Ontario Power Generation Inc. posted a $96-million loss in the third quarter as the provincial Crown corporation's investments took a major hit from the decline in global securities markets as well as slightly lower revenue and higher expenses.
The three months ended Sept. 30 included a $16-million loss on funds set aside to pay for the future removal of its nuclear power plants and managing nuclear waste. In the year-earlier period, OPG had $287-million in earnings from that fund.
OPG's liabilities for its nuclear removals and waste management also increased by $177-million in the quarter, up from a $165-million increase a year earlier.
In addition, the corporation booked a $19-million restructuring expense that didn't occur last year, paid $58-million more in income tax than last year and had $110-million less revenue, partially offset by lower fuel expenses.
These items were partially offset by lower interest expenses, lower property and capital taxes and lower costs for operations, maintenance and administration.
Revenue also fell year to year, declining to $1.28-billion for the three months ended Sept. 30 from $1.39-billion of revenue in the third quarter of 2010 when OPG had a $333-million profit.
The total amount of electricity generated during the quarter was 21.4 terawatt-hours, down from 22.7 TW-h in the third quarter of 2010.
More than half of OPG's electricity (12.6 TW-h) was produced at nuclear plants, with regulated and unregulated hydroelectric plants providing 6.9 TW-h and 1.9 TW-h from coal-fired plants.