Latest news with #DarlingtonRefurbishmentProject
Cision Canada
7 days ago
- Business
- Cision Canada
AtkinsRéalis signs new execution contract for Darlington Small Modular Reactor Project Français
MONTREAL, May 28, 2025 /CNW/ - Candu Energy Inc., an AtkinsRéalis company [AtkinsRéalis Group Inc.] (TSX: ATRL), has been awarded a $450 million execution contract by Ontario Power Generation (OPG), for the first of four planned small modular reactor (SMR) units at the Darlington New Nuclear Project. The 300-megawatt BWRX-300 small modular reactor being delivered for OPG in Durham Region, east of Toronto, will supply enough power for 300,000 homes. 1 AtkinsRéalis is providing OPG with expertise for the engineering of the SMR. This includes project management, licensing, engineering, design, procurement, construction support and commissioning, as well as digital delivery capabilities in both the nuclear island and balance of plant scopes for the project. "As a world-class engineering services and nuclear organization, we are advocates for the role of SMRs in the energy mix to create stable, affordable, and reliable power grids," said Ian L. Edwards, President and Chief Executive Officer, AtkinsRéalis. "Our involvement in the G7's first grid-scale SMR and Canada's first nuclear new build in roughly 30 years reaffirms our leading position in the global nuclear energy market, for both large and small reactor technologies. Our trusted relationship with OPG supporting hydropower assets and refurbishing CANDU reactors at Darlington and Pickering will support this project's successful completion by 2030." AtkinsRéalis has been the architect-engineer on the Darlington New Nuclear Project alliance team since 2023. The Company is working alongside GE Vernova Hitachi Nuclear Energy and Aecon Kiewit Nuclear Partners. The site preparation work undertaken under an earlier validation phase contract has been completed on time and on budget. The Canadian Nuclear Safety Commission has issued a license to construct the SMR, and the Ontario government has also given its final approval for construction of the first of four planned units at the site. "AtkinsRéalis is a long-time trusted partner to OPG, including on the on-time, on budget Darlington Refurbishment Project," said Nicolle Butcher, OPG President and CEO. "We will draw on our shared experience for similar success as we build the first small modular reactor in the G7 at the Darlington New Nuclear Project site." "Ontario's power demand is expected to surge by 75% by 2050 2 and we'll need all sources of cleaner power to meet the need, including large and small nuclear reactor technology," said Joe St. Julian, President, Nuclear, AtkinsRéalis. "Together with our alliance partners, we will ensure Canada continues to lead the G7 in advancing the use of SMR technology, as AtkinsRéalis also continues to support international SMR projects in the UK, US, and Poland." About AtkinsRéalis Created by the integration of long-standing organizations dating back to 1911, AtkinsRéalis is a world-class engineering services and nuclear company dedicated to engineering a better future for our planet and its people. We create sustainable solutions that connect people, data and technology to transform the world's infrastructure and energy systems. We deploy global capabilities locally to our clients and deliver unique end-to-end services across the whole life cycle of an asset including consulting, advisory & environmental services, intelligent networks & cybersecurity, design & engineering, procurement, project & construction management, operations & maintenance, decommissioning and capital. The breadth and depth of our capabilities are delivered to clients in strategic sectors such as Engineering Services, Nuclear and Capital. News and information are available at or follow us LinkedIn. About AtkinsRéalis' Nuclear Sector AtkinsRéalis has over 70 years of global nuclear expertise, delivering nuclear technology products and full-service solutions to nuclear utilities around the world. AtkinsRéalis is the steward of CANDU® nuclear technology, operating on four continents, and provides advisory and engineering services to other nuclear developers. With an innovative technology portfolio, including access to over 500 patented solutions, AtkinsRéalis solves technically complex challenges across the whole nuclear lifecycle from design and new build through asset management and from life extension and late life management through decommissioning and waste management. AtkinsRéalis operates and manages government nuclear research sites, transforming ageing infrastructure and safely managing legacy nuclear waste. AtkinsRéalis' CANDU technology also allows for the co-production of medical radioisotopes for cancer detection and treatment. The company also supports cancer treatment through its partnership with TerraPower to extract isotopes from legacy nuclear material. Learn more on our Nuclear market page. Forward-Looking Statements References in this press