OPG Reports 2026 Second Quarter Financial Results

Historic First Nations investment in Darlington New Nuclear Project secured; continued expansion of battery energy storage system awarded

OSHAWA, ON, Aug. 13, 2026 /CNW/ -- Ontario Power Generation Inc. (OPG or Company) today reported its financial and operating results for the second quarter of 2026, with net income attributable to the Shareholder of $276 million, compared to $541 million for the same period in 2025. Net income attributable to the Shareholder was $751 million for the six months ended June 30, 2026, compared to $1,046 million for the same period in 2025. The decreases in both periods were expected, primarily due to the revenue net of associated costs earned in 2026 from the continued operation of the Pickering Nuclear Generating Station (Pickering GS) beyond 2025 being returned to ratepayers, with such amounts recorded as a liability in a regulatory variance account on the balance sheet.

Williams Treaties First Nations' Investment in Darlington New Nuclear Project

On June 23, 2026, the seven Williams Treaties First Nations, with the support of the Ontario and Federal governments, announced a landmark $700 million investment in the Darlington New Nuclear Project (DNNP). This represents the first and largest collective First Nations' commercial participation in nuclear generation development in Canada and secures a future equity ownership stake in the project for the Nations. This Williams Treaties First Nations' investment will be used to fund construction expenditures for the first small modular reactor (SMR) at the DNNP site. The DNNP is being constructed and will be operated through a subsidiary of OPG.

"We welcome this historic commercial participation by the Nations – a first-of-its-kind investment in a nuclear generation project in Canada," said Nicolle Butcher, OPG President and CEO. "This investment will help finance the clean energy infrastructure necessary to power Ontario's future, while creating an opportunity for the Nations to benefit directly from ownership and create generational value – on their own terms."

OPG and its project partners continue to advance construction on the first DNNP unit, while progressing planning and licensing activities for three additional SMRs at the DNNP site.

Napanee Battery Energy Storage System Phase 2

In June 2026, through a competitive long-term procurement process, Ontario's Independent Electricity System Operator awarded OPG subsidiary, operating as Atura Power, a contract for Phase 2 of the Napanee Battery Energy Storage System (BESS) at the Napanee Generating Station site in Napanee, Ontario. This award builds on Atura Power's successful delivery of Phase 1 of the Napanee BESS project in April 2026, ahead of schedule and within the approved budget. The Napanee BESS Phase 1 will provide up to 250 MW of electricity for up to four hours consecutively, to support Ontario's energy grid.

The Napanee BESS Phase 2 project will add additional battery storage units at the site, providing up to 300 MW of electricity for up to eight hours consecutively. The project will be constructed and operated with 50 per cent First Nation equity participation.

"Our battery energy storage projects support the integration of clean generation in the province's electricity system and reinforce Atura Power's role in delivering flexible energy solutions to help maintain the reliable and affordable electricity supply Ontarians rely on," said Butcher.

Impact Assessment for Potential New Nuclear Generation at Wesleyville Site

Following OPG's submission of the New Nuclear at Wesleyville in Port Hope Initial Project Description to the Impact Assessment Agency of Canada (IAAC) in December 2025, on July 10, 2026, the IAAC posted the notice of commencement of an impact assessment and issued the Integrated Tailored Impact Statement Guidelines and the required plans for OPG's preparation of the Impact Statement. This marked the completion of the Planning phase and the start of the Impact Statement phase of the Impact Assessment process, as one of the required initial steps in the multi-year process aimed at siting potential new nuclear generation at OPG's Wesleyville site in Port Hope, Ontario.

Net Income attributable to the Shareholder

Net income attributable to the Shareholder for the three and six month periods ended June 30, 2026 was $276 million and $751 million, respectively, representing decreases of $265 million and $295 million, compared to the same periods in 2025. The decreases for both periods were 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 GS being returned to ratepayers, with such amounts recorded as a liability in a regulatory variance account. The account is designed to return such amounts to ratepayers in recognition of the approved base regulated prices for OPG's nuclear electricity generation for the 2022-2026 period having been set on the assumption of the continued operation of Units 5 to 8 of the Pickering GS until the end of 2025. The decrease for the three months ended June 30, 2026 was also due to lower revenue from the Darlington Nuclear Generating Station (Darlington GS), as a result of lower electricity generation driven by higher planned outage days.

The decreases for both periods were partially offset by higher revenue from Unit 4 of the Darlington GS following its return to service from refurbishment in March 2026 and a higher base regulated price effective January 1, 2026 for OPG's 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.

OPG's unaudited interim consolidated financial statements and Management's Discussion and Analysis as at and for the three and six month periods ended June 30, 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.

SOURCE Ontario Power Generation Inc.

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