OPG reports $623 million profit
TORONTO, ONTARIO - Ontario Power Generation is reporting net income of $623 million for all of 2009 — a sharp increase from the $88 million profit it earned in 2008.
OPG says it increased its earnings from investment funds due to improved global financial markets.
These funds were established to provide for the future costs of OPG's nuclear fixed-asset removal and nuclear waste management liabilities.
OPG president and CEO Tom Mitchell says he is pleased to achieve this level of income in the face of "challenging electricity demand conditions."
He says the utility produced less electricity due to lower demand and the utility also faced lower spot electricity market prices.
Despite the lower demand, says Mitchell, OPG's nuclear, hydroelectric and thermal generating stations achieved high levels of reliability.
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Only one in 10 utility firms prioritise renewable electricity – global study
LONDON - Only one in 10 of the world’s electric utility companies are prioritising investment in clean renewable energy over growing their capacity of fossil fuel power plants, according to research from the University of Oxford.
The study of more than 3,000 utilities found most remain heavily invested in fossil fuels despite international efforts to reduce greenhouse gas emissions, and some are actively expanding their portfolio of polluting power plants.
The majority of the utility companies, many of which are state owned, have made little change to their generation portfolio in recent years.
Only 10% of the companies in the…
