OPG’s PowerNews is a quarterly round-up of news, features, and employee profiles that showcase our stories and wonderful talent.
In the Spring 2019 issue of PowerNews, we sit down with Ken Hartwick, OPG’s new President and CEO, who shares his story and vision for the company’s future.
Also featured is an update on the Darlington Refurbishment, which is approaching several project milestones as it nears the completion of Unit 2.
In the employee spotlight is Hunter Taylor, a Hydroelectric Operating Technician Trainee who’s busy following her true calling. We also take a look at a new Atlantic salmon hatchery that recently opened at Darlington and examine a new radar detection system that is keeping tabs on the Niagara River.
OPG reports solid earnings, steady performance in 2018
OPG reported net income attributable to the Shareholder of $1,195 million for the full-year of 2018, compared to $860 million in 2017.
The company’s net income in 2018 was favourably impacted by new regulated prices for OPG’s nuclear and most of its hydroelectric generation set by the Ontario Energy Board, and the after-tax gain of $205 million from the sale of the former Lakeview Generating Station (GS) site.
OPG’s total electricity production remained consistent in 2018 at 74 terawatt hours (TWh) compared to 74.1 TWh in 2017. The company saw an increase in nuclear electricity generation due to fewer planned outage days at Darlington Nuclear GS, which was offset by a larger number of outage days at Pickering Nuclear GS.
On the regulated hydroelectric front, generation was down slightly due to lower water flows across most river systems.
“Overall, 2018 was a milestone year for OPG,” said Jeff Lyash, OPG’s President and CEO. “Our hard work and commitment to generating clean, reliable and safe electricity for Ontario was reflected in a number of major achievements.”
In November, the company expanded into the United States for the first time by completing the acquisition of Eagle Creek Renewable Energy, which owns and operates 63 hydroelectric facilities across the U.S. The Canadian Nuclear Safety Commission also granted Pickering Nuclear a 10-year licence renewal, which allows Pickering to operate until 2024, followed by safe storage activities between 2024 and 2028.
The Darlington Refurbishment project, which remains on schedule and on budget, also made significant progress as Unit 2 was successfully disassembled and work began to put the reactor back together again with new components. The project’s progress and execution were acknowledged by the Auditor General of Ontario in her 2018 Annual Report.
2018 also saw significant progress on OPG’s other generation development and life extension projects. Construction advanced on the 44-megawatt (MW) Nanticoke Solar project and work progressed on a 10 MW single-unit powerhouse at the Ranney Falls GS site. Both projects are tracking on schedule and on budget.
Subscribe and stay informed
Sign up to receive the latest news, project updates, and event information from OPG.