Toronto: – Ontario Power Generation Inc. (OPG or Company) today reported net income attributable to the Shareholder of $319 million for the third quarter of 2019, compared to $279 million for the same quarter of 2018.
“Our strong financial results for the quarter once again demonstrate the high quality performance across our fleet,” said Ken Hartwick, OPG President and CEO. “Within our nuclear fleet, we have seen unprecedented levels of uninterrupted generation, continuing to provide the people of Ontario with clean, reliable energy every day.”
The Darlington Refurbishment project reached its third anniversary in October 2019. “As we mark this important milestone on the 10-year Darlington Refurbishment project, we remain focused on delivering Canada’s largest clean energy project on time, and on budget,” said Hartwick. “The refurbishment of Unit 2 is 90 per cent complete, including the completion of lower feeders and the commencement of reloading fuel into the reactor in preparation for the return to service.”
OPG also confirmed that it had completed the previously announced acquisitions of Cube Hydro, a hydropower platform in the United States, and the remaining 50 per cent interest in the combined-cycle natural gas-fired Brighton Beach generating station (GS) in Windsor, Ontario. “The acquisition of Cube Hydro provides additional high quality, clean generation assets to OPG’s existing U.S. hydroelectric portfolio,” commented Hartwick. “Natural gas is an enabler of renewable energy and the acquisition of the remaining interest in Brighton Beach will ensure that this facility continues to provide additional generation flexibility to Ontario. These acquisitions contribute to our strategic goals of building our business.”
The Company’s net income for the third quarter of 2019 was favourably impacted by a decrease in overall outage days at the Pickering and Darlington nuclear generating stations, compared to the same quarter in 2018. This resulted in higher electricity generation and higher revenue from the Regulated – Nuclear Generation segment compared to the same quarter in 2018.
OPG continues to provide electricity at a price that is approximately 40 per cent less than the average of other generators in Ontario. OPG is the only electricity generator in Ontario that has its prices set through a public hearing process by the Ontario Energy Board.
Source : OPG