TORONTO - Ontario Power Generation reported Friday that its third-quarter profit increased to $333 million, helped by higher electricity prices.
That compares with $259 million for the same quarter ended Sept. 30 last year.
"During the third quarter, OPG met a number of key milestones as the company continues to move towards a cleaner energy mix," chief executive Tom Mitchell said in a news release.
"I am also proud that the company and our employees met the challenges of a hot summer, and helped keep the lights on," he said.
Mitchell noted that on Oct. 1, two coal-fired units at Ontario Power Generation's Nanticoke generating station were closed and two units were closed at its Lambton generating station, saving ratepayers about $200 million over the next four years.
Total electricity generated during the quarter was 22.7 terawatt hours, compared with 22.6 TWh for the same period in 2009.
Meanwhile on Thursday, Hydro-Quebec reported lower third-quarter profit of $227 million, compared with $302 million in the same period last year, a drop of 25 per cent.
Hydro-Quebec said it has had to limit exports due to lower precipitation and water levels.
