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Cision Canada
a day ago
- Business
- Cision Canada
OPG Reports 2025 Second Quarter Financial Results
TORONTO, Aug. 12, 2025 /CNW/ - Ontario Power Generation Inc. (OPG or Company) today reported its financial and operating results for the second quarter of 2025, with net income attributable to the Shareholder of $541 million, compared to $160 million for the same period last year. Net income attributable to the Shareholder was $1,046 million for the six months ended June 30, 2025, compared to $381 million for the same period in 2024. 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 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 ( the Canadian Securities Administrators' web site ( or can be requested from the Company.
National Observer
19-06-2025
- Business
- National Observer
Ford's nuclear obsession is robbing Ontario of its true clean energy future
Ontario's Premier Doug Ford just can't seem to shake his aversion to renewables. Ford's new Energy for Generations plan, mapping out energy generation from now to 2050, is laudable for its end goal: to all but end Ontario's reliance on gas for electricity generation. But its single-minded pursuit of new nuclear power projects is myopic when it comes to solar and wind, the gold standard sources of clean energy. Ontario is seriously eyeing sites for three even bigger nuclear plants than it already has — 'the equivalent of adding about five Darlington Nuclear Generating Stations to the grid,' the report states — with the possibility of even more of them down the road. As for solar and wind, the plan calls for a modest increase of slightly more than double the small amounts produced now which comprise 11 per cent of Ontario's power supply. And the clincher: solar and wind will get a boost while nuclear plants are being scaled up, but only for a short while. Once new nuclear plants are up and running, Ontario actually plans to dial back progress on renewables. It sounds like the province plans to tear down solar installations and wind farms and haul the pieces off to metal recyclers and landfills. And why? On those questions, the plan is silent. The only hint is a bullseye graphic comparing the amount of land needed for a new nuclear plant compared to the much greater amounts needed to generate the same amount of power from solar or wind. As might be expected from a plan that reads like a pro-nuclear manifesto, there isn't a single mention of the radioactive waste generated from nuclear power plants and the still-unsolved challenges associated with its disposal. Like his Alberta counterpart, Premier Danielle Smith, Ford seems almost pathologically opposed to solar and wind energy. From the moment he was elected, Ford made it clear he was not interested in clean technology of any description; he cancelled 750 renewable energy projects, slowed the buildout of electric vehicle charging stations, ended the provincial EV rebate, repeatedly lowered gas taxes and has sided with Enbridge, Ontario's natural gas provider, at every turn. Ontario's new energy plan proves that Premier Doug Ford, like Alberta's Danielle Smith, seems almost pathologically opposed to solar and wind energy. @ writes He's budged on EV charging stations recently, probably because failing to build at least some would be a bad look for a province trying to capture EV and battery manufacturing industries. And last year, when it became clear Ontario needed more energy to meet skyrocketing demand, the Ontario government finally opened the door to more solar and wind. Judging by his past record, I would bet that wasn't Ford's idea. I am not among those opposed to adding more nuclear power to Canada's energy mix. Nuclear power is expensive to build – more than $6 billion for a small modular reactor (SMR) and north of that for a larger one. However, once running, nuclear reactors provide enormous quantities of power. Just one proposed plant at Ontario Power Generation's Port Hope (Wesleyville) site could provide enough carbon pollution-free electricity to power 10 million homes. Ontario will need that power as AI booms, transportation and industry electrify and the population continues to grow. Burgeoning electricity demands have sparked similar interest in nuclear power worldwide, the International Energy Agency reports. Even some countries that abandoned nuclear energy because of concerns about cost overruns and waste disposal are eyeing new projects, particularly SMRs. The British government is investing US$19 billion in a new nuclear plant and Denmark is contemplating ending its 40-year moratorium. There is a role for more nuclear power in Ontario, and given the long runway, it probably makes sense to start at least one plant now. But given the waste problem, it seems to me the logical approach for Ontario would be to build as much solar and wind as it can, and as few nuclear plants as possible. Canada should look to China, where massive investment in clean power caused carbon emissions to drop last year, and build as much wind and solar as it can, in short order. Arguments against solar and wind focus on reliability; they only produce power when the sun shines and wind blows. But other countries have been quicker to recognize battery storage is well on the way to taking care of the capricious nature of renewables. And a number of wealthy EU countries are already producing sizeable proportions of their power with wind and solar — Denmark is at 61 per cent and Ireland and Spain are at the one-third mark. So why do leaders like Ford and Smith suffer from such obvious failure of imagination? For Smith, it's obvious — she makes no secret of her fealty to Alberta's oil and gas industry. But Ford's reluctance to embrace clean tech may boil down to the man himself. He self-promotes as an old-school kind of guy. Does he simply like the rumble of a gas-powered engine? Could he see himself on an e-bike? Can he ever trust sources of energy that depend on the sun and wind? There might be other forces at play causing Ford to favour Big Nuclear over solar and wind. Ford's government has always been open-minded, shall we say, to the siren songs of business lobbyists, and the nuclear industry
