Ontario Power Generation reports slump in annual net income

Published: 18-Feb-2009

By: Staff Writer Staff Writer Staff Writer

Generation at the fossil-fuelled stations was lower as a result of the higher production from OPG’s nuclear and hydroelectric generating stations and lower market demand

Ontario Power Generation has reported a net income of C$88 million for the year 2008, compared to C$528 million for the year ended December 31, 2007.

The company has reported cash flow provided by operating activities of C$870 million in 2008, compared to C$379 million in 2007.

During 2008, the company has reported total electricity generation of 107.8TWh, compared to 105.1TWh in 2007. The increase of 2.7TWh was primarily due to higher generation from Ontario Power Generation's (OPG) hydroelectric and nuclear stations.

According to the company, total electricity generated during 2008 of 107.8 TWh increased from 2007 production of 105.1 TWh. The increase of 2.7 TWh was due to higher generation from OPG’s hydroelectric and nuclear stations. Higher hydroelectric production was due to increased water flows and good station performance.

Jim Hankinson, president and CEO of OPG, said: “OPG's operational performance improved in 2008 with electricity production and gross margin increasing compared to 2007. However, these favorable increases were more than offset by the negative impact that the capital markets had on the market value of the investment funds that have been established for nuclear fixed asset removal and nuclear waste management.”

Ontario Power Generation is an Ontario-based electricity generation company whose principal business is the generation and sale of electricity in Ontario. The company claims that its generating portfolio has a total capacity of over 22,000 megawatts (MW).

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