OPG Third Quarter Financial Results

November 18, 2011

Media Backgrounder

OPG Third Quarter Financial Results

November 18, 2011 - Ontario Power Generation (OPG) received $259 million in subsidies (“Contingency support agreement revenues”) from the Ontario Electricity Financial Corporation (OEFC) to compensate it for the operating losses of its dirty coal-fired power plants during the first nine months of 2011.

During the same period, OPG’s coal plants generated 2.9% of Ontario’s electricity.

OPG has received a total of $929 million in subsidies from the OEFC, since January 2009, to compensate it for the operating losses of its coal plants. 

“Energy Minister Bentley should direct OPG to put its money-losing coal plants on standby reserve and only operate them if they are absolutely needed to keep the lights on,” said Jack Gibbons, Chair of the Ontario Clean Air Alliance.

For more information please download our report, Finishing the coal phase out, at http://www.cleanairalliance.org/files/coalphaseout2011.pdf

Jack Gibbons
Chair, Ontario Clean Air Alliance
160 John St., #300
Toronto M5V 2E5