Hamilton Spectator
13-06-2025
- Business
- Hamilton Spectator
Ford's new energy plan for Ontario increases reliance on nuclear, fossil fuels
The Ford government is projecting a major shift toward nuclear power to meet rising electricity demand and support Ontario's transition to net-zero emissions by mid-century. Its newly released long-term Energy for Generations plan — billed as the province's first-ever integrated energy strategy — also shows an increased reliance on fossil fuels over the next decade, with emissions expected to rise before declining after 2030. The province describes the plan as 'a comprehensive roadmap to meet future energy needs, support new housing, and power the most competitive economy in the G7.' 'As energy demand soars, our plan leverages 'Made-In-Ontario' to build affordable, clean, and always reliable power, built by and for Canadians,' Ontario's Minister of Energy and Mines Stephen Lecce said in a statement. The plan will help the province meet growing electricity demand while achieving over 99 per cent zero-emissions electricity by 2050, he added. Critics say the plan misses key opportunities to scale-up renewables, puts energy affordability at risk and increases Ontario's dependence on foreign energy supplies. The plan projects total electricity production in 2050 to be just under 275 terawatt-hours (TWh), with nuclear making up the largest share at over 200 TWh. That means nuclear plants could supply more than 70 per cent of Ontario's electricity by 2050, up from about 50 per cent today. Currently, Ontario's nuclear fleet — Bruce, Darlington, and Pickering — provides 12,000 MW of capacity. The plan projects the province could need up to 17,800 MW of new nuclear power by 2050, equivalent to building five new Darlington stations. To support this buildout, the province says it is preparing new nuclear sites and has already begun early engagement with First Nation and local communities. A new nuclear technology panel will guide technology choices and project timelines, with input from Ontario Power Generation, Bruce Power, the Independent Electricity System Operator and government officials. The province says nuclear projects are complex and costly, and it plans to explore new ownership models and equity partnerships to attract private capital and help finance the expansion. It aims to attract investment from Canadian pension funds and institutional investors to 'keep more Canadian energy dollars working here at home,' the province said. Mark Winfield, professor at York University and co-chair of its Sustainable Energy Initiative, said the plan lacks a clear decision-making framework and basic accountability mechanisms. He said there is no process in place to evaluate whether the government's chosen energy path is the most affordable or lowest-risk for the province. 'There is no oversight or review process to assess whether this represents the least-cost or lowest-risk option for Ontario,' Winfield said. By 'review,' Winfield refers to independent assessments — such as those typically conducted by regulatory bodies or outside experts — that evaluate costs, risks, and alternatives before major infrastructure decisions are finalized. Winfield also questioned the long-term focus on nuclear. 'All of the proposed reactor technologies rely on enriched fuel that comes from the United States,' he said. 'This exposes Ontario to new energy security risks.' In recent months, the Ford government has committed billions to nuclear energy, announcing new builds and refurbishments it says will create tens of thousands of jobs. Earlier this year, it unveiled plans for a massive nuclear plant near Port Hope , projected to generate 10,000 megawatts — enough to power 10 million homes — though key details like costs and timelines remain undisclosed. Last week, the province introduced legislation to expand access to Ontario's public clean energy fund for nuclear projects. Industry groups welcomed Ontario's new energy plan, with major players praising the government's commitment to both nuclear power and natural gas. Enbridge Gas called the plan a 'clear affirmation' of the essential role natural gas will continue to play, citing its importance for affordability, grid stability and economic growth. The company said investments in gas infrastructure are foundational to Ontario's prosperity. The Organization of Canadian Nuclear Industries also applauded the plan, calling it a bold step toward clean energy leadership. The group highlighted Ontario's strong nuclear track record and said the proposed expansion — including large reactors and SMRs — positions the province to secure long-term clean energy supply. Aliénor Rougeot, climate and energy program manager at Environmental Defence, said Ontario's new energy plan could lead to higher household bills, more air pollution and increased reliance on the US fossil gas. While she welcomed the idea of a long-term, integrated approach, she argued that the plan should be replaced with one built on publicly shared modelling. To Rougeot, the most glaring problem is the plan's failure to prioritize wind and solar — Ontario's cheapest and cleanest energy sources. 