release to the "Company", "AtkinsRéalis", "we", us" and "our" mean, as the context may require, AtkinsRéalis Group Inc. or all or some of its subsidiaries or joint arrangements or associates. Statements made in this press release that describe the Company's expectations or strategies constitute "forward-looking statements", which can be identified by the use of the conditional or forward-looking terminology such as "estimates", "expects", "forecasts", "intends", "may", "objective", "plans", "projects", "should", "will", "likely", or other variations thereon. Forward-looking statements also include any other statements that do not refer to historical facts. The Company cautions that, by their nature, forward-looking statements involve risks and uncertainties, and that its actual actions or results could differ materially from those expressed or implied in such forward-looking statements. Forward-looking statements are presented for the purpose of assisting investors and others in understanding certain key elements of the Company's current objectives, strategic priorities, expectations and plans, and in obtaining a better understanding of the Company's business and anticipated operating environment. Readers are cautioned that such information may not be appropriate for other purposes. Forward-looking statements made in this press release are based on a number of assumptions believed by the Company to be reasonable as at the date hereof. The assumptions are set out throughout the Company's 2024 annual management disclosure & analysis ("2024 MD&A") (particularly in the sections entitled "Critical Accounting Judgments and Key Sources of Estimation Uncertainty" and "How We Analyze and Report our Results") filed with the securities regulatory authorities in Canada, available on SEDAR+ at and on the Company's website at under the "Investors" section. If these assumptions are inaccurate, the Company's actual results could differ materially from those expressed or implied in such forward-looking statements. In addition, important risk factors could cause the Company's assumptions and estimates to be inaccurate and actual results or events to differ materially from those expressed in or implied by these forward-looking statements. Those risks are identified in the 2024 MD&A (particularly in the section entitled "Risk and Uncertainties"), as may be updated from time to time in the Company's interim quarterly MD&A, are not exhaustive. The forward-looking statements herein reflect the Company's expectations as at the date of this press release and are subject to change after this date. The Company does not undertake to update publicly or to revise any such forward-looking statements whether as a result of new information, future events or otherwise, unless required by applicable legislation or regulation. The forward-looking information and statements contained herein are expressly qualified in their entirety by this cautionary statement.
Yahoo
7 days ago
- Business
- Yahoo
AtkinsRéalis signs new execution contract for Darlington Small Modular Reactor Project
MONTREAL, May 28, 2025 /CNW/ - Candu Energy Inc., an AtkinsRéalis company [AtkinsRéalis Group Inc.] (TSX: ATRL), has been awarded a $450 million execution contract by Ontario Power Generation (OPG), for the first of four planned small modular reactor (SMR) units at the Darlington New Nuclear Project. The 300-megawatt BWRX-300 small modular reactor being delivered for OPG in Durham Region, east of Toronto, will supply enough power for 300,000 homes.1 AtkinsRéalis is providing OPG with expertise for the engineering of the SMR. This includes project management, licensing, engineering, design, procurement, construction support and commissioning, as well as digital delivery capabilities in both the nuclear island and balance of plant scopes for the project. "As a world-class engineering services and nuclear organization, we are advocates for the role of SMRs in the energy mix to create stable, affordable, and reliable power grids," said Ian L. Edwards, President and Chief Executive Officer, AtkinsRéalis. "Our involvement in the G7's first grid-scale SMR and Canada's first nuclear new build in roughly 30 years reaffirms our leading position in the global nuclear energy market, for both large and small reactor technologies. Our trusted relationship with OPG supporting hydropower assets and refurbishing CANDU reactors at Darlington and Pickering will support this project's successful completion by 2030." AtkinsRéalis has been the architect-engineer on the Darlington New Nuclear Project alliance team since 2023. The Company is working alongside GE Vernova Hitachi Nuclear Energy and Aecon Kiewit Nuclear Partners. The site preparation work undertaken under an earlier validation phase contract has been completed on time and on budget. The Canadian Nuclear Safety Commission has issued a license to construct the SMR, and the Ontario government has also given its final approval for construction of the first of four planned units at