OPG Reports 2026 First Quarter Financial Results

Continued progress made on clean energy projects; major financing milestones advanced

OSHAWA, ON, May 5, 2026 /CNW/ - Ontario Power Generation Inc. (OPG or Company) today reported its financial and operating results for the first quarter of 2026, with net income attributable to the Shareholder of $475 million largely consistent with net income of $505 million for the same period last year.

Project Milestones Advanced on Major Nuclear Projects

Darlington Nuclear Generating Station's (Darlington GS) Unit 4 safely returned to service in March 2026, ahead of schedule and below the project's $12.8 billion budget. With all four units refurbished, the station is now positioned to meet Ontario's growing clean energy needs for at least another 30 years.

Building on this momentum, the Darlington New Nuclear Project (DNNP) achieved major construction and regulatory milestones, including the Canadian Nuclear Safety Commission's (CNSC) authorization in April 2026 to remove the first Regulatory Hold Point under the licence to construct, and the successful 900+ tonne lift and installation of the Unit 1 reactor building basemat. This enables OPG to commence civil construction of the reactor building and its internal structures, systems and components.

OPG also submitted the first phase of DNNP's 20-year Licence to Operate application to the CNSC in March 2026, initiating an approximately two-year review process with public hearings and supporting a timely transition from construction to commissioning and operations.

"The lessons we learned on the Darlington Refurbishment – including robust practice and training ahead of project execution and openness to innovation to achieve schedule gains while not compromising safety and quality – were key to the project's success," said Nicolle Butcher, OPG President and CEO. "We'll apply what we learned on the Darlington Refurbishment to deliver success as we build out the DNNP and other clean energy infrastructure needed to help power Ontario now and into the future."  

Provincial and Federal Support for Clean Energy Projects

Having committed to provide a $5 billion equity injection over the 2025-2027 timeframe toward OPG's overall financing needs, the Province of Ontario provided the second $1 billion tranche of this funding to OPG, in exchange for shares, in April 2026, per the arrangement. Also in April 2026, OPG received funding totalling approximately $585 million from the federal Canada Growth Fund and the provincial Building Ontario Fund, representing these parties' initial investment in the DNNP, as part of a previously announced $3 billion minority equity financing arrangement through an OPG subsidiary formed for this purpose.

In March 2026, with the Budget Implementation Act receiving Royal Assent, the Government of Canada's Clean Electricity Investment Tax Credit program was legislated and is available to OPG. This refundable tax credit of up to 15% could be applied to eligible expenditures on certain clean energy projects – including small modular reactors and large-scale nuclear reactors, hydroelectric electricity generation, certain stationary electricity storage systems, including battery and pumped hydroelectric storage projects, and refurbishment of certain existing facilities.

In April 2026, credit rating agencies, DBRS Limited and S&P Global Ratings, reaffirmed OPG's credit ratings with a stable outlook as the Company continues to execute major clean energy projects. Maintaining an investment grade credit rating supports OPG's ability to access cost effective financing.

"Credit-supportive equity funding arrangements, alongside initiatives such as the Clean Electricity Investment Tax Credit program, bolster OPG's investment capacity in clean electricity projects, easing ratepayer costs and supporting Ontario's increasing electricity needs," said Butcher.

Net Income attributable to the Shareholder

Net income attributable to the Shareholder for the first quarter of 2026 of $475 million was largely consistent with the same quarter in 2025. The decrease of $30 million was primarily attributable to expected lower earnings from the Regulated – Nuclear Generation business segment, mainly due to revenue net of associated costs earned in 2026 from the continued operation of the Pickering Nuclear Generating Station being returned to ratepayers through a regulatory account. This was partially offset by higher revenue from the Darlington GS due to a higher nuclear base regulated price effective January 1, 2026, and higher electricity generation from the refurbished Unit 4 returning to service in March 2026.

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.

OPG's unaudited interim consolidated financial statements and Management's Discussion and Analysis as at and for the three months ended March 31, 2026, 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