Ontario Power Generation reports strong year

By Anna Simet | March 18, 2015

On top of opening the largest biomass-fired power station in North America, Ontario Power Generation reported 2014 income at $568 million before extraordinary gain, a 334 percent increase compared to $135 million in 2013.

 After extraordinary gain, net income for 2014 was $811 million, compared to $135 million in 2013.

 The extraordinary gain of $243 million is related to the 48 hydroelectric facilities, which were prescribed for rate regulation beginning in 2014, according to OPG.

A financial statement released by the utility reported that the company continues to generate electricity at a significantly lower price than the average of all other electricity generators in the province, closed the last of its coal-fired generating units and completed the addition of 438 MW of hydroelectric capacity at four stations on the Lower Mattagami River in northeastern Ontario.

OPG also completed two coal-to-biomass conversions last year. In July, conversion of the 205-MW Atikokan Generating Station from coal to wood pellets was finished, ahead of its original target completion date. OPG expects the project cost to be within the budget of $170 million. The converted station is subject to an energy supply agreement with the Independent Electricity System Operator, OPG reported.

Late last year, OPG also completed conversion of its 153-MW Thunder Bay Generating Station to advanced biomass pellets, and placed it into service in January, ahead of schedule and within the project’s $7 million budget. OPG and the IESO executed an energy supply agreement in June.