TORONTO - Ontario Power Generation Inc. says profits increased by 70 per cent in the second quarter due to higher revenue from hydroelectric stations.
The provincially-owned utility earned $73 million in the three months ended June 30, compared with $43 million in the same quarter a year ago.
Revenue totalled $1.2 billion, up from just under $1.1 billion.
OPG said it earned $173 million from nuclear funds, compared with a profit of $110 million the same year-earlier period. Depreciation and amortization costs rose to $242 million from $142 million.
Nuclear funds is money set aside to pay for the safe management of nuclear waste and the cost of decommissioning nuclear plants both now and in the future.
OPG president and chief executive Tom Mitchell said the company recently got the green light to compete in other forms of renewable generation, allowing it to expand into a "new direction."
"We will apply the same principles for these potential projects as those applied in our current projects and operations. We will work with communities to ensure they understand and support our efforts before, during and after construction and operation," he said in a statement.
Note to readers: This is a corrected story. An earlier version incorrectly stated the earnings from nuclear funds as a loss.
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