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Ontario Power books higher net income in Q2

Ontario Power Generation Inc. on Aug. 11 booked second-quarter net income attributable to shareholders of C$303 million, rising from C$132 million reported in the corresponding period of 2016.

The results for the quarter include a one-time gain of C$283 million from the sale of the company's head office building and parking facility, according to the earnings release. The company said the gain helped offset the year-over-year decline in generation revenue that resulted from lower nuclear electricity generation due to the refurbishment outage for Unit 2 at the Darlington nuclear plant.

Ontario Power's revenues for the quarter totaled C$1.15 billion, a drop from C$1.39 billion in the second quarter of 2016, while net income totaled C$307 million, an increase from C$135 million a year ago. Cash flow from operating activities was C$143 million in the second quarter, compared to C$348 million a year ago.

For the period that ended June 30, the company generated 18.0 TWh compared to 19.4 TWh in the prior-year period.