OPG reports 2021 first quarter financial results

Toronto, ON – Ontario Power Generation Inc. (OPG or Company) today reported its financial and operating results for the first quarter of 2021, with net income attributable to the Shareholder of $290 million, compared to $309 million for the same period last year.

OPG’s net income decreased during the first quarter of 2021 primarily due to lower nuclear electricity generation as a result of deferring a planned outage for Unit 1 of the Darlington nuclear generating station (Darlington GS) from 2020 in response to COVID-19, largely offset by earnings from the assets acquired during 2020 and higher earnings from the nuclear segregated funds. OPG continues to safely and reliably operate its facilities to supply electricity to Ontario and advance essential projects during the ongoing pandemic, while protecting the health and safety of its workers.

“We are continuing to successfully execute the four-unit Darlington Refurbishment project. I want to thank the thousands of workers and hundreds of suppliers from across the province who have ensured that this 10-year mega-project remains on track,” said Ken Hartwick, OPG President and CEO. “Unit 3 disassembly is underway, with the team advancing the preparatory work for the removal of fuel channel assemblies. Once the project is completed in 2026, the Darlington station will continue to produce emission-free electricity to the benefit of all Ontarians for at least three more decades.”

As OPG pursues its goal of net-zero carbon emissions by 2040, it continues to implement key climate action strategies that will help to create a cleaner environment and more prosperous, resilient communities in Ontario and beyond. “Meeting the increased electricity demand to drive decarbonization and achieve net-zero carbon emissions will require an overall diversified generation portfolio,” said Ken Hartwick. “With expertise in nuclear, hydroelectric, biomass, solar and natural gas technologies, we are leveraging our clean energy to drive climate change solutions such as the electrification of the Toronto Transit Commission’s bus fleet and are also leading the charge on the development of low carbon hydrogen production to support further decarbonization of industry.”