Latest news with #DNNP
Yahoo
13-05-2025
- Business
- Yahoo
OPG reports 2025 first quarter financial results
Secures Darlington SMR construction approval; explores Indigenous community-led Northern Ontario hydro opportunities; completes $1 billion green bond issuance TORONTO, May 13, 2025 /CNW/ - Ontario Power Generation Inc. (OPG or Company) today reported its financial and operating results for the first quarter of 2025, with net income attributable to the Shareholder of $505 million, compared to $221 million for the same period last year. Darlington New Nuclear Project Licence to Construct Approval With the recent approval of the Darlington New Nuclear Project (DNNP) Licence to Construct by the Canadian Nuclear Safety Commission for one small modular reactor (SMR), OPG will now start the execution phase of Canada's first grid-scale SMR using the BWRX-300 technology, expecting to complete the construction by the end of the decade and connect the facility to the electricity grid by the end of 2030. "Our success to date in delivering on the $12.8 billion Darlington Refurbishment Project has paved the way for new opportunities, including the DNNP," said Nicolle Butcher, OPG President and CEO. "A first for North America, this made-in-Ontario project showcases our domestic expertise to the world, and will drive economic growth while helping meet increasing energy demand." As the first mover on SMRs, this project will create jobs for Ontario workers and contracts for Ontario's supply chains and will demonstrate their capabilities to the world while strengthening Canada's energy security. Over 80 per cent of the DNNP will be procured domestically, with a further 15 per cent sourced through Europe and Japan. The total cost of the four-unit DNNP, including interest, cost escalation, and contingency, is currently estimated at approximately $20.9 billion. The first unit SMR is expected to cost $6.1 billion, along with systems and services that would be common to all four SMRs planned as part of the project of $1.6 billion. The total budget of $7.7 billion represents the release-quality estimate for both the first SMR and shared infrastructure. OPG and its project partners will continue to refine the total estimated project cost during the definition phase of the remaining three units, incorporating lessons learned from the construction of the first SMR and the Darlington Refurbishment Project. As a rate regulated project, the recovery of the costs of the DNNP will be reviewed by the Ontario Energy Board in a future proceeding for OPG's regulated prices. The Province has also indicated that it is exploring potential financial policy tools that would benefit ratepayers. In parallel, OPG continues to explore optimal financing arrangements in support of funding requirements for the planned capital investments. Greenfield Hydroelectric Development OPG recently signed letters of intent with Taykwa Tagamou Nation (TTN) and Moose Cree First Nation (MCFN) to work together on preliminary planning activities to inform an Indigenous community-led decision-making process on new hydroelectric development in the Moose River Basin. This includes the proposed Nine Mile Rapids hydroelectric generating station and the Grand Rapids hydroelectric generating station, which would have a combined generating capacity of up to 430 megawatts (MW). "We look forward to working in meaningful partnership with TTN and MCFN toward the next generation of hydroelectric in Northern Ontario," said Butcher. "These potential new waterpower projects would provide decades of affordable, reliable, domestically produced electricity to meet growing demand and deliver lasting economic benefits to local and Indigenous communities." Green Bond Issuance OPG issued $1 billion in green bonds in the first quarter, furthering its leadership in sustainable financing. In all, since 2018, OPG has issued green bonds totalling approximately $5.6 billion, including offerings by its subsidiaries. Cedar Leaf Capital, Inc. (Cedar Leaf), Canada's first majority Indigenous-owned investment dealer, joined OPG's syndicate of dealers and served as co-manager on the most recent issuance. "OPG remains the largest Canadian corporate issuer of green bonds and will use proceeds of this issuance to fund a range of low-carbon energy projects," said Butcher. "The opportunity to work with Cedar Leaf is in keeping with our Reconciliation Action Plan commitment to partner with Indigenous communities and businesses to advance meaningful and tangible economic reconciliation." Strong Canadian Supply Chain With more than 90 per cent of its goods and services procured from Canadian suppliers for OPG's nuclear and Ontario hydroelectric business, OPG is a major contributor to Ontario's supply chain and economy. OPG continues to strengthen local procurements and identify alternate supplier relationships to mitigate the supply chain risks and broader potential economic impacts associated with changing trade conditions. Net income attributable to the Shareholder Net income attributable to the Shareholder increased by $284 million for the first quarter of 2025, compared to the same period in 2024. The increase was primarily attributable to higher earnings from the Regulated – Nuclear Generation business segment as a result of higher electricity generation, and lower operating, maintenance and administration expenses due to fewer planned cyclical outage activities. About OPG As one of North America's largest, most diverse electricity generators, OPG invests in local economies and employs thousands of people across Ontario. OPG and its family of companies are advancing the development of new low-carbon technologies, refurbishment projects, and electrification initiatives to power the growing demands of a clean economy. Ontario Power Generation Inc.'s unaudited interim consolidated financial statements and Management's Discussion and Analysis as at and for the three months ended March 31, 2025, can be accessed on OPG's web site ( the Canadian Securities Administrators' web site ( or can be requested from the Company. Follow us @opg SOURCE Ontario Power Generation Inc. View original content to download multimedia: Error in retrieving data Sign in to access your portfolio Error in retrieving data Error in retrieving data Error in retrieving data Error in retrieving data
