OPG reports 2020 second quarter financial results

The Company’s net income for the second quarter of 2020 was favourably impacted by higher revenue from its regulated nuclear generating assets, compared to the same quarter in 2019. The increase in revenue was due to higher electricity generation in the quarter and changes in the regulated price previously approved by the Ontario Energy Board in 2018.

“As Ontario’s largest electricity producer, our strong operational performance demonstrates the high quality of our diverse generating fleet, which continues to safely and reliably power the province through the current challenges. As the Ontario economy restarts, we are advancing critical infrastructure projects and initiatives that will support economic development and a clean energy future,” said Ken Hartwick, OPG’s President & CEO. “Our true strength comes from working together, collaborating and supporting each other, and that’s what we’ve been doing as a company as we safely resume work on our key projects.”

On June 4, 2020, the Darlington nuclear refurbishment project achieved a significant milestone by successfully completing the refurbishment of the Darlington Nuclear Generating Station’s (Darlington GS) Unit 2 reactor and reconnecting it to Ontario’s electricity grid. Hartwick commented, “The return to service of Darlington’s Unit 2 is a historic accomplishment for OPG, the province and the industry. I want to thank our refurbishment team, project partners, vendors and construction building trades workers for safely returning the reactor to the grid during these unprecedented times. This world-class project performance demonstrates the team’s expertise, innovation and commitment that will be applied to the refurbishment of the next Darlington unit, Unit 3.”

In July 2020, Unit 1 reactor of the Darlington GS set a new Canadian and North American nuclear record with 895 straight days, and counting, of consecutive operation. “Unit 1’s success story is a testament to the reliability of the Darlington station, which produces clean electricity 24 hours a day, seven days a week, and to our hardworking and dedicated employees who ensure that the day-to-day operations of the plant continue to run safely and efficiently, for the benefit of all Ontarians,” said Hartwick.

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 unaudited interim consolidated financial statements and Management’s Discussion and Analysis as at and for the three and six month periods ended June 30, 2020 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.