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[cdn-nucl-l] OPG 3rd Q results
November 21, 2000
ONTARIO POWER GENERATION ANNOUNCES THIRD QUARTER RESULTS
TORONTO: Ontario Power Generation Inc. (OPG) announced today its results for
the third quarter </investor/finrep.asp> ended September 30, 2000.
Net income for the third quarter of 2000 was $198 million ($0.77 per share)
compared to net income of $186 million ($0.73 per share) for the same period
in 1999. Lower operating expenses contributed to the increase in earnings.
Revenues for the third quarter of 2000 were $1,568 million compared to
revenues of $1,578 million for the same period in 1999. Total volume of
electricity sales in Ontario and the interconnected markets during the third
quarter of 2000 was 35.2 TWh compared to 1999 third quarter volume of 35.5
Cash flow from operations during the quarter totaled $213 million. Capital
investments of $138 million were made in the quarter to further improve
generating performance and to prepare OPG's information technology assets
and systems for the competitive electricity marketplace.
Net income for the nine months ended September 30, 2000 was $543 million
($2.12 per share) from revenues of $4,452 million. Cash flow from operating
activities was $1,019 million. Total electricity sales in Ontario and
interconnected markets were 103.7 TWh. A warmer than normal winter combined
with a cooler than normal summer has reduced year-to-date sales volumes by
"The performance of our generating assets combined with the efforts of our
employees, yielded strong financial results," said President and CEO Ron
Copies of the third quarter report are available on the Ontario Power
Generation website, on the Sedar website, or by request.
As part of the reorganization of Ontario Hydro under the Electricity Act,
1998 and the related restructuring of the electricity industry in Ontario,
OPG commenced operations on April 1, 1999.
Ontario Power Generation is a major North American electricity generating
company. OPG's principal business is the generation and sale of electricity
to consumers in Ontario and into the interconnected markets. OPG's goal is
to be a premier North American energy company, focused on low-cost power
generation and wholesale energy sales, while operating in a safe, open and
environmentally responsible manner.