SaskPower applies for 8% rate increase over two years

A snow covered SaskPower meter is seen in this file image, taken Dec. 30, 2021. (Stefanie Davis/CTV News)

SaskPower is looking to boost its rates by eight per cent in the next two years.

In a press release, SaskPower said it has applied to the Saskatchewan Rate Review Panel for increases of four per cent in 2022 and another four per cent in 2023. It has not increased rates since 2018.

It said the proposed increases would cost the average residential customer an additional five dollars per bill starting Sept. 1, 2022 and another five dollars beginning April 1, 2023.

“We’ve worked hard to avoid rate increases in recent years,” Troy King, SaskPower’s interim president and CEO, said in a press release. “Today, SaskPower requires additional funding to increase renewable generation, modernize the power system and ensure a sustainable future for us all.”

The rate application will be posted to the Saskatchewan Rate Review Panel website over the next few days.