Notes to the Consolidated Financial Statements (unaudited)
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. The condensed consolidated financial statements should not be taken as indicative of the performance to be expected for the full year due to the seasonal nature of the natural gas utility business. 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 Provincial Crown 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 Corporation’s condensed consolidated financial statements have been prepared in accordance with International Accounting Standard (IAS) 34, Interim Financial Reporting using accounting policies consistent with International Financial Reporting Standards (IFRS), as issued by the International Accounting Standards Board (IASB). The condensed consolidated financial statements do not include all of the information required for the Corporation’s annual consolidated financial statements. Accordingly, these statements should be read with reference to the annual report for the year ended March 31, 2023.
The accounting policies used in the preparation of these condensed consolidated financial statements conform with those used in the Corporation's most recent annual consolidated financial statements.
The condensed consolidated financial statements were authorized for issue by the Audit and Finance Committee of the Board of Directors on February 28, 2024.
b.
Basis of measurement
The condensed consolidated financial statements include the accounts of the Corporation and its wholly owned subsidiaries with all significant transactions and balances being eliminated. The condensed 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
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