TORONTO, Nov. 2 /CNW/ - Today Ontario Power Generation (OPG) has begun
the pre-submission consultations to discuss the business factors underpinning
the Company's application to the Ontario Energy Board (OEB) for its regulated
nuclear and baseload hydro generating assets. These assets produce about
60 per cent of OPG's electricity output.
The stakeholder consultation provides interested parties the opportunity
to be briefed on OPG's business so that they can effectively contribute to the
OEB hearing process. Following the consultations OPG will finalize the rate
application and submit it to the OEB at the end of November. Beginning April
2008, the OEB - an independent regulatory body in the energy sector - will be
responsible for setting rates for OPG's regulated assets.
Rates for OPG's regulated assets have not changed since they were first
established by government regulation in 2005. At that time the government set
OPG's regulated rates on an interim basis such that OPG could earn a five per
cent return on equity for these assets.
OPG's application will seek a rate of return consistent with the scope
and type of business risks associated with reliably operating and responsibly
increasing production from its regulated assets. If approved, the application
will result in a 14 per cent rate increase on production from these assets.
This would represent about a three per cent increase on the typical
residential consumer's monthly bill - or about $3.50 per month. It will cover
the period April 1, 2008 to December 31, 2009.
Ontario Power Generation Inc. is an Ontario-based electricity generation
company whose principal business is the generation and sale of electricity in
Ontario. Our focus is on the efficient production and sale of electricity from
our generation assets, while operating in a safe, open and environmentally
For further information:
For further information: OPG Media Relations, 1-877-592-4008 or (416)