OPG is an Ontario-based electricity generation company whose principal business is the generation and sale of electricity in Ontario. OPG was established under the Business Corporations Act (Ontario) in 1999 and is wholly owned by the Province of Ontario.
OPG's mandate is to cost effectively produce electricity from its diversified portfolio of generating assets, while operating in a safe, open and environmentally responsible manner.
In 2005, OPG and its sole shareholder reached agreement on this mandate which is detailed in a Memorandum of Agreement. The Memorandum of Agreement (MOA) serves as the basis of agreement between OPG and the Government of Ontario on OPG's mandate, governance, performance and communications.
Our Core Business
OPG owns one of the largest, low-cost and low emission portfolios of generating assets in North America. As of September 30, 2013, OPG had
19,059 megawatts (MW) of in-service generating capacity. Our diversified generating portfolio consists of:
- 2 nuclear generating stations*
- 5 thermal generating stations
- 65 hydroelectric generating stations on 24 river systems, and
- 2 wind power turbines
Our Financial Profile
At September 30, 2013, OPG had assets of $38.9 billion, long-term debt of
$5.6 billion, and equity of $8.1 billion. OPG's net income for the third quarter of 2013 was $30 million, compared to $139 million for the third quarter of 2012. Net income for the first nine months of 2013 was $131 million, compared to $336 million for the first nine months of 2012.
OPG has a long-term credit rating of 'A-' from Standard & Poor's (S&P) and 'A (low)' from Dominion Bond Rating Service (DBRS).
*In August 2013, OPG was granted an operating licence for the Pickering nuclear units to operate as a single 6-unit station.