OPG Reports 2018 Financial Results
March 07, 2019
[Toronto]: – Ontario Power Generation Inc. (OPG or Company) today reported net income attributable to the Shareholder of $1,195 million for 2018, compared to $860 million in 2017.
“As Ontario’s only publicly -owned electricity generator, OPG is pleased to report that our 2018 year end results have provided another strong financial return for our shareholder,” said Jeff Lyash, OPG President and CEO. “As the largest and one of the lowest cost electricity generators in Ontario, we remain focused on continuing to drive value from our public assets for the benefit of our owners, the people of Ontario.”
Lyash continued, “Two years ago, OPG began one of the largest and most complex infrastructure projects in Canada. The Darlington Refurbishment Project continues to track on time and on budget and when finished will generate low cost, carbon-free and reliable energy for Ontario for another 30 years. We value the efforts and feedback provided by the Auditor General in her recent report and appreciated her acknowledgment that our business practices are being executed diligently in managing this complex nuclear project.”
In 2018, OPG acquired 100 per cent ownership interest of Eagle Creek Renewable Energy, LLC (Eagle Creek), a hydropower platform with interests in 76 hydroelectric generating stations and two solar facilities throughout the United States, with a majority operating in the New England, Midwest and New York power market areas. “We have been stewards of hydroelectric assets for more than a century and we are proud to continue that legacy with the acquisition of Eagle Creek,” said Lyash. “We look forward to a path of continued growth and success with Eagle Creek.”
On December 20, 2018, the Government of Ontario passed legislation that amended the Labour Relations Act, 1995 to prohibit and end any strikes or lockouts between OPG and the Power Workers Union (PWU) for the current round of bargaining and directing that the collective agreement be concluded through a mediation/arbitration process. Lyash commented, “The matter has now been referred to a mediator-arbitrator for a fair dispute resolution process. I want to thank OPG workers for their continued professionalism and commitment to safety throughout this process as we work to secure a new collective agreement with PWU.”
Read More: https://www.opg.com/news-and-media/news-releases/Documents/20190307FinancialResultsQ42018.pdf