After five years of power bills going up, SaskPower customers should be getting a break next year.
The Crown corporation has announced it will not be applying for a rate increase for the 2019/20 fiscal year.
This comes after six consecutive rate hikes between three and five per cent in the past five years. In 2014 the utility board approved an increase of 5.5 per cent, in 2015 rates for the utility went up three per cent in January and another two per cent in September. This was followed by another increase of five per cent in 2016 and rate hikes of 3.5 per cent in 2017 and 2018.
SaskPower said it should be able to meet its financial goals without charging customers more next year. The Crown corporation credits this opportunity to lower than expected natural gas prices and to optimization efforts to cut overall costs within the company.
Since 2015, SaskPower has saved $115 million by finding efficiencies to trim spending on operating, maintenance and administration.
SaskPower still plans to invest about $1 billion to modernize infrastructure and expand the electrical system across the province.
SaskEnergy recently announced an application for the largest rate cut in 20 years thanks in part to lower natural gas costs.