OPG Reports 2025 Second Quarter Financial Results
Second quarter highlights include:
Darlington Refurbishment Update; Operating Licence Renewal Underway
With lower feeder installation on the last of the four units of the Darlington nuclear generating station (Darlington GS) nearing completion, the Darlington Refurbishment Project is currently tracking to be completed earlier in 2026 than its original schedule and on budget, including COVID-19 pandemic and inflation impacts.
"The Darlington Refurbishment Project's success to date is a true testament to the planning completed ahead of project execution and the commitment and expertise of OPG staff, skilled trades and project partners," said OPG President and CEO Nicolle Butcher. "Darlington has long been a clean energy powerhouse for Ontario, and thanks to this refurbishment, completed safely and with quality, will continue to reliably generate electricity for decades to come."
The Canadian Nuclear Safety Commission (CNSC) held a public hearing in late June 2025 on OPG's application to renew Darlington GS's operating licence for an additional 30 years – the projected lifespan of the refurbished station. The CNSC's decision, expected in the fall of this year, will be an important step as part of enabling the continued safe and reliable operation of the Darlington GS for decades to come.
OPG's Role Powering Ontario's Future
In June 2025, the Ontario government released the province's first-ever integrated energy plan, Energy for Generations, a blueprint to power future growth, and drive the most competitive economy in the G7. OPG's long-term strategy of maintaining existing and adding net new generation to the grid will help meet that growing need for clean, reliable, and cost-effective electricity.
"With electricity demand forecasted to increase by as much as 75 per cent between now and 2050, OPG will continue to play a key role in meeting Ontarians' energy needs – affordably and reliably," said Butcher. "By refurbishing and maintaining our existing fleet, advancing construction on the first of four small modular reactors at the Darlington New Nuclear Project (DNNP) site, and engaging with Rightsholders and stakeholders on potential new generation opportunities on our strategic sites, we are well-positioned to help power Ontario's clean energy future."
New Isotopes at Darlington
OPG's Darlington GS is set to become the single largest source of potentially life-saving isotope production in North America. In May 2025, the CNSC approved an amendment to the Darlington GS operating licence, permitting OPG subsidiary Laurentis Energy Partners to begin producing Lutetium-177 and Yttrium-90 isotopes from Darlington's
Unit 2 reactor.
Lutetium-177 and Yttrium-90 are part of a new wave of targeted radionuclide therapies that deliver radiation directly to cancer cells while sparing healthy tissue and offering new hope to patients with hard-to-treat cancers such as liver, neuroendocrine, and prostate.
"Our Darlington nuclear station is not only helping power Ontario's growing clean energy needs; it is also advancing the future of cancer care," said Butcher. "Cancer patients around the world could soon benefit from life-saving treatment based on these two new medical isotopes produced here in Ontario, from OPG's reactors."
Net Income attributable to the Shareholder
Net income attributable to the Shareholder for the three and six month periods ended June 30, 2025 was $541 million and $1,046 million, respectively, representing an increase of $381 million and $665 million compared to the same periods in 2024. The increases for both periods were primarily attributable to higher earnings from the Regulated – Nuclear Generation business segment as a result of higher electricity generation and lower operating, maintenance and administration expenses due to fewer planned cyclical outage activities.
About OPG
As Ontario's largest and one of North America's most diverse electricity generators, OPG invests in local economies and employs thousands of people across Ontario. OPG and its family of companies are advancing the development of new low-carbon technologies, refurbishment projects and electrification initiatives to power the growing demands of a clean economy. Learn more about how the company is delivering these initiatives while prioritizing people, partnerships and strong communities at www.opg.com.
Ontario Power Generation Inc.'s unaudited interim consolidated financial statements and Management's Discussion and Analysis as at and for the three and six month periods ended June 30, 2025, can be accessed on OPG's web site (www.opg.com), the Canadian Securities Administrators' web site (www.sedarplus.com), or can be requested from the Company.
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