Ontario Power Generation Inc. posts $142 million loss in Q3
TORONTO — Ontario Power Generation Inc., Canada's largest producer of nuclear power, has posted a $142-million loss in the third quarter, reversing a $113-million profit in the same period of 2007.
OPG says it experienced a significant drop in earnings from investment funds set up for nuclear fixed asset removal and nuclear waste management.
Fund losses for the three months ending Sept. 30 totalled $190 million compared with earnings of $92 million in the same period last year.
OPG blames the decrease on the global financial meltdown.
Toronto-based OPG says higher fuel prices also ate into its quarterly earnings.
The power company says it produced 27.3 terawatt hours of electricity in the quarter, exceeding the 26.2 terawatts produced in the third quarter of 2007.
Hydroelectric production accounted for 8.9 terawatts, nuclear production comprised 12.2 terawatts and fossil stations produced 6.2 terawatts.