the site. "AtkinsRéalis is a long-time trusted partner to OPG, including on the on-time, on budget Darlington Refurbishment Project," said Nicolle Butcher, OPG President and CEO. "We will draw on our shared experience for similar success as we build the first small modular reactor in the G7 at the Darlington New Nuclear Project site." "Ontario's power demand is expected to surge by 75% by 20502 and we'll need all sources of cleaner power to meet the need, including large and small nuclear reactor technology," said Joe St. Julian, President, Nuclear, AtkinsRéalis. "Together with our alliance partners, we will ensure Canada continues to lead the G7 in advancing the use of SMR technology, as AtkinsRéalis also continues to support international SMR projects in the UK, US, and Poland." About AtkinsRéalis Created by the integration of long-standing organizations dating back to 1911, AtkinsRéalis is a world-class engineering services and nuclear company dedicated to engineering a better future for our planet and its people. We create sustainable solutions that connect people, data and technology to transform the world's infrastructure and energy systems. We deploy global capabilities locally to our clients and deliver unique end-to-end services across the whole life cycle of an asset including consulting, advisory & environmental services, intelligent networks & cybersecurity, design & engineering, procurement, project & construction management, operations & maintenance, decommissioning and capital. The breadth and depth of our capabilities are delivered to clients in strategic sectors such as Engineering Services, Nuclear and Capital. News and information are available at or follow us LinkedIn. About AtkinsRéalis' Nuclear Sector AtkinsRéalis has over 70 years of global nuclear expertise, delivering nuclear technology products and full-service solutions to nuclear utilities around the world. AtkinsRéalis is the steward of CANDU® nuclear technology, operating on four continents, and provides advisory and engineering services to other nuclear developers. With an innovative technology portfolio, including access to over 500 patented solutions, AtkinsRéalis solves technically complex challenges across the whole nuclear lifecycle from design and new build through asset management and from life extension and late life management through decommissioning and waste management. AtkinsRéalis operates and manages government nuclear research sites, transforming ageing infrastructure and safely managing legacy nuclear waste. AtkinsRéalis' CANDU technology also allows for the co-production of medical radioisotopes for cancer detection and treatment. The company also supports cancer treatment through its partnership with TerraPower to extract isotopes from legacy nuclear material. Learn more on our Nuclear market page. Forward-Looking Statements References in this press release to the "Company", "AtkinsRéalis", "we", us" and "our" mean, as the context may require, AtkinsRéalis Group Inc. or all or some of its subsidiaries or joint arrangements or associates. Statements made in this press release that describe the Company's expectations or strategies constitute "forward-looking statements", which can be identified by the use of the conditional or forward-looking terminology such as "estimates", "expects", "forecasts", "intends", "may", "objective", "plans", "projects", "should", "will", "likely", or other variations thereon. Forward-looking statements also include any other statements that do not refer to historical facts. The Company cautions that, by their nature, forward-looking statements involve risks and uncertainties, and that its actual actions or results could differ materially from those expressed or implied in such forward-looking statements. Forward-looking statements are presented for the purpose of assisting investors and others in understanding certain key elements of the Company's current objectives, strategic priorities, expectations and plans, and in obtaining a better understanding of the Company's business and anticipated operating environment. Readers are cautioned that such information may not be appropriate for other purposes. Forward-looking statements made in this press release are based on a number of assumptions believed by the Company to be reasonable as at the date hereof. The assumptions are set out throughout the Company's 2024 annual management disclosure & analysis ("2024 MD&A") (particularly in the sections entitled "Critical Accounting Judgments and Key Sources of Estimation Uncertainty" and "How We Analyze and Report our Results") filed with the securities regulatory authorities in Canada, available on SEDAR+ at and on the Company's website at under the "Investors" section. If these assumptions are inaccurate, the Company's actual results could differ materially from those expressed or implied in such forward-looking statements. In addition, important risk factors could cause the Company's assumptions and estimates to be inaccurate and actual