation, as well as projects to support growth and reliability in the Regina area.”
SaskWater
Harrison pointed to SaskWater signing an agreement this past year with Cargill Canada to supply non-potable water to the canola crush facility through SaskWater's newly constructed Regina Regional Non-Potable Water Supply System.
SaskTel
Financial results in 2024-25 saw net income for SaskTel of $82.2 million with operating revenues of $1,364.9 million, according to a news release.
Harrison pointed to SaskTel having reach the halfway milestone in its 5G network modernization program with more than 700 wireless sites have been converted to 5G as of March 31, serving 88 per cent of the province's population. He also pointed to Infinet expansion to more than 77 per cent of Saskatchewan homes and businesses, as well as $280 million committed to its Rural Fibre initiative.
There are plans by SaskTel to expand its fibre network to reach 85 per cent of customers in Saskatchewan.
Lotteries and Gaming Saskatchewan
Harrison pointed to LGS achieved year-over-year increases in both earnings from gaming and payments to the province's various gaming beneficiaries in 2024-25, sharing the benefits with Saskatchewan communities and organizations.
SGI
It was noted in a news release that this past year SGI faced economic pressures caused by rising claim costs, inflation, higher vehicle repair costs and extreme weather. But despite this, the province pointed to SGI CANADA achieving net income of $43.2 million and a dividend of $18 million.
Harrison noted that the Provincial Traffic Safety Fund administered by SGI “provided $2.9 million in 2024-25 to enable 123 Saskatchewan communities to make traffic safety improvements in their cities, towns, and villages.” He also pointed to SGI Canada pledging a multi-year $2 million commitment to YWCA Regina to support the opening of the Healing Lodge at the new Centre for Women and Families.
Crown Investments Corporation
According to the province’s news release, CIC Crown Investments Corporation (CIC) and its subsidiary Crowns “delivered the second lowest utility bundle in Canada and a record infrastructure investment in 2024-25.”
According to the province, CIC contributes $240 million in dividends to the General Revenue Fund.
“Our Crown Corporations are vital in sustaining a high standard of living in this beautiful province,” Harrison said. “The services, programs, and financial returns delivered by the more than 11,000 Crown employees touch many aspects of our province. I've seen firsthand the work they do every day, their dedication to Saskatchewan people, and their leadership to make things better. I sincerely thank them for their commitment to making Saskatchewan a place of choice for people to build a life, raise their families, and do business.”
Stay tuned to Sask Today for more stories on the Crown annual reports.
