SaskEnergy lost $33M in 2014, says brutal weather a factor

SaskEnergy says an unusually harshwinter and declining natural gas prices are factors ina $33-millionloss last year.

The loss isa rarity for a Crown corporation that has traditionally been one of the Saskatchewan government's cash cows.

SaskEnergy CEO Doug Kelln said the extremely cold winter of 2014 made work difficult and hit the company in the pocketbook.

Even with the loss, SaskEnergy posted $47 million in cash income. That allowed the company to pay the government a dividend of $17 million. However, that's $15 million less thanit was planning on.

Asked whether the loss willlead to customers picking up the slack with higher rates, Jim Reiter, the minister responsible for SaskEnergy,saidit's too early to say.

"In the coming weeks and months we'll have a look at what we're doing cost-wise for SaskEnergy," Reiter said.

The report also noted that SaskEnergy'sdebt rose $100 million last year, spurred by a big increase in capital spending.

The company paid a $17-million dividend to its owner,the Saskatchewan government.