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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PORTLAND - Construction on part of a $1 billion electricity transmission corridor through sparsely populated woods in western Maine is on hold because of legal action, but that doesn't mean all building has been halted.
Workers installed the first of 829 steel poles Tuesday on a widened portion of the existing corridor that is part of the project near The Forks, as the groundwork is laid for the 145-mile ( 230-kilometre ) New England Clean Energy Connect.
The work is getting started even though the 1st U.S. Circuit Court of Appeals delayed construction of a new 53-mile ( 85-kilometre ) section.
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