Saskatchewan is touting the success of its Crown corporations during the latest fiscal year. 

Crown Investments Corporation (CIC) released its annual report Thursday, highlighting record levels of spending across the province in the 2023-24 fiscal year. 

CIC functions as a holding company for the various Crown corporations in the province, such as SaskTel and Lotteries and Gaming Saskatchewan. 

Many of those Crown corporations already released their annual reports this week, including Saskatchewan General Insurance (SGI) and SaskPower. 

Taken together, the Crowns made record levels of capital spending across the province, according to CIC’s annual report, including $1.9 billion on infrastructure.

For SaskTel, investments included an expansion enhancing the province’s 5G cellular network, as well as rural fibre optic expansion. 

On Thursday, CIC Minister Dustin Duncan said the Crowns are doing good work for those who need it the most. 

“One of the intents of the Crowns is not just public policy implementation, such as the rural fibre initiative,” he said. 

“We have Crowns that are investing in areas that, frankly, private companies just wouldn’t go to based on what would likely be a lower return on equity.” 

Other infrastructure projects undertaken by the Crowns include continued construction of the Great Plains Power Station in Moose Jaw, Sask., and the Aspen Power Station project near Lanigan, Sask. 

Both of the stations will be powered by natural gas. Duncan touted the two projects as being capable of assisting base load power generation across the province. 

During the 2023-24 fiscal year, CIC posted net earnings of $578.3 million, which put $152 million in the province’s general revenue fund.

Duncan said that although there have been no direct rebates, such as the $100 rebate issued by SGI in 2022, CIC has taken different action to help those dealing with increases in the cost of living.

“We’ve been able to, this year, be able to hold rates steady across the Crown sector … at a time where that’s not necessarily the case in every province,” said Duncan. 

The minister admitted that this year’s report painted a much better picture than in 2022-23, when the net earnings were just $17.2 million, a conversion of the $7.4 million originally reported due to adopting a new accounting standard. 

Last fiscal year saw SaskPower post low earnings, in comparison to this year, as a result of a drought that negatively affected the province’s hydropower generation.

That forced the Crown to import more natural gas to offset the drop in base load power output. Natural gas was more expensive at the time due to the Russian-Ukraine war, meaning the province was also forced to pay more. 

Another benefit to the books, according to officials, is the inclusion of the balance from Lotteries and Gaming Saskatchewan in CIC’s books for this fiscal year.