results or events to differ materially from those expressed in or implied by these forward-looking statements. Those risks are identified in the 2024 MD&A (particularly in the section entitled "Risk and Uncertainties"), as may be updated from time to time in the Company's interim quarterly MD&A, are not exhaustive. The forward-looking statements herein reflect the Company's expectations as at the date of this press release and are subject to change after this date. The Company does not undertake to update publicly or to revise any such forward-looking statements whether as a result of new information, future events or otherwise, unless required by applicable legislation or regulation. The forward-looking information and statements contained herein are expressly qualified in their entirety by this cautionary statement. __________________ 1 Source: Ontario Ministry of Energy and Mines, 2 Source: Ontario Ministry of Energy and Mines, SOURCE AtkinsRéalis View original content to download multimedia:
Yahoo
13-05-2025
- Business
- Yahoo
OPG reports 2025 first quarter financial results
Secures Darlington SMR construction approval; explores Indigenous community-led Northern Ontario hydro opportunities; completes $1 billion green bond issuance TORONTO, May 13, 2025 /CNW/ - Ontario Power Generation Inc. (OPG or Company) today reported its financial and operating results for the first quarter of 2025, with net income attributable to the Shareholder of $505 million, compared to $221 million for the same period last year. Darlington New Nuclear Project Licence to Construct Approval With the recent approval of the Darlington New Nuclear Project (DNNP) Licence to Construct by the Canadian Nuclear Safety Commission for one small modular reactor (SMR), OPG will now start the execution phase of Canada's first grid-scale SMR using the BWRX-300 technology, expecting to complete the construction by the end of the decade and connect the facility to the electricity grid by the end of 2030. "Our success to date in delivering on the $12.8 billion Darlington Refurbishment Project has paved the way for new opportunities, including the DNNP," said Nicolle Butcher, OPG President and CEO. "A first for North America, this made-in-Ontario project showcases our domestic expertise to the world, and will drive economic growth while helping meet increasing energy demand." As the first mover on SMRs, this project will create jobs for Ontario workers and contracts for Ontario's supply chains and will demonstrate their capabilities to the world while strengthening Canada's energy security. Over 80 per cent of the DNNP will be procured domestically, with a further 15 per cent sourced through Europe and Japan. The total cost of the four-unit DNNP, including interest, cost escalation, and contingency, is currently estimated at approximately $20.9 billion. The first unit SMR is expected to cost $6.1 billion, along with systems and services that would be common to all four SMRs planned as part of the project of $1.6 billion. The total budget of $7.7 billion represents the release-quality estimate for both the first SMR and shared infrastructure. OPG and its project partners will continue to refine the total estimated project cost during the definition phase of the remaining three units, incorporating lessons learned from the construction of the first SMR and the Darlington Refurbishment Project. As a rate regulated project, the recovery of the costs of the DNNP will be reviewed by the Ontario Energy Board in a future proceeding for OPG's regulated prices. The Province has also indicated that it is exploring potential financial policy tools that would benefit ratepayers. In parallel, OPG continues to explore optimal financing arrangements in support of funding requirements for the planned capital investments. Greenfield Hydroelectric Development OPG recently signed letters of intent with Taykwa Tagamou Nation (TTN) and Moose Cree First Nation (MCFN) to work together on preliminary planning activities to inform an Indigenous community-led decision-making process on new hydroelectric development in the Moose River Basin. This includes the proposed Nine Mile Rapids hydroelectric generating station and the Grand Rapids hydroelectric generating station, which would have a combined generating capacity of up to 430 megawatts (MW). "We look forward to working in meaningful partnership with TTN and MCFN toward the next generation of hydroelectric in Northern Ontario," said Butcher. "These potential new waterpower projects would provide decades of affordable, reliable, domestically produced electricity to meet growing demand and deliver lasting economic benefits to local and Indigenous communities." Green Bond Issuance OPG issued $1 billion in green bonds in the first quarter, furthering its leadership in sustainable financing. In all, since 2018, OPG has issued green bonds totalling approximately $5.6 billion, including offerings by its subsidiaries. Cedar Leaf Capital, Inc. (Cedar Leaf), Canada's first majority