Ontario Power Generation reports profit shrinks $8M to $234M in Q1

TORONTO – Ontario Power Generation has reported a decrease in first-quarter net earnings, saying last year’s profit was helped by an unusually cold winter that produced higher than normal market prices.

OPG, a provincially owned company that generates more than half the electricity produced in Ontario, said net income in the three months ended March 31 totalled $234 million.

That was down $8 million from $242 million in the same 2014 quarter.

Revenue totalled $1.355 billion, down from 1.397 billion.

Overall, OPG received an average of 6.2 cents per kilowatt hour for its power, “continuing our record of holding down the overall prices paid by consumers,” president and CEO Tom Mitchell said in the company’s earnings report.