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Ontario Power Generation posts Q1 net income of C$535M

Ontario Power Generation Inc. reported net income attributable to shareholders of C$535 million in the first quarter, increasing from C$64 million in the first quarter of 2017.

The increase was driven by a one-time, after-tax gain of C$205 million related to the sale of the former Lakeview generating station property, by the impact of new regulated prices for its nuclear and most of its hydroelectric generation, and by strong nuclear generation performance, the publicly-owned electricity generator said.

Revenue for the quarter was down to C$1.41 billion from C$1.18 billion a year earlier. Total electricity generation increased to 18.8 TWh, compared with 18.6 TWh a year ago.

Cash flow from operating activities was up to C$226 million, from C$168 million in the first quarter of 2017.