Indigenous-owned investment dealer, joined OPG's syndicate of dealers and served as co-manager on the most recent issuance. "OPG remains the largest Canadian corporate issuer of green bonds and will use proceeds of this issuance to fund a range of low-carbon energy projects," said Butcher. "The opportunity to work with Cedar Leaf is in keeping with our Reconciliation Action Plan commitment to partner with Indigenous communities and businesses to advance meaningful and tangible economic reconciliation." Strong Canadian Supply Chain With more than 90 per cent of its goods and services procured from Canadian suppliers for OPG's nuclear and Ontario hydroelectric business, OPG is a major contributor to Ontario's supply chain and economy. OPG continues to strengthen local procurements and identify alternate supplier relationships to mitigate the supply chain risks and broader potential economic impacts associated with changing trade conditions. Net income attributable to the Shareholder Net income attributable to the Shareholder increased by $284 million for the first quarter of 2025, compared to the same period in 2024. The increase was 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 one of North America's largest, 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. Ontario Power Generation Inc.'s unaudited interim consolidated financial statements and Management's Discussion and Analysis as at and for the three months ended March 31, 2025, can be accessed on OPG's web site ( the Canadian Securities Administrators' web site ( or can be requested from the Company. Follow us @opg SOURCE Ontario Power Generation Inc. View original content to download multimedia: Error in retrieving data Sign in to access your portfolio Error in retrieving data Error in retrieving data Error in retrieving data Error in retrieving data
Cision Canada
13-05-2025
- Business
- Cision Canada
OPG reports 2025 first quarter financial results
TORONTO, May 13, 2025 /CNW/ - Ontario Power Generation Inc. (OPG or Company) today reported its financial and operating results for the first quarter of 2025, with net income attributable to the Shareholder of $505 million, compared to $221 million for the same period last year. Darlington New Nuclear Project Licence to Construct Approval With the recent approval of the Darlington New Nuclear Project (DNNP) Licence to Construct by the Canadian Nuclear Safety Commission for one small modular reactor (SMR), OPG will now start the execution phase of Canada's first grid-scale SMR using the BWRX-300 technology, expecting to complete the construction by the end of the decade and connect the facility to the electricity grid by the end of 2030. "Our success to date in delivering on the $12.8 billion Darlington Refurbishment Project has paved the way for new opportunities, including the DNNP," said Nicolle Butcher, OPG President and CEO. "A first for North America, this made-in-Ontario project showcases our domestic expertise to the world, and will drive economic growth while helping meet increasing energy demand." As the first mover on SMRs, this project will create jobs for Ontario workers and contracts for Ontario's supply chains and will demonstrate their capabilities to the world while strengthening Canada's energy security. Over 80 per cent of the DNNP will be procured domestically, with a further 15 per cent sourced through Europe and Japan. The total cost of the four-unit DNNP, including interest, cost escalation, and contingency, is currently estimated at approximately $20.9 billion. The first unit SMR is expected to cost $6.1 billion, along with systems and services that would be common to all four SMRs planned as part of the project of $1.6 billion. The total budget of $7.7 billion represents the release-quality estimate for both the first SMR and shared infrastructure. OPG and its project partners will continue to refine the total estimated project cost during the definition phase of the remaining three units, incorporating lessons learned from the construction of the first SMR and the Darlington Refurbishment Project. As a rate regulated project, the recovery of the costs of the DNNP will be reviewed by the Ontario Energy Board in a future proceeding for OPG's regulated prices. The Province has also indicated that it is exploring potential financial policy tools that would benefit ratepayers. In parallel, OPG continues to explore optimal financing arrangements in support of funding requirements for the planned capital investments. Greenfield Hydroelectric Development OPG recently signed letters of intent with Taykwa Tagamou Nation (TTN) and Moose Cree First Nation (MCFN) to work together on preliminary planning activities to inform an Indigenous community-led decision-making process on new hydroelectric development in the Moose River Basin. This includes the proposed Nine Mile Rapids hydroelectric generating station and the Grand Rapids hydroelectric generating station, which would have a combined generating capacity of up to 430 megawatts (MW). "We look forward to working in meaningful partnership with TTN and MCFN toward the next generation of hydroelectric in Northern Ontario," said Butcher. "These potential new waterpower projects would provide decades of affordable, reliable, domestically produced electricity to meet growing demand and deliver lasting economic benefits to local and Indigenous communities." Green Bond Issuance OPG issued $1 billion in green bonds in the first quarter, furthering its leadership in sustainable financing. In all, since 2018, OPG has issued green bonds totalling approximately $5.6 billion, including offerings by its subsidiaries. Cedar Leaf Capital, Inc. (Cedar Leaf), Canada's first majority Indigenous-owned investment dealer, joined OPG's syndicate of dealers and served as co-manager on the most recent issuance. "OPG remains the largest Canadian corporate issuer of green bonds and will use proceeds of this issuance to fund a range of low-carbon energy projects," said Butcher. "The opportunity to work with Cedar Leaf is in keeping with our Reconciliation Action Plan commitment to partner with Indigenous communities and businesses to advance meaningful and tangible economic reconciliation." Strong Canadian Supply Chain With more than 90 per cent of its goods and services procured from Canadian suppliers for OPG's nuclear and Ontario hydroelectric business, OPG is a major contributor to Ontario's supply chain and economy. OPG continues to strengthen local procurements and identify alternate supplier relationships to mitigate the supply chain risks and broader potential economic impacts associated with changing trade conditions. Net income attributable to the Shareholder Net income attributable to the Shareholder increased by $284 million for the first quarter of 2025, compared to the same period in 2024. The increase was 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 one of North America's largest, 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. Ontario Power Generation Inc.'s unaudited interim consolidated financial statements and Management's Discussion and Analysis as at and for the three months ended March 31, 2025, can be accessed on OPG's web site ( the Canadian Securities Administrators' web site ( or can be requested from the Company.
Yahoo
05-03-2025
- Business
- Yahoo
OPG reports 2024 financial results
Strong progress continues on nuclear and hydroelectric refurbishments, and small modular reactors; new nuclear exploration launched at Wesleyville site TORONTO, March 4, 2025 /CNW/ - Ontario Power Generation (OPG) is on track to deliver the Darlington Refurbishment Project on time and within the $12.8 billion budget. This significant accomplishment was part of OPG's reporting on its financial and operating results for 2024. The electricity generator also reported a net income attributable to the Shareholder of $988 million, compared to $1,741 million for 2023. The decrease was expected and reflects the planned cyclical outage activities on Unit 2 of the Darlington nuclear generating station (Darlington GS) in 2024. Darlington Nuclear Generating Station's Unit 1 Reactor Returned to Service from Refurbishment; Overall Project is on Time and Budget Last fall, OPG returned the Darlington GS Unit 1 to full power after refurbishment, approximately five months ahead of schedule. The refurbishment team is now rebuilding the station's Unit 4, the final refurbishment unit, which is on track for completion in 2026, as scheduled. "Though we faced unprecedented and unforeseeable external forces related to COVID-19 and inflation, our team was able to manage those costs through innovation and efficiency," said Nicolle Butcher, OPG President and CEO. "Now, in the ninth year of this 10-year execution phase, we are on time and on budget, clearly demonstrating our ability to responsibly execute large low-carbon energy projects, working with Ontario and Canada's robust domestic nuclear supply chains." In addition, modifications made to Unit 1 during the refurbishment outage mean it is now capable of producing life-saving Cobalt-60 (Co-60) medical isotopes. The medical community uses this product to sterilize 30 percent of the world's single-use medical devices, including syringes, gloves and implants. The food industry also uses Co-60 to treat some foods against harmful bacteria and insects. The team will similarly modify the other three units of the Darlington GS to help produce Co-60. Pickering Nuclear Generating Station Refurbishment Progressed to Definition Phase OPG completed the initiation phase of Units 5 to 8 refurbishment at the Pickering nuclear generating station (Pickering GS) in the fourth quarter of 2024. Now, the team embarks on the project definition phase, during which OPG will complete a high-quality cost estimate and schedule for the project, progress detailed engineering, further procurement and contracting work, optimize project scope as well as develop a robust project execution plan. As part of this work, OPG has entered into a number of