Ontario Power Generation has reported a loss of $29-million in second quarter, compared with $306-million profit a year earlier, affected by a decision to delay seeking a rate increase for its electricity.
“As a result, the rates that we receive for electricity from our nuclear and large hydroelectric stations have been unchanged since April 1, 2008, a period of 28 months.” chief executive officer Tom Mitchell said Friday in a news release.
Well, with a very hot summer, and all of us going into shock with the electricity bill, you would think these guys are making out like bandits! There must be a consequence of underpaying for power, perhaps these guys are sucking off the nuclear waste fund? Perhaps they are just piling on the Niagara Tunnel debt band wagon? Who knows?