Here's how much SaskPower rate increases will cost you

SaskPower increasing rates WATCH: SaskPower customers can expect a four per cent rate increase on their bills starting in the fall.

SaskPower customers will notice an increase in price on bills starting in September.

The Government of Saskatchewan approved a recommended increase to SaskPower’s rates, which will increase bills twice over the next year, according to a news release.

The Crown’s rates will increase by four per cent on Sept. 1, 2022 and another four per cent on April 1, 2023.

The government said the new rate would result in an average increase of approximately $5 on residential customers' monthly bills – $10 in total for both increases.

"The decision to increase rates is not taken lightly and came after a thorough review by the independent Saskatchewan Rate Review Panel," Minister Responsible for SaskPower Don Morgan said.

"World events have caused a significant rise in the price of natural gas, and with 42 per cent of Saskatchewan's electricity coming from natural gas-fueled facilities, SaskPower requires additional revenue to maintain reliable operations."

SaskPower said the increase is driven by the rising price of natural gas and the company’s expected reliance on the resource as coal is phased out.

The Crown’s fuel and purchased power expense is expected to rise to $1.069 billion in 2023-24 – up from $715 million in 2020-21.

"In the four years since our last increase SaskPower has worked to find internal efficiencies, but at this time we require additional funding to continue to provide reliable and sustainable power," SaskPower president & CEO Rupen Pandya said.

"We will continue to be transparent about our rate strategy and the need for regular, moderate increases."