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OPG reports 2020 third quarter financial results

OPG commences refurbishment of Darlington Unit 3; Darlington Unit 1 sets new world record

Toronto – Ontario Power Generation Inc. (OPG or Company) today reported its financial and operating results for the third quarter of 2020, with net income attributable to the Shareholder of $386 million, compared to $319 million for the same quarter of 2019.

The Company’s net income for the third quarter of 2020 reflected higher revenue, primarily from its regulated nuclear generating assets and recently acquired gas-fired fleet, compared to the same quarter in 2019. The increase in revenue from the regulated nuclear generating assets was mainly due to changes in the regulated price previously approved by the Ontario Energy Board in 2018.

“The strong operational performance across our generating fleet continues to safely and reliably power the province as we all continue to confront the evolving COVID-19 pandemic,” said Ken Hartwick, OPG’s President and CEO. “In our role as Ontario’s largest clean energy supplier, OPG remains focused on ensuring we have effective measures in place to address potential impacts of the pandemic on our workforce, operations and projects. We continue to safely operate our facilities and progress key projects in accordance with public health guidelines.”

On September 3, 2020, OPG began the refurbishment of the second unit of the Darlington nuclear generating station (Darlington GS), with the defueling of the Unit 3 reactor, after completing a planned outage. Hartwick commented, “OPG reached a significant milestone on July 30 with the safe shutdown of Darlington’s Unit 3. The start of refurbishment activities on Unit 3 brings us one step closer to extending the life of the station, continuing to provide Ontarians with reliable, carbon-free and low-cost electricity for decades to come.”

After setting the Canadian and North American record for consecutive operation of a nuclear reactor in July 2020, Unit 1 of the Darlington GS set a new world record with 963 days, and counting, of continuous operation in September 2020. “Unit 1’s world class performance is a direct reflection of the reliability of the Darlington station, a testament to the efforts of our hardworking and dedicated employees,” said Hartwick.

OPG is a climate change leader and 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 nine month periods ended September 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.

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For further information, please contact:

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