Cision Canada
13-05-2025
- Business
- Cision Canada
OPG reports 2025 first quarter financial results
TORONTO, May 13, 2025 /CNW/ - Ontario Power Generation Inc. (OPG or Company) today reported its financial and operating results for the first quarter of 2025, with net income attributable to the Shareholder of $505 million, compared to $221 million for the same period last year. Darlington New Nuclear Project Licence to Construct Approval With the recent approval of the Darlington New Nuclear Project (DNNP) Licence to Construct by the Canadian Nuclear Safety Commission for one small modular reactor (SMR), OPG will now start the execution phase of Canada's first grid-scale SMR using the BWRX-300 technology, expecting to complete the construction by the end of the decade and connect the facility to the electricity grid by the end of 2030. "Our success to date in delivering on the $12.8 billion Darlington Refurbishment Project has paved the way for new opportunities, including the DNNP," said Nicolle Butcher, OPG President and CEO. "A first for North America, this made-in-Ontario project showcases our domestic expertise to the world, and will drive economic growth while helping meet increasing energy demand." As the first mover on SMRs, this project will create jobs for Ontario workers and contracts for Ontario's supply chains and will demonstrate their capabilities to the world while strengthening Canada's energy security. Over 80 per cent of the DNNP will be procured domestically, with a further 15 per cent sourced through Europe and Japan. The total cost of the four-unit DNNP, including interest, cost escalation, and contingency, is currently estimated at approximately $20.9 billion. The first unit SMR is expected to cost $6.1 billion, along with systems and services that would be common to all four SMRs planned as part of the project of $1.6 billion. The total budget of $7.7 billion represents the release-quality estimate for both the first SMR and shared infrastructure. OPG and its project partners will continue to refine the total estimated project cost during the definition phase of the remaining three units, incorporating lessons learned from the construction of the first SMR and the Darlington Refurbishment Project. As a rate regulated project, the recovery of the costs of the DNNP will be reviewed by the Ontario Energy Board in a future proceeding for OPG's regulated prices. The Province has also indicated that it is exploring potential financial policy tools that would benefit ratepayers. In parallel, OPG continues to explore optimal financing arrangements in support of funding requirements for the planned capital investments. Greenfield Hydroelectric Development OPG recently signed letters of intent with Taykwa Tagamou Nation (TTN) and Moose Cree First Nation (MCFN) to work together on preliminary planning activities to inform an Indigenous community-led decision-making process on new hydroelectric development in the Moose River Basin. This includes the proposed Nine Mile Rapids hydroelectric generating station and the Grand Rapids hydroelectric generating station, which would have a combined generating capacity of up to 430 megawatts (MW). "We look forward to working in meaningful partnership with TTN and MCFN toward the next generation of hydroelectric in Northern Ontario," said Butcher. "These potential new waterpower projects would provide decades of affordable, reliable, domestically produced electricity to meet growing demand and deliver lasting economic benefits to local and Indigenous communities." Green Bond Issuance OPG issued $1 billion in green bonds in the first quarter, furthering its leadership in sustainable financing. In all, since 2018, OPG has issued green bonds totalling approximately $5.6 billion, including offerings by its subsidiaries. Cedar Leaf Capital, Inc. (Cedar Leaf), Canada's first majority Indigenous-owned investment dealer, joined OPG's syndicate of dealers and served as co-manager on the most recent issuance. "OPG remains the largest Canadian corporate issuer of green bonds and will use proceeds of this issuance to fund a range of low-carbon energy projects," said Butcher. "The opportunity to work with Cedar Leaf is in keeping with our Reconciliation Action Plan commitment to partner with Indigenous communities and businesses to advance meaningful and tangible economic reconciliation." Strong Canadian Supply Chain With more than 90 per cent of its goods and services procured from Canadian suppliers for OPG's nuclear and Ontario hydroelectric business, OPG is a major contributor to Ontario's supply chain and economy. OPG continues to strengthen local procurements and identify alternate supplier relationships to mitigate the supply chain risks and broader potential economic impacts associated with changing trade conditions. Net income attributable to the Shareholder Net income attributable to the Shareholder increased by $284 million for the first quarter of 2025, compared to the same period in 2024. The increase was primarily attributable to higher earnings from the Regulated – Nuclear Generation business segment as a result of higher electricity generation, and lower operating, maintenance and administration expenses due to fewer planned cyclical outage activities. About OPG As one of North America's largest, most diverse electricity generators, OPG invests in local economies and employs thousands of people across Ontario. OPG and its family of companies are advancing the development of new low-carbon technologies, refurbishment projects, and electrification initiatives to power the growing demands of a clean economy. Ontario Power Generation Inc.'s unaudited interim consolidated financial statements and Management's Discussion and Analysis as at and for the three months ended March 31, 2025, can be accessed on OPG's web site ( the Canadian Securities Administrators' web site ( or can be requested from the Company.
