SaskPower is on a major drive to replace and upgrade its power plants. (CBC)

SaskPower made a $167-million profit last year, according to its 2013 annual report which was released on Monday.

Once again, the provincially owned electricity corporation will not have to give any of it to the the provincial government.

Instead, SaskPower will be allowed to invest that money, and much more, into upgrading its power system.

Meanwhile, the Crown utility's debt continues to go up, it said. It is asking for rate hikes this year and in each of the next two years as well.

The request is still being reviewed by the province's rate review panel.