Production improvements boost OPG
Ontario Power Generation Inc., the province’s electricity generation company, says its annual earnings rose to $528 million from $490 million amid general production improvements.
OPG received an average price of 4.6 cents per kilowatt hour for the output from all of its generating stations in 2007, equal to that of 2006.
Income was boosted by an increase in earnings from nuclear funds, non-electricity generation revenue, fossil fuel-based generation, a decrease in income tax expense and lower depreciation costs related to the service lives of coal-fired generating stations.
But those favourable impacts were partly offset by lower generation from OPG’s Pickering nuclear stations, and higher nuclear and fossil maintenance expenses.
"The reliability of our generating stations improved over the previous year, with the exception of the Pickering A and B nuclear stations, where one-time events unfavourably affected production in 2007," president and CEO Jim Hankinson said yesterday.
Electricity generated in 2007 of 105.1 terawatt hours was equal to production of 105.2 TWh in 2006 payday loans. The Canadian Press
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