The Saskatchewan Rate Review Panel is recommending to the Minister responsible for SaskEnergy that rate increases of 5 per cent for 2023-24 and another 5 per cent in 2024-25 cannot be considered until updated financial forecasts are provided in February.

The Rate Review Panel says the net income financial forecasts for the current year are expected to be substantially higher than those stated in SaskEnergy’s application and with increasing concerns about affordability, the Panel says this is not the time to support rate increases of the magnitude requested in the second and third year of the application.

The panel says the commodity rate increase of 31 per cent that went into effect on August 1st and the 8 per cent increase in delivery rates as of the same day, should be maintained. However, proposed delivery rate increases for next year be deferred by a month from June 1 to July 1 and the same deferral should applied to the following year so the Crown can provide updated information and financial forecasts to the rate review panel.

Meanwhile, in the wake of the recommendation from the Rate Review Panel, the NDP is calling on the Sask. Party government to ditch the proposed energy rate increase.

SaskEnergy Critic Erika Ritchie says the Sask. Party needs to do the right thing and scrap the rate increases. She says from day one, it made no sense to increase energy bills when people are facing the highest cost of living crisis in 40 years.

The NDP says it’s up to the Sask. Party government to use the province’s windfall revenues to give all Saskatchewan people a break and some relief.