OPG REPORTS FINANCIAL RESULTS FOR THE SECOND QUARTER OF 2022

Darlington’s Block 3 refurbishment is progressing ahead of schedule; OPG drives climate protection goals through projects and partnerships

TORONTO, August 9, 2022 /CNW/ — Ontario Power Generation Inc. (“OPG” or the “Company”) today reported its second quarter 2022 financial and operating results with net income attributable to shareholders of $446 millioncompared to $518 million for the same period last year.

OPG Logo (CNW Group/Ontario Power Generation Inc.)

OPG Logo (CNW Group/Ontario Power Generation Inc.)

Second quarter highlights include:

Darlington’s Block 3 renovation is progressing ahead of schedule

sanitation of darlington Unit 3 of the Nuclear Power Plant (Darlington GS), the second of four units to undergo a mid-life overhaul, is advancing ahead of schedule and is expected to return to service in late 2023 Executing the refurbishment of Block 3 despite the challenges posed by the COVID-19 pandemic.

“Unit 3 is targeting a safe return to service several months ahead of schedule by the end of 2023,” said OPG President and CEO Ken Hartwick. “This is a true testament to the dedicated support of OPG’s skilled staff working as a ‘One Team’ with our project partners, suppliers, contractors and others Ontario’s robust nuclear supply chain. The team’s commitment to implementing lessons learned and innovative tools to increase efficiencies demonstrates OPG’s ability to complete large, complex projects on schedule or ahead of schedule.”

Mister Adam Beck I The GS G2 hydroelectric unit is brought back into service

in the May 2022OPG has successfully completed the replacement of the G2 unit at Sir Adam Beck I GS, which will add approximately 58 MW of renewable operating power generation capacity to the Company’s regulated hydroelectric fleet. The completion of the G2 unit marks the first full replacement of the unit in the station’s 100-year history.

“Our investments in the flagship sir Adam Beck I GS are vital to our fight against climate change,” said Hartwick. “The successful replacement of the G2 unit and the forthcoming return to service of the G1 unit later this year will ensure the station will continue to perform ontario with clean, renewable energy for years to come and support our net-zero emissions goals.”

OPG and X Energy Track Xe-100 small modular reactors

in the June 2022OPG and X-energy have signed a framework agreement to explore opportunities to deploy small modular Xe-100 reactors for industrial applications Canada.

“As part of our climate action plan, we are committed to supporting the decarbonization of the markets in which we operate,” said Hartwick. “Through this partnership, OPG will support the use of nuclear technology to help heavy industry meet climate change goals by using clean, safe electricity and high-temperature steam to power their manufacturing facilities and enable the decarbonization of their industrial processes.”

Net Income Attributable to Shareholders

Net income attributable to the unitholder decreased by $72 million and increased by $141 million for the past three and six month periods June 30, 2022each compared to the same periods in 2021.

The decrease in the second quarter of 2022 compared to the same period in 2021 was primarily due to lower power generation in the Regulated – Nuclear Generation business segment due to the commencement of the Darlington GS Unit 1 refurbishment and market gains in non-Core holdings recorded in the second quarter of 2021 became. The declines were partially offset by the net impact of OPG’s newly regulated nuclear power generation prices resulting from Ontario Energy Board decisions in the second half of 2021.

In addition to the above drivers, the impact of higher electricity generation from regulated nuclear power plants in the first quarter of 2022 contributed to the increase over the past six months June 30, 2022.

About OPG

As a global pioneer in climate change and the largest and most versatile power producer in the province ontarioOPG and its family of companies are helping to pave the way to a post-carbon economy.

The unaudited consolidated interim financial statements of Ontario Power Generation Inc. and management’s discussion and analysis as to and for the ended three and six month periods June 30, 2022may be obtained from OPG’s website (www.opg.com), the Canadian Securities Administrators’ website (www.sedar.com) or from the Company.

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SOURCE Ontario Power Generation Inc.

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