SaskPower outlines $1.15B capital spend for 2023-24
SaskPower plans to spend $1.15 billion during the upcoming 2023-24 fiscal year to modernize, grow and sustain the provincial electricity system. The capital investment, which represents an increase of $98 million over 2022-23, will support economic growth and ensure customers have the reliable, sustainable electricity they need.
“Our government is committed to building a cleaner energy future while also ensuring we have reliable and affordable electricity to power the growing provincial economy,” Minister Responsible for SaskPower Don Morgan said. “This year’s capital budget is a demonstration of SaskPower’s commitment to the people of Saskatchewan, by making significant investments to transition to low-carbon energy sources, upgrading aging infrastructure and modernizing systems.”
The planned capital expenditures for 2023-24 include $517 million to maintain and upgrade existing transmission, distribution and generation assets, and $505 million in growth projects, including investments in new natural gas plants such as the Great Plains Power Station and the planned Aspen Power Station, to be located near Lanigan. An additional $129 million in strategic investments will allow SaskPower to continue with smart meter deployment and continue work on projects such as the Logistics Warehouse Complex in Regina.
“Decarbonizing a growing power grid is a once-in-a-lifetime challenge, and making the right investments now will help to position SaskPower to provide reliable, sustainable and cost-effective electricity to customers in the years and decades to come,” said Rupen Pandya, SaskPower President and CEO.
Some additional highlights of the planned capital work for 2023-24 include:
• Major generation projects such as the ongoing E.B. Campbell and Coteau Creek refurbishments and Ermine/Yellowhead Power Station expansions;
• Transmission line upgrades to the Spiritwood, Prairie River and Hudson Bay substations; and
• Rural powerline rebuilds and wood pole replacements.