OPG Reports 2025 Third Quarter Financial Results

OPG secures historic 20-year nuclear operating licence renewal; Darlington Refurbishment nears finish line ahead of schedule; Company establishes landmark funding for major capital projects

OSHAWA, ON, Nov. 11, 2025 /CNW/ - Ontario Power Generation Inc. (OPG or Company) today reported its financial and operating results for the third quarter of 2025, with net income attributable to the Shareholder of $482 million, compared to $379 million for the same period last year. Net income attributable to the Shareholder was $1,528 million for the nine months ended September 30, 2025, compared to $760 million for the same period in 2024.

Darlington Operating Licence Renewal and Darlington Refurbishment Update

In September 2025, the Canadian Nuclear Safety Commission (CNSC) announced its decision to renew OPG's licence to operate the Darlington nuclear generating station (Darlington GS) for a 20-year term – the longest nuclear operating licence ever granted in Canada.

"The station's strong performance, the proficiency of our highly skilled workers, and OPG's continued commitment to safety and operational excellence all played a role in this achievement," said Nicolle Butcher, OPG President and CEO. "With Darlington's refurbishment nearing completion, we look forward to reliable continued operation of the station, through this licence term and beyond."

The Darlington Refurbishment Project is progressing toward completion in the first half of 2026, ahead of its originally scheduled completion in late 2026 and expected to be within budget.

"With the finish line in sight, we are poised to complete this project ahead of schedule and within budget," said Butcher. "This will serve as a blueprint for OPG's future projects, including deploying a fleet of small modular reactors (SMRs) at the Darlington New Nuclear Project (DNNP) site, and refurbishing the Pickering nuclear generating station (Pickering GS), if approved." 

Financing Our Growth

OPG remains committed to supporting the provincial and federal efforts to ensure sustainable economic growth and long-term energy security. As it advances its planned and ongoing large-scale capital projects, OPG has made progress in securing diverse sources of financing, alongside government support through financial policy tools that will benefit ratepayers.

As announced on October 23, 2025, OPG has secured up to $3 billion in equity financing for the four-SMR DNNP – up to $1 billion from the Building Ontario Fund and up to
$2 billion through the Canada Growth Fund, subject to the satisfaction of conditions – putting Ontario innovation on the global map and contributing to a long-term clean electricity future that will support economic wellbeing and energy security for Canadians.

The Government of Canada's recent reintroduction of the Clean Electricity Investment Tax Credit marks a significant milestone for OPG. This 15 per cent refundable tax credit will provide substantial financial support for federally tax-exempt entities like OPG. This incentive is expected to further strengthen OPG's ability to invest in clean electricity projects, reducing ratepayers' costs and helping to meet Ontario's increasing electricity demand.

"We are focused on our ongoing operations in Ontario, and on meeting growing demand for low-carbon energy," said Butcher. "We continue to execute on a long-term financing path that will assist in meeting capital requirements for our project initiatives right here at home – nuclear and hydroelectric refurbishments, building new generation including the DNNP, and exploring new nuclear potential in Port Hope – so we can continue to power Ontario, and benefit our economy and supply chains."

Port Hope Nuclear Discovery Centre

In October 2025, OPG opened the Port Hope Nuclear Discovery Centre – a new hub for learning, exploration, and community engagement related to potential new nuclear generation at the Wesleyville site.

The opening of the Centre is the next step in the exploration process, which OPG has been undertaking since the Michi Saagiig of the Williams Treaties First Nations signaled their willingness to enter into discussions on the potential for large-scale new nuclear generation at the Wesleyville site, and the Municipality of Port Hope issued a formal expression of interest.

"Over the past several months, we have been actively engaging with residents, stakeholders, Rightsholders, and the public about the potential for new nuclear generation at the Wesleyville site," said Butcher. "This space will serve as another venue for community members and Indigenous Nations to access up-to-date information, participate in activities, and share their feedback."

Chenaux Generating Station Anniversary

Over the next two decades, OPG will continue to invest in its existing hydroelectric assets across the province to ensure reliable and efficient operations and increase production of renewable energy. These opportunities include station refurbishments to modernize facility infrastructure, improve existing generating capacity, uncover additional efficiencies, and, in some cases, redevelop an entire site. Many of OPG's hydroelectric assets have already served Ontarians for decades, including the Chenaux generating station on the Ottawa River, which recently celebrated its 75th anniversary by opening its doors for a well-attended community open house.

"Our hydroelectric stations – like Chenaux – have reliably stood the test of time, generating electricity for Ontarians for decades, with regular maintenance, upkeep and investment," said Butcher. "As we advance investments across our hydro fleet, we can be confident these clean power workhorses will continue to affordably serve Ontarians for decades to come."  

Third quarter highlights include:

Net Income attributable to the Shareholder

Net income attributable to the Shareholder for the three and nine month periods ended September 30, 2025 was $482 million and $1,528 million, respectively, representing an increase of $103 million and $768 million compared to the same periods in 2024. The increases for both periods were primarily attributable to higher earnings from the Regulated – Nuclear Generation business segment, reflecting lower operating, maintenance and administration expenses, mainly due to fewer planned cyclical outage activities and the cessation of commercial operation of Unit 1 and Unit 4 of the
Pickering GS in the fourth quarter of 2024 and, for the nine months ended
September 30, 2025, higher revenue as a result of higher nuclear electricity generation.

About OPG

As Ontario's largest and one of North America's most diverse electricity generators, OPG invests in local economies and employs thousands of people across Ontario. OPG and its family of companies are advancing the development of new low-carbon technologies, refurbishment projects and electrification initiatives to power the growing demands of a clean economy. Learn more about how the company is delivering these initiatives while prioritizing people, partnerships and strong communities at www.opg.com.

Ontario Power Generation Inc.'s unaudited interim consolidated financial statements and Management's Discussion and Analysis as at and for the three and nine month periods ended September 30, 2025, can be accessed on OPG's web site (www.opg.com), the Canadian Securities Administrators' web site (www.sedarplus.com), or can be requested from the Company.

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SOURCE Ontario Power Generation Inc.

For further information, please contact: Ontario Power Generation, 416-592-4008 or 1-877-592-4008