As Saint John Energy ushers in its 100th year of servicing the Port City, it finished the 2021 fiscal year with a net income of nearly $2 million – significantly higher than the $740,000 net income reported in 2020.
At the utility’s annual general meeting (AGM) on Thursday, president and CEO Ryan Mitchell told stakeholders that the company’s core business profits have remained steady throughout the pandemic.
Meanwhile, demand for Saint John Energy’s consumer products, such as heat pumps and water heaters, is growing.
“It shows that our strategy around consumer products and innovation has put us on the right path, ensuring that we can be sustainable well into the future,” said Mitchell.
“It underscores that Saint John Energy is well-positioned to fulfill [its] vision.”
Mitchell said that vision refers to the utility’s green energy initiatives. One of Saint John Energy’s goals is to move away from fossil fuels and toward resources solely powered by electricity.
He said projects such as the Burchill Wind Project are the key to a green energy future.
“Not only will this be the city’s first wind farm, but it will usher in a new green energy era for our customers,” said Mitchell. “Once it comes online by the end of the year, virtual will supply up to 15 per cent of Saint John Energy’s needs with low-cost renewable energy.”
Mitchell said energy peak times are costly since they often turn to fossil fuels to keep up with demand, averaging up to $30 million per year. According to its 2021-22 annual report, Saint John Energy saved more than $1 million last year using a smart grid to offset the costs.
“As we reduce the peak and save money, we are also curbing carbon emissions in New Brunswick,” said Mitchell. “I’m pleased to provide an early report that we’re on track to realize even more as, in the first quarter of 2022, the savings are already over $500,000.”
Looking toward the future, Mitchell said becoming the “utility of the future” means focusing on innovation, renewable energy and electrification goals. It includes bringing fast-charging EV stations to the city and adopting heat pumps as an efficient way to heat and cool homes.
“Saint John Energy has a proud history of being one of the most highly regarded electrical utilities in Canada,” said Mitchell. “Our reputation is very important to us, and we’re working hard every day to learn and improve upon it.”
Watch our AGM/read our Annual Report: https://t.co/PEFadgipUn
Thank you so much @CDuivenv, @DonnaReardonSJ, @MLA_Mike, Alexya, and Paulette for joining us at our AGM today and supporting our approach to building sustainability through innovation. #PoweringOurFuture pic.twitter.com/LuSN80GALp
— Saint John Energy (@SJENERGY) May 26, 2022
