SaskPower 2026 annual report: $114 million net loss, rising debt, and $10 billion capital plan for grid upgrades

SaskPower reported a $114 million net loss for the 2025-26 fiscal year, swinging from $76 million net income the year before. The loss is tied to the removal of the industrial carbon tax from customer bills, offset by a $187 million affordability grant from the Crown Investments Corporation. Long-term debt rose to $9.7 billion, with a debt ratio of 78.9 percent. The NDP critic noted that without the grant, the gross loss would have been $301 million. The utility is planning over $10 billion in capital spending, including connecting northern and southern grids between Island Falls and E.B. Campbell, and upgrading transmission along Highway 155. Minister Jeremy Harrison cited enormous demand growth across North America and rising supply chain costs, noting that a new gas plant at Aspen now costs an estimated $2.4 billion, up from $1.7 billion a few years ago. Saskatchewan has the second lowest utility bundle in Canada, but faces significant rate pressure going forward.