Public utility Ontario Power Generation Inc. reined in its expenses during the first quarter of the fiscal year, helping the public utility generate a profit of $151-million, up from a year-ago $143-million despite lower electricity production.
OPG said Friday that the quarter saw lower operations, maintenance and administration spending and higher nuclear generation.
Total electricity generated dropped to 22.2 terrawatt-hours compared to 24.5 TWh in same period a year earlier - 34 per cent of that coming from nuclear plants.
"Our financial performance and progress on our generation development projects during the first quarter of 2011 continue to reflect OPG's commitment to provide low cost electricity to Ontarians," president and CEO Tom Mitchell said in a statement.
"This is made possible by focusing on cost reduction initiatives and on completing projects on time and on budget."
The Ontario government-owned utility also stressed that it is ramping up security initiatives at its nuclear operations - an indication it is responding to concerns raised about nuclear power around the world after explosions rocked Japanese plants struck by an earthquake and tsunami earlier this year.
"At OPG, we understand that we can continue to operate nuclear units only if the people of the province accept that the units are safe," Mr. Mitchell said.
"I can assure Ontario residents that these nuclear units are safe. But we are not complacent. In the wake of the nuclear event in Japan, I have asked Wayne Robbins, our chief nuclear officer, to lead a thorough examination of our units and our plans for preventing safety risks and/or responding to them."