[cdn-nucl-l] ONTARIO POWER GENERATION REPORTS 2002 EARNINGS

["Adam McLean" <adam.mclean@utoronto.ca>]

Posted by OPG on March 31, 2003 at:
http://www.opg.com/ir/reports/YE_2002.pdf
See the link for the complete document.

Adam

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ONTARIO POWER GENERATION REPORTS 2002 EARNINGS

[Toronto]: Ontario Power Generation Inc. ("OPG") today reported its
financial
and operating results for the year ended December 31, 2002. Earnings for the
year were $47 million or $0.18 per share, compared with earnings for the
year
ended December 31, 2001, of $152 million or $0.59 per share.

OPG's 2002 results are below those of the same period last year due to a
number of factors. These included a provision for transitional price relief
to
certain power customers upon market opening of $140 million, staff
restructuring
charges of $101 million, and additional expenditures related to the
Pickering A
return to service project of $82 million. These factors were partially
offset by
higher energy prices of $97 million and the gain on sale of the Mississagi
River
stations and other investments of $128 million.

"In Ontario, the electricity market opened to competition on May 1, 2002.
OPG's generating assets played a significant part in meeting record Ontario
demand levels in the summer." said OPG President and CEO, Ron Osborne.

"Throughout the year, OPG maintained its focus on its core strategies.
We successfully met the challenges of the opening of Ontario's electricity
marketplace. We continued to pursue our strategy of operational excellence
by increasing electricity production at existing facilities and moved
forward with
the sale of four hydroelectric stations as part of our mandated decontrol
requirements. Organizational structure was further optimized by
implementing a corporate restructuring initiative and outsourcing a number
of
non-core activities. We undertook environmental improvement initiatives
including the installation of emission reduction technologies at two fossil
stations. OPG is confident that its core strategies are realistic and
attainable
and will deliver long-term shareholder value," said Osborne.

Ontario Power Generation is an Ontario based company, whose principal
business is the generation and sale of electricity in Ontario and to
interconnected markets. Our focus is on the risk-managed production and
sale of reliable electricity from our competitive generation assets. OPG's
goal
is to be a premier North American energy company, while operating in a safe,
open and environmentally responsible manner.