2025-26 SaskEnergy Annual Report

Management’s Discussion and Analysis

25

Operational SaskEnergy strives to pair effective processes with optimized resources to meet customer expectations for affordable, reliable service and deliver on its environmental commitments. Operational Strategic Measures For the years ended March 31 2025 Actual 2026 Actual 2026 Target 2027 Forecast 2028 Forecast 2029 Forecast 2030 Forecast 2031 Forecast

Operational Excellence Distribution – Operating and Maintenance Costs per Customer vs. Saskatchewan Consumer Price Index (CPI) (% Growth) Transmission – Operating and Maintenance Costs per Asset Value vs. Saskatchewan Consumer Price Index (% Growth) Residential Delivery Rates Reliability Unplanned Distribution Customer Outage Events Greener Energy Provider Cumulative GHG Emissions Reduction Relative to 2019 Baseline (Tonnes CO 2 e) Customer GHG Savings (Tonnes CO 2 e/year) from Natural Gas Conservation Programs

1.2% above Sask. CPI

1.1% above Sask. CPI

2.5% above Sask. CPI

3.5% above Sask. CPI

1.0% above Sask. CPI

1.0% above Sask. CPI

At or below Sask. CPI

At or below Sask. CPI

At or below Sask. CPI

At or below Sask. CPI

At or below Sask. CPI

At or below Sask. CPI

At or below Sask. CPI

At or below Sask. CPI

Below Sask. CPI

Below Sask. CPI

Competitive Competitive

Competitive Competitive Competitive Competitive Competitive Competitive

38

18

35

34

33

32

32

32

2.5% reduction (24% cumulative)

27.1% (cumulative)

21.5% (cumulative)

2.5% reduction

2.5% reduction

3.0% reduction

3.0% reduction

3.0% reduction

22,727

18,900

23,000 18,500 18,500 18,500 18,500 18,500

Operational Excellence Operational excellence includes standardization, simplicity and ease of use in the delivery of services. It is about providing services in a way that reduces costs, thereby maintaining reasonable, competitive rates, but also delivering a modern, accessible customer experience. Processes are viewed through the lens of customer value, and resources are allocated to those functions that support that value. Operating and maintenance expenses for the distribution business increased at a higher rate than the Consumer Price Index in 2025-26. However, the increase was lower than expected. While operating and maintenance costs also increased for the transmission business, the increase remained below the change in the Consumer Price Index, primarily due to stable third-party transportation expense costs.

Despite having the lowest number of customers per kilometre of pipeline, SaskEnergy continues to achieve its goal of having residential delivery rates that are competitive with the major utilities across Canada. A typical residential customer in Regina paid $600 for delivery service in 2025-26 — the third-lowest delivery rate in Canada, behind Winnipeg, Manitoba ($554) and Hamilton, Ontario ($545). Although inflation- related pressures have seen costs continue to grow, SaskEnergy’s delivery rates have remained stable while many comparative jurisdictions have increased rates for delivery service. SaskEnergy will continue to focus on maintaining competitive, affordable rates for its customers through efficiencies and operational excellence.

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