04/04/2012 03:38 EDT | Updated 06/04/2012 05:12 EDT

SaskPower Earnings Soar, Rate Hike Not In The Works

REGINA - SaskPower customers will keep some money in their pockets at least through the rest of this year.

The Crown corporation says it won't seek a rate increase in 2012 because last year's finances were good and it expects a continued strong performance.

In its annual report, SaskPower says it had record operating earnings of $239 million last year — up $16 million from 2010.

President Robert Watson says it didn't make sense to ask for a rate increase when there are record profits.

However, Watson says the corporation will likely ask for an increase to take effect next January.

He says any increase would be to cover the need to meet increased demand and renew aging infrastructure.