'I kept flipping through the document, asking: Where are the renewables?' Rougeot said. The supply forecast is particularly troubling to her, as it shows Ontario having less wind and solar in 2050 than in 2030. She believes the refusal to give renewable energy a central role in the province's future grid will come at a high cost — both economically and environmentally. Wind and solar make up approximately nine per cent and two per cent of Ontario's current electricity generation, respectively. In its plan, the government says their role is expected to grow over time. Starting in 2025, nearly 3,000 megawatts of energy storage will be added to the grid. However, the plan argues that nuclear is more cost-effective and land-efficient than wind and solar. It claims that to generate the same amount of energy as a proposed 10,000 MW nuclear station at Wesleyville, Ontario would need roughly 100 times more land for solar and 500 times more land for wind. But new analysis suggests solar doesn't require large tracts of land — for example, more than half of Toronto's electricity needs could be met through rooftop and parking lot solar alone. A new report from the Ontario Clean Air Alliance argues that wind and solar could meet the same energy needs as the proposed Wesleyville nuclear station much faster and at far lower cost — potentially saving the province up to $19 billion annually. It highlights Ontario's untapped potential for offshore wind in the Great Lakes and large-scale solar at the Port Hope site. Another report warns that electricity from new nuclear could cost up to 3.6 times more than onshore wind, three times more than solar, and 1.7 times more than offshore wind. Lia Codrington, a senior analyst at the Pembina Institute, said the province's new energy plan represents a positive step toward long-term planning, noting that many jurisdictions around the world are already moving quickly toward clean energy and decarbonization. She viewed it as important for Ontario to follow that trend — and even potentially lead — by modernizing its electricity system. Codrington questioned the government's argument that land use limits renewable energy expansion. She said wind turbines allow for shared land use — such as farming — and solar panels can be installed on rooftops, parking lots, and other built environments. In her view, decisions about land use should reflect what Ontarians want in their communities when it comes to energy sources, not just technical comparisons in megawatts per square kilometre. Error! Sorry, there was an error processing your request. There was a problem with the recaptcha. Please try again. You may unsubscribe at any time. By signing up, you agree to our terms of use and privacy policy . This site is protected by reCAPTCHA and the Google privacy policy and terms of service apply. Want more of the latest from us? Sign up for more at our newsletter page .
National Observer
13-06-2025
- Business
- National Observer
Ford's new energy plan for Ontario increases reliance on nuclear, fossil fuels
The Ford government is projecting a major shift toward nuclear power to meet rising electricity demand and support Ontario's transition to net-zero emissions by mid-century. Its newly released long-term Energy for Generations plan — billed as the province's first-ever integrated energy strategy — also shows an increased reliance on fossil fuels over the next decade, with emissions expected to rise before declining after 2030. The province describes the plan as 'a comprehensive roadmap to meet future energy needs, support new housing, and power the most competitive economy in the G7.' 'As energy demand soars, our plan leverages 'Made-In-Ontario' to build affordable, clean, and always reliable power, built by and for Canadians,' Ontario's Minister of Energy and Mines Stephen Lecce said in a statement. The plan will help the province meet growing electricity demand while achieving over 99 per cent zero-emissions electricity by 2050, he added. Critics say the plan misses key opportunities to scale-up renewables, puts energy affordability at risk and increases Ontario's dependence on foreign energy supplies. The plan projects total electricity production in 2050 to be just under 275 terawatt-hours (TWh), with nuclear making up the largest share at over 200 TWh. That means nuclear plants could supply more than 70 per cent of Ontario's electricity by 2050, up from about 50 per cent today. The plan projects the province could need up to 17,800 MW of new nuclear power by 2050, equivalent to building five new Darlington nuclear power stations. Currently, Ontario's nuclear fleet — Bruce, Darlington, and Pickering — provides 12,000 MW of capacity. The plan projects the province could need up to 17,800 MW of new nuclear power by 2050, equivalent to building five new Darlington stations. To support this buildout, the province says it is preparing new nuclear sites and has already begun early engagement with First Nation and local communities. A new nuclear technology panel will guide technology choices and project timelines, with input from Ontario Power Generation, Bruce Power, the Independent Electricity System Operator and government officials. The province says nuclear projects are complex and costly, and it plans to explore new ownership models and equity partnerships to attract private capital and help finance the expansion. It aims to attract investment from Canadian pension funds and institutional investors to 'keep more Canadian energy dollars working here at home,' the province said. 