OPG Reports 2016 Financial Results
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OPG 2016 Financial Results underscore Ontario Power Generation's net income growth, driven by nuclear fleet output, hydroelectric capacity, and contracted generation, with Darlington refurbishment progress supporting clean energy, reliability, and stable customer rates.
Breaking Down the Details
OPG earned $436M in 2016, led by nuclear output and contracted generation; Darlington and hydro projects advanced.
Net income: $436M vs $402M in 2015
Higher output from Darlington nuclear units
Pickering life extensions and refurbishment plans advanced
Contracted Generation Portfolio earnings rose (Lennox, Atikokan)
Ontario Power Generation Inc. (OPG) today reported net income attributable to the Shareholder of $436 million for 2016, compared to $402 million in 2015. The increase was primarily the result of higher generation from the nuclear fleet and higher earnings from the Contracted Generation Portfolio segment, as Ontario advanced plans for the Pickering B refurbishment to support future supply. The higher nuclear production reflected more days when the Darlington nuclear units were producing electricity in 2016, compared to 2015.
"I'm pleased with OPG's 2016 financial results," said OPG President and CEO
Jeff Lyash. "The continued strong financial performance of OPG benefits the Province and electricity consumers. It is essential that we manage our operations effectively, including Pickering life extensions, for the benefit of Ontarians."
"Both the Darlington and Pickering generating stations, which safely continue operating alongside our renewable power fleet of hydroelectric generating stations, produce clean, reliable power with virtually no smog or greenhouse gas emissions. The refurbishment of the Darlington station will provide another 30 years of operations at one of Ontario's most important public assets," said Lyash. "The $12.8 billion that we are investing in the refurbishment will provide important economic stimulus in Ontario, creating jobs and providing opportunities for more than 60 companies from over 25 communities across the province. At the same time, OPG continues to produce about half the electricity used in Ontario with the power priced 40 per cent lower than other generators, which helps moderate customer bills."
Higher electricity demand for stations in the Contracted Generation Portfolio segment in 2016, namely the Lennox Generating Station (GS) and the Atikokan GS, also contributed to the increase in earnings.
"We have achieved significant progress in a number of projects during the year, including the refurbishment work at the Sir Adam Beck Pump Hydroelectric Generating Station's 300-hectare reservoir, and the construction of the Peter Sutherland Sr. Hydroelectric Generating Station in northeastern Ontario. The construction of the Peter Sutherland Sr. station is our third partnership with an Indigenous community." said Lyash. "We're pleased that construction is progressing ahead of schedule and within budget. The 28 megawatt generating station is currently being commissioned and is expected to be in service this spring. This project is another example of OPG's strong partnerships with Ontario's Indigenous communities, yielding renewable power and lasting economic benefits for communities."
