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The 2025-26 annual reports released Tuesday for Saskatchewan’s Crown corporations showed mixed financial results with Sasktel and SaskEnergy posting profits, while SaskPower and the Saskatchewan Auto Fund reported losses.
Here’s a summary of the reports:
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SGI and Saskatchewan Auto Fund
SGI’s rate stabilization reserve saw a reduction of $93.3 million, leaving a balance of $633.6 million.
According to SGI, claims are rising due to higher repair and replacement costs, along with the impacts of extreme weather and wildfires.
Saskatchewan’s Auto Fund reported a total of 1.191 billion in total net claims incurred and $1.177 billion in gross premium written.
SGI Canada reported $1.474 billion in gross premiums written and $143.5 million in net catastrophe claim losses.
SGI President Penny McCune said the company expects its new modern platform to improve efficiencies.
“There’s a lot of things that are already on the table to help us reduce claims,” she said.
“Working with body shops to use used parts vs. new, and we have a new fraud software that’s going to help us when we look at claims and be able to flag when there’s problems.”
McCune said SGI is looking at traffic safety advertising and increasing its focus on digital platforms, which is more cost effective and still reaches the appropriate audiences.
Net loss of $114 million for SaskPower
SaskPower reported a net loss of $114 million for the 2025-26 fiscal year, noting the $190 million decline was due to the discontinuation of the federal carbon tax on bills that began on April 1 2025.
The Crown corporation has also reported that its balance sheet remains “strong,” with a 78.9 per cent debt ratio.
SaskPower’s capital investment program also included $1.1 billion on growth projects including new generation facilities and an expanded grid capacity.
In a media release, SaskPower said an investment of $579 million was made in sustainment activities to repair and upgrade aging generation, transmission and distribution. Another $116 million was spent on other strategic investments.
Profits for SaskTel and SaskEnergy
SaskTel’s results for the fiscal year reveal a net income of $104.7 million and operating revenues of $1,398 million.
According to the Crown corporation, the increase of $33.1 million in revenue over the fiscal year was “driven by growth across several core business areas, including wireless services, broadband expansion, maxTV services and digital and IT solutions.”
SaskTel said its wireless network covers over 99 per cent of the population with LTE service and 98 per cent of major roads and highways.
SaskEnergy recorded a net income of $96 million which is up from the $82 million over the last fiscal year.
In 2025-26 SaskEnergy said it invested $434 million for capital projects that support customer growth, system expansion, reliability and technology.
The Minister of Saskatchewan’s Crown Investments Corporation, Jeremy Harrison, said the province has the second lowest utility bundle in Canada.
“We’re committed to addressing that and making investments through our Crown corporations to keep life as affordable as possible for people here in this province,” he said.
“I think we’ve been quite successful in that.”
NDP slams SaskPower report
The Saskatchewan NDP was quick to criticize the SaskPower report, saying the Crown posted “record losses” due to mismanagement by the Saskatchewan Party. According to the NDP, the government has increased SaskPower’s debt by nearly $3.8 billion over the past five years, which will leave residents of the province paying the price.
“Saskatchewan farms, families and small businesses are going to pay for generations to account for this historic mess created by Scott Moe, Jeremy Harrison and the Sask. Party,” Aleana Young, the NDP’s SaskPower critic, said in a statement.
“The books at SaskPower are hundreds of millions in the red, again. And yet, these mavericks are doubling down on a power plan that even SaskPower has said will jack up rates, kill future renewable projects, drive down reliability, and sink us into debt.”
The NDP said the government has diverted Crown dividents that would normally support public services to help cover SaskPower’s losses.
“Every dollar of Crown profits that goes to pay for Harrison and Moe’s mistakes is a dollar that cannot be used to make life more affordable for families, fix the crisis in healthcare, fund quality classrooms or make Saskatchewan communities safer,” Young added.
“These decisions are shortsighted, backwards and everyday hardworking Saskatchewan people will pay dearly for them.”
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