Notes to the Consolidated Financial Statements
1. General Information SaskEnergy Incorporated (SaskEnergy or the Corporation) is a Saskatchewan provincially owned Crown corporation operating under authority of The SaskEnergy Act. The address of SaskEnergy’s registered office and principal place of business is 1777 Victoria Avenue, Regina, Saskatchewan, Canada S4P 4K5. The Corporation owns and operates natural gas-related businesses located both within and outside of Saskatchewan. By virtue of The Crown Corporations Act, 1993, SaskEnergy has been designated as a subsidiary of Crown Investments Corporation of Saskatchewan (CIC), a Saskatchewan provincially owned Crown corporation. Accordingly, the financial results of SaskEnergy are included in the consolidated financial statements of CIC. As a provincial Crown corporation, SaskEnergy and its wholly owned subsidiaries are not subject to Federal or Provincial income taxes in Canada. The SaskEnergy Act was amended in December 2023. The amendment provided that, as of January 1, 2024, and for the purposes of Part 1 of the Greenhouse Gas Pollution Pricing Act (GGPPA) , the Government of Saskatchewan is the sole registered distributor of natural gas in Saskatchewan, in place of the Corporation. Pursuant to the amendment, the Corporation shall not have the power, right, authority, responsibility or obligation to pay or withhold payment of any charge, tax, levy, remittance or other payment arising from the delivery of natural gas required by Part 1 of the GGPPA .
2. Basis of Preparation a. Statement of compliance
The consolidated financial statements have been prepared in accordance with International Financial Reporting Standards (IFRS), as issued by the International Accounting Standards Board (IASB). The consolidated financial statements were authorized for issue by the Board of Directors on May 23, 2024. b. Basis of measurement The consolidated financial statements include the accounts of the Corporation and its wholly owned subsidiaries with all significant transactions and balances being eliminated. The consolidated financial statements have been prepared on the historical cost basis except for the following items, which are described in Note 3: Financial instruments classified as at fair value through profit or loss Financial instruments classified as at fair value through other comprehensive income Employee future benefits Provisions Natural gas in storage held for resale c. Functional and presentation currency The consolidated financial statements are presented in Canadian dollars, the Corporation’s functional currency, unless otherwise stated. All financial information presented in Canadian dollars has been rounded to the nearest million.
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