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OPG reports 2021 first quarter financial results

Continues to execute Darlington Refurbishment and planned hydroelectric unit overhauls

Toronto, ON – Ontario Power Generation Inc. (OPG or Company) today reported its financial and operating results for the first quarter of 2021, with net income attributable to the Shareholder of $290 million, compared to $309 million for the same period last year.

OPG’s net income decreased during the first quarter of 2021 primarily due to lower nuclear electricity generation as a result of deferring a planned outage for Unit 1 of the Darlington nuclear generating station (Darlington GS) from 2020 in response to COVID-19, largely offset by earnings from the assets acquired during 2020 and higher earnings from the nuclear segregated funds. OPG continues to safely and reliably operate its facilities to supply electricity to Ontario and advance essential projects during the ongoing pandemic, while protecting the health and safety of its workers.

“We are continuing to successfully execute the four-unit Darlington Refurbishment project. I want to thank the thousands of workers and hundreds of suppliers from across the province who have ensured that this 10-year mega-project remains on track,” said Ken Hartwick, OPG President and CEO. “Unit 3 disassembly is underway, with the team advancing the preparatory work for the removal of fuel channel assemblies. Once the project is completed in 2026, the Darlington station will continue to produce emission-free electricity to the benefit of all Ontarians for at least three more decades.”

As OPG pursues its goal of net-zero carbon emissions by 2040, it continues to implement key climate action strategies that will help to create a cleaner environment and more prosperous, resilient communities in Ontario and beyond. “Meeting the increased electricity demand to drive decarbonization and achieve net-zero carbon emissions will require an overall diversified generation portfolio,” said Ken Hartwick. “With expertise in nuclear, hydroelectric, biomass, solar and natural gas technologies, we are leveraging our clean energy to drive climate change solutions such as the electrification of the Toronto Transit Commission’s bus fleet and are also leading the charge on the development of low carbon hydrogen production to support further decarbonization of industry.”

OPG’s hydroelectric generation is a vital source of clean energy in Ontario. To ensure this renewable, cost effective power continues in the decades ahead, OPG has commenced an extensive planned 20-year overhaul program of its hydroelectric generating units across the province. “Investing in our hydroelectric assets will ensure that these heritage units can continue to operate efficiently and reliably while supporting the net-zero carbon goals in our Climate Change Plan,” said Ken Hartwick. “The overhaul program will also create many new jobs and numerous economic benefits for our local communities in the way of partnerships, apprenticeships and other opportunities.”

OPG is a climate change leader and the largest electricity generator in the province, providing more than 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 month period ended March 31, 2021 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.

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For further information, please contact:

OPG Media Relations
416-592-4008 or 1-877-592-4008
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