contracts, including with Aecon Group Inc., AtkinsRéalis and BWXT Canada, for early engineering and procurement on the retube feeder and boiler replacement program. "Working with trusted partners, including many who have helped us achieve project excellence on Darlington's refurbishment, will assist in meeting our goals on Pickering's refurbishment," said Butcher. "The extensive planning and preparation underway will help ensure the final project, if approved by the Province and the Canadian Nuclear Safety Commission, is completed safely and with quality, on time and on budget." Darlington New Nuclear Project Update OPG continues to advance the Darlington New Nuclear Project, with site preparation underway for four approximately 300-megawatt (MW) BWRX-300 small modular reactors (SMR). The Canadian Nuclear Safety Commission (CNSC) concluded its two-part Licence to Construct hearing for the first SMR in January 2025. "Pending a regulatory decision from the CNSC and final approval from the Province, we are prepared to begin constructing the first reactor with the goal of deploying Canada's first grid-scale SMR by the end of the decade," said Butcher. "As first movers on the SMR technology, we hope to build a foundation for further growing Ontario and Canada's nuclear supply chains." Strategic Sites for New Generation Update, Highlighting New Nuclear Potential at Wesleyville In November 2024, the Province of Ontario (Province) asked OPG to begin discussions with Indigenous and municipal leaders to gauge community support for potential electricity generation at three OPG-owned sites: Wesleyville, Nanticoke and Lambton. All three sites are already zoned for electricity generation, are near transmission, and located in areas of Ontario experiencing significant growth. In January 2025, with the First Nations' willingness to enter discussions and following a formal expression of interest from Town of Port Hope, the Province has asked OPG to explore opportunities for new nuclear generation at the Wesleyville site. OPG also continues discussions with Indigenous rightsholders, local elected leaders and municipalities in the Nanticoke and Lambton areas. "With electricity demand projected to grow by as much as 75% between now and 2050 we know there will be a need for new generation," said Butcher. "Building and maintaining strong relationships with host communities and the Indigenous Nations on whose traditional territory and treaty territory we operate is key to the siting process. We look forward to expanded conversations with Nations and municipalities to understand their perspectives and aspirations for their communities." Hydroelectric Refurbishments With the Province's announced support, OPG is moving forward with plans to refurbish and expand a number of hydroelectric generating stations across Northern Ontario over the next decade. When complete, this work will secure up to 830 MW of electricity in the North, enough to power approximately 830,000 homes. This is part of OPG's plan to refurbish and redevelop hydroelectric generating stations across the province to maintain reliable and efficient operations and increase production of renewable energy for decades into the future. "Many of our hydroelectric stations have been in service, generating the electricity Ontarians need, for decades and, in some cases, more than a century," said Butcher. "The work we are doing now and over the next number of years to renew our hydroelectric fleet will ensure those same stations reliably produce power for future generations to come." Net Income Attributable to the Shareholder Net income attributable to the Shareholder for 2024 was $988 million, a decrease of $753 million compared to 2023. The decrease was primarily attributable to expected lower earnings from the Regulated – Nuclear Generation business segment, driven by lower electricity generation and a lower base regulated price for OPG's nuclear electricity generation in effect during 2024 as previously approved by the Ontario Energy Board, higher operations, maintenance and administration expenses, and higher depreciation and amortization expenses. The lower electricity generation was expected and primarily due to a planned cyclical maintenance outage on Unit 2 of the Darlington GS in the first half of 2024 and the end of commercial operation of Unit 1 of the Pickering GS on October 1, 2024, as planned, partially offset by fewer planned outage days at the Pickering GS. About OPG As one of North America's largest, 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 by reading OPG's Integrated ESG Annual Report. Ontario Power Generation Inc.'s audited consolidated financial statements and Management's Discussion and Analysis as at and for the year ended December 31, 2024, can be accessed on OPG's web site ( the Canadian Securities Administrators' web site ( or can be requested from the Company. Follow us @opg SOURCE Ontario Power Generation Inc. View original content to download multimedia: Sign in to access your portfolio
