2023-24 SaskEnergy Annual Report

Notes to the Consolidated Financial Statements

b. Other related party transactions As a Crown corporation, SaskEnergy is ultimately controlled by the Government of Saskatchewan. Included in the consolidated financial statements are transactions with various Saskatchewan Crown corporations, ministries, agencies, boards and commissions related to the Corporation by virtue of common control by the Government of Saskatchewan and non-Crown corporations and enterprises subject to joint control and significant influence by the Government of Saskatchewan (collectively referred to as related parties). Government-related entities are exempt from providing disclosure about individual related party transactions, other than the transactions with key management personnel disclosed above. Instead, government-related entities are required to disclose the types and extent of individually or collectively significant transactions with related parties. In determining individually significant transactions, the Corporation considers the size, type and terms of the transaction. There were no other individually or collectively significant transactions with related parties for the period. All other transactions with related parties were routine operating transactions that were settled at prevailing market prices under normal trade terms. 29. Subsequent Events On April 22, 2024, the Corporation entered into an agreement with the Province to borrow an additional $100 million of long-term debt with a coupon interest rate of 3.9 per cent, maturing in 2033. During the year, the Canada Energy Regulator (CER) removed the exemption for a set aside mechanism (SAM), on one of the Corporation’s subsidiaries, to fund future abandonment costs relating to the Corporation’s infrastructure. Subsequent to March 31, 2024, the CER provided further guidance that action to comply with SAM requirements will be required by July 19, 2024. Management is evaluating the impact of this guidance on the Corporation.

90

Made with FlippingBook Ebook Creator