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April 26, 2006 - Strong Operational Performance Helps SaskEnergy Post Solid Financial Results

April 26, 2006

Strong Operational Performance
Helps SaskEnergy
Post Solid Financial Results

Strong operational performance helped SaskEnergy post a $77 million profit in 2005, while the Saskatchewan Energy Share Plan shielded consumers from record-high natural gas prices in the wake of hurricanes Katrina and Rita. These results were contained in the SaskEnergy 2005 Annual Report, tabled today in the Saskatchewan Legislature.

"SaskEnergy's overall 2005 financial and operational performance once again demonstrates that the Corporation is one of the best-run natural gas utilities in the country," Minister responsible for SaskEnergy Andrew Thomson said. "Saskatchewan residents continue to benefit from SaskEnergy's careful management of commodity rates and the Provincial Government's Saskatchewan Energy Share Plan.

Other highlights of the 2005 business year included:

  • Earnings from operations, which contributed $65 million of net income, were consistent with past years. This included $23 million from SaskEnergy's primary business operations in distribution, transmission and storage. Gas marketing activities, which include optimizing pipeline and storage capacity during off-peak periods, contributed another $42 million in net earnings.
  • SaskEnergy's delivery rate for its 329,000 distribution customers, reflecting the Corporation's internal costs, remained unchanged for the eighth consecutive year.
  • The natural gas industry benefited from the full-year effect of a 3.4% reduction in TransGas' transmission and storage rates announced in late 2004. These benefits will continue with a further 2.6% reduction in TransGas rates effective January 1, 2006.
  • SaskEnergy's external investments were profitable in 2005.

Thomson noted several other ways SaskEnergy provided outstanding service for Saskatchewan residents over the past year. The Corporation declared $29 million in dividends to Crown Investments Corporation (CIC) in 2005, and played a key role in promoting and delivering a series of long-term energy efficiency programs as part of the Saskatchewan Energy Share Plan. SaskEnergy also invested $1.6 million to support close to 1,300 community and charitable activities during Saskatchewan's Centennial year.

To view a copy of the 2005 SaskEnergy Annual Report, please visit:
www.saskenergy.com/about_saskenergy/annual_report/default.asp.

For more information, contact:

Ron Podbielski
Corporate Affairs
Regina
Phone: (306) 777-9432
Cell: (306) 537-0274