Company Reports Strong Operational and Financial Performance;
Continues Successful Execution of Darlington Refurbishment Project
TORONTO, March 12, 2020 /CNW/ - Ontario Power Generation Inc. (OPG or Company) today reported net income attributable to the Shareholder of $1,126 million for 2019, compared to $1,195 million in 2018.
The Company is pleased to report that its 2019 year end results have provided another strong financial return for its shareholder, the Province of Ontario. OPG continues to achieve strong generation performance from its fleet, while remaining one of the lowest-cost generators in Ontario, for the benefit of the province and electricity consumers.
"We recognized strong performance from our fleet throughout the year. In particular, station operations at the Pickering nuclear generating station (Pickering GS) are better than ever, with increasingly high levels of plant performance," said Ken Hartwick, OPG President and CEO. "The Pickering GS was recently recognized as one of the world's top performing nuclear stations, receiving an exemplary performance rating from the World Association of Nuclear Operators. This is a tremendous honour and I want to thank again the entire team at the Pickering GS for their record-breaking performance in all areas of operations at the plant and continuous commitment to workplace and public safety."
Hartwick also provided an update on the Darlington Refurbishment project. "OPG continues to remain focused on delivering the Darlington Refurbishment project, one of Canada's largest clean energy projects, on time and on budget. Reassembly of the Unit 2 reactor is now complete, with the final feeder tube installed in the fourth quarter of 2019. We look forward to celebrating Unit 2 returning to service in the second quarter of 2020."
In December 2019, the provinces of Ontario, Saskatchewan and New Brunswick entered into a Memorandum of Understanding to advance the development of Small Modular Reactors (SMRs). Hartwick commented, "SMRs represent the next generation of innovative, versatile and scalable nuclear reactors that promise to further enhance the safety, economic and environmental benefits of nuclear energy. This is an exciting opportunity for Canada to take a global leadership role in this emerging technology and one that fits well with our Company's expertise and existing clean energy portfolio."
The Company's net income for 2019 reflects continuing strong operating performance, including higher nuclear electricity generation resulting in $189 million of additional revenue, net of fuel expense, compared to 2018. The financial results for 2018 included an after-tax gain of $205 million from the sale of the former Lakeview GS site.
OPG continued to provide electricity at a price that is approximately 40 per cent less than the average of other generators in Ontario during 2019.
OPG is the largest electricity generator in the province, providing almost half of the power Ontarians rely on every day. It is also one of the most diverse generators in North America, with expertise in nuclear, hydroelectric, biomass, solar and natural gas technologies.
Ontario Power Generation Inc.'s audited consolidated financial statements and Management's Discussion and Analysis as at and for the year ended December 31, 2019 can be accessed on OPG's web site (www.opg.com), the Canadian Securities Administrators' web site (www.sedar.com), or can be requested from the Company.
SOURCE Ontario Power Generation Inc.
For further information: Investor & Media Relations, 416-592-4008, 1-877-592-4008, [email protected]