OPG reports $623 million profit
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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The consortium received notice to proceed to build the solar-thermal plant, which is part of the 210MW Cerro Dominador solar complex.
Under the contract, Acciona, which has 51% stake in the consortium, will be responsible for building the plant while Abengoa will act as the technological partner.
Expected to be the first of its kind in Latin America upon completion, the plant is owned by Cerro Dominador, which in turn is owned…
