Ontario Power Generation Inc. booked net income attributable to shareholders of C$860 million in 2017, up from C$436 million in 2016.
Revenue dropped year over year to C$5.16 billion from C$5.65 billion, while gross margin also fell to C$4.47 billion from C$4.93 billion, according to a March 8 news release.
The company generated 74.1 TWh of electricity in 2017, down from 78.2 TWh in 2016, due to expected lower generation from the Darlington nuclear plant and its contracted plants. OPG is refurbishing the four-unit Darlington plant, beginning with unit 2 in October 2016, with the aim of extending its operating life by about 30 years.
The 10-year refurbishment project has an approved budget of C$12.8 billion. Total life-to-date capital expenditures on the project were approximately C$4.4 billion as at Dec. 31, 2017, the company said.
OPG is also set to begin construction of its 44-MW solar project at the retired Nanticoke nuclear plant site and adjacent lands this March. The C$107 million project, a partnership between OPG and a Six Nations of Grand River Development Corp. subsidiary, will operate under a contract with Ontario's Independent Electricity System Operator upon its expected completion in the first quarter of 2019.
