Here's how much SaskPower rate increases will cost you
SaskPower customers will notice an increase in price on bills starting in September.
The Government of Saskatchewan approved a recommended increase to SaskPower’s rates, which will increase bills twice over the next year, according to a news release.
The Crown’s rates will increase by four per cent on Sept. 1, 2022 and another four per cent on April 1, 2023.
The government said the new rate would result in an average increase of approximately $5 on residential customers' monthly bills – $10 in total for both increases.
"The decision to increase rates is not taken lightly and came after a thorough review by the independent Saskatchewan Rate Review Panel," Minister Responsible for SaskPower Don Morgan said.
"World events have caused a significant rise in the price of natural gas, and with 42 per cent of Saskatchewan's electricity coming from natural gas-fueled facilities, SaskPower requires additional revenue to maintain reliable operations."
SaskPower said the increase is driven by the rising price of natural gas and the company’s expected reliance on the resource as coal is phased out.
The Crown’s fuel and purchased power expense is expected to rise to $1.069 billion in 2023-24 – up from $715 million in 2020-21.
"In the four years since our last increase SaskPower has worked to find internal efficiencies, but at this time we require additional funding to continue to provide reliable and sustainable power," SaskPower president & CEO Rupen Pandya said.
"We will continue to be transparent about our rate strategy and the need for regular, moderate increases."
CTVNews.ca Top Stories
Asking rent prices up 9.3% across Canada, Ontario sees only decline: report
A new report says the average asking rent for a home in Canada in April was up 9.3 per cent compared with a year ago, while a slight month-over-month increase was also recorded for the first time since January.
What is basic income, and how would it impact me?
Parliamentarians are considering a pair of bills aiming to lift people out of poverty through a basic income program, but some fear these types of systems could result in more taxes for Canadians who are already financially struggling.
'I may have some nightmares:' Man survives being bitten by 2 sharks in Bahamas
A man who was bitten by two sharks in the Bahamas said Thursday he's 'thankful that I'm here' while sharing his story of survival.
Magnitude 4.2 earthquake reported off Vancouver Island's west coast
A 4.2-magnitude earthquake was recorded west of Vancouver Island early Friday morning.
Mexico's president accuses press and volunteer searchers for missing people of 'necrophilia'
The administration of Mexico's president has accused the press and volunteer searchers who look for the bodies of missing people of 'necrophilia,' comments that drew criticism this week.
WATCH Expecting an interest rate cut in June? Don't bet on it after new jobs data
Canada's labour market rebounded in April, adding more than 90,000 jobs, a staggering number of new positions after four consecutive months of little change.
Out-of-control wildfire burning near Fort McMurray
As of 9 a.m. on Friday, the wildfire burning 28 kilometres southwest of the northeastern Alberta city was 25 hectares in size.
Prince William says wife Kate is 'doing well'
Prince William said on Friday his wife Kate was 'doing well' in a rare public comment about the Princess of Wales as she undergoes preventative chemotherapy for cancer.
'Irate male' assaulted Newfoundland officers with block of cheese, police say
Police in Newfoundland say patrol officers were assaulted Thursday by a "very irate male" wielding a block of cheese.