Ontario Power reports 30 per cent profit increase

• 13 years ago (2010-11-20)
• Junior Isles

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Ontario Power Generation’s third-quarter profit increased to $333 million, compared with $259 million for the same quarter last year. Reports say this increase was likely caused by higher electricity prices this year.

"During the third quarter, OPG met a number of key milestones as the company continues to move towards a cleaner energy mix," chief executive Tom Mitchell said in a news release.

Mitchell noted that on Oct. 1, two coal-fired units at Ontario Power Generation's Nanticoke generating station were closed and two units were closed at its Lambton generating station, saving ratepayers about $200 million over the next four years.

Total electricity generated during the quarter was 22.7 TWh, compared with 22.6 TWh for the same period in 2009.

Meanwhile, Hydro-Quebec contrastingly reported a reduced third-quarter profit of $227 million, compared with $302 million in the same period last year, a drop of 25 per cent.

Hydro-Quebec said it has had to limit exports due to lower precipitation and water levels.