OPG Reports Second Quarter 2021 Financial Results

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Continued execution of the Darlington Refurbishment; move forward with the development of low-carbon hydrogen production and small modular reactors

TORONTO, August 10, 2021 / CNW / – Ontario Power Generation Inc. (OPG or company) today announced its financial and operating results for the second quarter of 2021, with net income attributable to the shareholder of $ 518 million, compared to $ 458 million for the same period last year.

Ontario Power Generation logo (CNW Group / Ontario Power Generation Inc.)

“We are starting to see the light at the end of the long pandemic tunnel in Ontario,” noted Ken hartwick, President and CEO of OPG. “I am proud that throughout the pandemic, OPG workers have remained focused on keeping our power generation facilities operating safely and reliably every day, while advancing critical projects and adhering to Strict security protocols related to COVID. “

“I am happy that the Darlington the renovation continues to progress according to plan, with the dismantling of the unit 3 reactor, the second unit to be revised, well underway ”, declared Ken hartwick. “A thorough overhaul of the turbine generator, a critical piece of equipment that is essential to ensure Unit 3 can provide Ontarians with emission-free power 24 hours a day, 7 days a week, for at least three decades furthermore, is progressing well with the refurbishment, thanks to the efforts of our strong and dedicated project team. “

Planning work continues for the siting of a small grid-scale modular nuclear reactor (SMR) at the Darlington nuclear site from 2028, pending regulatory approvals and authorizations. “Nuclear power is integral to our low carbon future and PMS are the flexible and scalable response to achieve climate goals,” said Ken hartwick. “We take advantage of from ontario decades of safe and reliable nuclear power experience to pave the way for SMRs, paving the way for others to use nuclear power to achieve climate goals. “

OPG continues to take meaningful steps to advance its commitments under its climate change plan to be a net zero business by 2040 and drive innovation to help achieve a net zero economy. ‘by 2050. In addition to developing SMRs, this includes laying the foundations for the production of carbonaceous hydrogen in Ontario via its subsidiary Atura Power, which is advancing the creation of regional hydrogen hubs as part of a new hydrogen-related activity. Benefit from ontario clean electrical system, low carbon hydrogen can reduce or offset carbon emissions in a variety of applications, including long haul and heavy duty trucking.

The increase in net income attributable to shareholders for the second quarter of 2021, compared to the same period in 2020, is mainly attributable to market gains on non-core equity investments, partially offset by lower income from nuclear power plants regulated due to lower power generation in the quarter. The drop in income resulting from the decline in electricity production is mainly due to measures taken in 2020 in response to the COVID-19 pandemic.

On August 6, 2021, the Ontario Energy Board (OEB) approved a settlement agreement on most of the issues raised in OPG’s request for new regulated rates for nuclear power generation for the period 2022-2026 . Final regulated prices reflecting the settlement agreement and the OEB’s pending decision on outstanding issues are expected to be approved in the second half of 2021. The new regulated prices will take effect. January 1, 2022. The base regulated price for OPG’s hydroelectric power generation for the period 2022-2026 will be equal to the current regulated price approved for 2021. The settlement agreement did not impact the financial results of OPG. OPG for the second quarter of 2021.

As the global leader in climate change and the largest and most diverse power producer in the province of Ontario, OPG and its family of companies are helping lead the charge towards a post-carbon economy.

Unaudited Interim Consolidated Financial Statements and MD&A of Ontario Power Generation Inc. as of and for the three and six month periods ended June 30th, 2021 can be found on OPG’s website (www.opg.com), the website of the Canadian Securities Administrators (www.sedar.com) or may be requested from the Company.

SOURCE Ontario Power Generation Inc.

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