Investing in Ontario’s clean energy future
As Ontario’s population grows, and as electrification accelerates, demand for electricity is expected to rise by 65% by 2050. As part of the Province’s broader plan to deliver affordable, secure, and reliable power to meet this growing demand, OPG has been tasked with refurbishing and expanding our clean generating fleet.
OPG is responding with more than $30 billion in capital investments over the next five years to refurbish, upgrade, and expand our nuclear and hydroelectric fleet, in addition to the ongoing investments we make to operate our nuclear and hydro stations 365 days a year.
OPG is responding with more than $30 billion in capital investments over the next five years to refurbish, upgrade, and expand our nuclear and hydroelectric fleet.
OPG has recently applied to the Ontario Energy Board to set its 2027-2031 rates, which includes reviewing its proposed investments over the period.
Despite the significant value of these investments, OPG is proposing a modest average annual bill increase of 2.4% per year over the next five years, for a typical residential customer using 750 kWh of electricity per month. These changes would begin in January 2027 if approved by the Ontario Energy Board.
What do these investments enable?
Continued safe and reliable operations: Ongoing operation and maintenance of the Darlington and Pickering nuclear stations, and 54 regulated hydroelectric stations across Ontario.
Darlington New Nuclear Project (DNNP): Building the G7’s first grid-scale Small Modular Reactor. This project, once fully complete, will power 1.2 million homes, support 18,000 jobs during construction, sustain 3,700 long-term jobs, and add $38.5 billion to Canada’s GDP – with 80% of spending staying in Ontario.
Pickering Refurbishment Project: Extending the life of the Pickering Nuclear Generating Station, starting with Unit 5. This project will supply reliable, low-carbon electricity for more than 2.2 million homes, create 30,500 jobs during refurbishment, sustain 6,700 jobs through operation, and contribute $41.6 billion to Canada’s GDP.
Upgrading our hydroelectric fleet: Refurbishing and sustaining our hydro stations - many more than a century old - to ensure decades more clean, low-cost renewable power.
Supporting good jobs and Ontario’s economy: OPG employs more than 11,000 skilled professionals and supports tens of thousands of additional jobs in construction, trades, engineering, and local supply chains.
Accountability and value
OPG is the only generator in Ontario whose investments are fully reviewed by the independent Ontario Energy Board through a rigorous public process, ensuring transparency and value for customers.
Investing today, for tomorrow
Simply put: maintaining Ontario’s clean, reliable, and secure electricity system requires investing today so it will be there tomorrow. And our proposed investments help make that possible – ensuring Ontario remains a leader in affordable, dependable, and clean energy for the decades ahead.
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