'This isn't a plan — it's a policy statement' Mark Winfield, professor at York University and co-chair of its Sustainable Energy Initiative, said the plan lacks a clear decision-making framework and basic accountability mechanisms. He said there is no process in place to evaluate whether the government's chosen energy path is the most affordable or lowest-risk for the province. 'There is no oversight or review process to assess whether this represents the least-cost or lowest-risk option for Ontario,' Winfield said. By 'review,' Winfield refers to independent assessments — such as those typically conducted by regulatory bodies or outside experts — that evaluate costs, risks, and alternatives before major infrastructure decisions are finalized. Winfield also questioned the long-term focus on nuclear. 'All of the proposed reactor technologies rely on enriched fuel that comes from the United States,' he said. 'This exposes Ontario to new energy security risks.' In recent months, the Ford government has committed billions to nuclear energy, announcing new builds and refurbishments it says will create tens of thousands of jobs. Earlier this year, it unveiled plans for a massive nuclear plant near Port Hope, projected to generate 10,000 megawatts — enough to power 10 million homes — though key details like costs and timelines remain undisclosed. Last week, the province introduced legislation to expand access to Ontario's public clean energy fund for nuclear projects. Industry groups welcomed Ontario's new energy plan, with major players praising the government's commitment to both nuclear power and natural gas. Enbridge Gas called the plan a 'clear affirmation' of the essential role natural gas will continue to play, citing its importance for affordability, grid stability and economic growth. The company said investments in gas infrastructure are foundational to Ontario's prosperity. The Organization of Canadian Nuclear Industries also applauded the plan, calling it a bold step toward clean energy leadership. The group highlighted Ontario's strong nuclear track record and said the proposed expansion — including large reactors and SMRs — positions the province to secure long-term clean energy supply. 'Where are the renewables?' Aliénor Rougeot, climate and energy program manager at Environmental Defence, said Ontario's new energy plan could lead to higher household bills, more air pollution and increased reliance on the US fossil gas. While she welcomed the idea of a long-term, integrated approach, she argued that the plan should be replaced with one built on publicly shared modelling. To Rougeot, the most glaring problem is the plan's failure to prioritize wind and solar — Ontario's cheapest and cleanest energy sources. 'I kept flipping through the document, asking: Where are the renewables?' Rougeot said. The supply forecast is particularly troubling to her, as it shows Ontario having less wind and solar in 2050 than in 2030. She believes the refusal to give renewable energy a central role in the province's future grid will come at a high cost — both economically and environmentally. Wind and solar make up approximately nine per cent and two per cent of Ontario's current electricity generation, respectively. In its plan, the government says their role is expected to grow over time. Starting in 2025, nearly 3,000 megawatts of energy storage will be added to the grid. However, the plan argues that nuclear is more cost-effective and land-efficient than wind and solar. It claims that to generate the same amount of energy as a proposed 10,000 MW nuclear station at Wesleyville, Ontario would need roughly 100 times more land for solar and 500 times more land for wind. But new analysis suggests solar doesn't require large tracts of land — for example, more than half of Toronto's electricity needs could be met through rooftop and parking lot solar alone. A new report from the Ontario Clean Air Alliance argues that wind and solar could meet the same energy needs as the proposed Wesleyville nuclear station much faster and at far lower cost — potentially saving the province up to $19 billion annually. It highlights Ontario's untapped potential for offshore wind in the Great Lakes and large-scale solar at the Port Hope site. Another report warns that electricity from new nuclear could cost up to 3.6 times more than onshore wind, three times more than solar, and 1.7 times more than offshore wind. Lia Codrington, a senior analyst at the Pembina Institute, said the province's new energy plan represents a positive step toward long-term planning, noting that many jurisdictions around the world are already moving quickly toward clean energy and decarbonization. She viewed it as important for Ontario to follow that trend — and even potentially lead — by modernizing its electricity system. Codrington questioned the government's argument that land use limits renewable energy expansion. She said wind turbines allow for shared land use — such as farming — and solar panels can be installed on rooftops, parking lots, and other built environments. In her view, decisions about land use should reflect what Ontarians want in their communities when it comes to energy sources, not just technical comparisons in megawatts per square kilometre.