Associated Press
08-05-2025
- Business
- Associated Press
Aecon-led partnership awarded contract by Ontario Power Generation for the execution phase on the Darlington New Nuclear Project
TORONTO, May 08, 2025 (GLOBE NEWSWIRE) -- Aecon Group Inc. (TSX: ARE) ('Aecon') announced today that Aecon Kiewit Nuclear Partners, a general partnership between Aecon and Kiewit Nuclear Canada in which Aecon is the lead partner, has been awarded an alliance construction contract by Ontario Power Generation ('OPG') for the execution phase on the Darlington New Nuclear Project ('DNNP') in Clarington, Ontario. Aecon's share of the contract is valued at approximately $1.3 billion and will be added to its Construction segment backlog in the second quarter of 2025. The project is being delivered under an Integrated Project Delivery ('IPD') model. During the execution phase, Aecon Kiewit Nuclear Partners will work collaboratively with partners OPG (owner and licence holder), GE Vernova Hitachi Nuclear Energy and AtkinsRéalis to deliver North America's first grid-scale Small Modular Reactor ('SMR'). Aecon Kiewit Nuclear Partners' scope of work during the execution phase includes project management, construction planning and execution, with completion and commercial operation expected in 2030. 'OPG's Darlington New Nuclear Project is a trailblazing undertaking – leading the way in delivering the next generation of nuclear plants across North America and internationally,' said Jean-Louis Servranckx, President and Chief Executive Officer, Aecon Group Inc. 'Aecon is proud to bring its diverse nuclear expertise and multidisciplinary capabilities to play a prominent role in safely executing this exciting project to meet the energy demands of future generations in Ontario.' 'Backed by over five decades of nuclear experience and the collective capacity of our project team, we are well positioned to successfully execute the next phase of this clean energy project with a steadfast commitment to safety, quality, schedule and cost performance,' said Aaron Johnson, Senior Vice President, Nuclear, Aecon Group Inc. 'Aecon continues to pursue strategic growth across a full spectrum of nuclear opportunities spanning large-scale new builds, SMRs, and life extension programs in existing and target priority markets.' Aecon is also the leading constructor for the three largest nuclear refurbishment projects in Ontario, including the Darlington Nuclear Refurbishment, the Pickering Nuclear Refurbishment and the Bruce Major Component Replacement program. Further information about the project is available on OPG's website. About Aecon Aecon Group Inc. is a North American construction and infrastructure development company with global experience. Aecon delivers integrated solutions to private and public-sector clients through its Construction segment in the Civil, Urban Transportation, Nuclear, Utility, and Industrial sectors, and provides project development, financing, investment, management, and operations and maintenance services through its Concessions segment. Join our online community on X, LinkedIn, Facebook, and Instagram @AeconGroupInc. Statement on Forward-Looking Information The information in this press release includes certain forward-looking statements which may constitute forward-looking information under applicable securities laws. These forward-looking statements are based on currently available competitive, financial and economic data and operating plans but are subject to risks and uncertainties. Forward-looking statements may include, without limitation, statements regarding the operations, business, financial condition, expected financial results, performance, prospects, ongoing objectives, strategies and outlook for Aecon, including statements regarding: the anticipated timeline for the successful execution and completion of the project. Forward-looking statements may in some cases be identified by words such as 'may,' 'will,' 'expects,' 'target,' 'future,' 'plans,' 'believes,' 'anticipates,' 'estimates,' 'projects,' 'intends,' 'should' or the negative of these terms, or similar expressions. In addition to events beyond Aecon's control, there are factors which could cause actual or future results, performance or achievements to differ materially from those expressed or inferred herein including but not limited to: the risk of not being able to meet contractual schedules and other performance requirements, the risks associated with a third party's failure to perform; the risk of not being able to meet its labour needs at reasonable costs; and the risk of not being able to address any supply chain issues which may arise. These forward-looking statements are based on a variety of factors and assumptions including, but not limited to that: none of the risks identified above materialize, there are no unforeseen changes to economic and market conditions, and no significant events occur outside the ordinary course of business. These assumptions are based on information currently available to Aecon, including information obtained from third-party sources. While Aecon believes that such third-party sources are reliable sources of information, Aecon has not independently verified the information. Aecon has not ascertained the validity or accuracy of the underlying economic assumptions contained in such information from third-party sources and hereby disclaims any responsibility or liability whatsoever in respect of any information obtained from third-party sources. Risk factors are discussed in greater detail in Section 13 - 'Risk Factors' in Aecon's 2024 Management's Discussion and Analysis for the fiscal year ended December 31, 2024 and Aecon's Management's Discussion and Analysis for the fiscal quarter ended March 31, 2025, each filed on SEDAR+ ( For further information: Adam Borgatti SVP, Corporate Development and Investor Relations 416-297-2600 [email protected] Nicole Court Vice President, Corporate Affairs 416-297-2600 [email protected]
