OPG Reports 2026 Third Quarter Financial Results

Pickering refurbishment underway; update on Darlington New Nuclear Project; continued progress on hydroelectric generation projects

OSHAWA, ON, Nov. 10, 2026 /CNW/ — Ontario Power Generation Inc. (OPG or Company) today reported its financial and operating results for the third quarter of 2026, with net income attributable to the Shareholder of $155 million, compared to $482 million for the same period in 2025. Net income attributable to the Shareholder was $906 million for the nine months ended September 30, 2026, compared to $1,528 million for the same period in 2025. The decreases in both periods were expected, primarily due to the revenue net of associated costs earned in 2026 from the continued operation of the Pickering Nuclear Generating Station (Pickering GS) beyond 2025 being returned to ratepayers, with such amounts recorded as a liability in a regulatory variance account on the balance sheet.

Pickering Refurbishment

For more than five decades, the Pickering GS has been a cornerstone of Ontario’s electricity system and was distinguished by exceptional standards of operational safety. In September 2026, OPG removed Pickering GS Units 5 to 8 from service in preparation for refurbishment. Preliminary project work including defueling activities is now underway and is currently ahead of schedule, with refurbishment construction expected to commence in early 2027, pending regulatory approval by the Canadian Nuclear Safety Commission.

“The Pickering units have stood the test of time, reliably powering Ontario for generations, delivering outstanding performance right up to their final day of service before refurbishment,” said Nicolle Butcher, OPG President and CEO. “Investing in this refurbishment marks a new chapter for the Pickering station, enabling it to continue supplying enough baseload electricity to power approximately two million Ontario homes for an additional 30-plus years.”

Darlington New Nuclear Project

OPG is continuing construction of the G7’s first small modular reactor (SMR) under the Darlington New Nuclear Project (DNNP). The DNNP remains central to Ontario’s plan to meet growing electricity demand with reliable and clean power. To date, the project has achieved important construction milestones, including installation of the 2.1-million-pound basemat – the first nuclear foundation laid in Canada in more than 30 years.

During the third quarter of 2026, the project completed assembly of the tunnel boring machine ahead of tunnelling activities expected to commence in the last quarter of 2026. The machine will bore and line the condenser cooling water tunnel, an essential element for bringing Canada’s first SMR online. The project also completed the first turbine building pour, marking a key milestone for the building foundation.

As previously noted in OPG’s 2025 annual and 2026 second quarter Management’s Discussion and Analysis (MD&A), the DNNP is subject to inherent risks and uncertainties that could affect project cost and schedule. While OPG is undertaking a comprehensive assessment of the project cost and schedule, DNNP Unit 1 is no longer expected to achieve the previously disclosed commercial operation date target of October 2030 or be completed within the previously disclosed estimated cost of $7.7 billion, inclusive of required systems and services that would be common to all SMRs planned as part of the project. This reflects GE Vernova Hitachi (GEVH) Nuclear Energy’s ongoing engineering for its first-of-a-kind SMR, which has impacts on construction execution and supply chain performance. OPG is working with GEVH to complete outstanding engineering scope and move the project forward as quickly as possible.

The assessment of the project cost and schedule will be informed by the completion of engineering scope, including construction deliverables. The assessment will also include further evaluation of engineering design maturity and completion timelines, first of a kind design complexity impacts on construction and procurement assumptions, updated market conditions including inflationary and geopolitical risk, other residual risks, and the effectiveness of mitigation and recovery actions.

The assessment of the project cost and schedule is currently expected to be substantially completed by mid-2027. OPG intends to provide further updates as additional material information becomes available.

“We have made meaningful progress in building the G7’s first small modular reactor, and critical work continues every day on site,” said Butcher. “At the same time, we have identified risks that will impact Unit 1’s schedule and budget. As we continue construction, we are working to fully assess those impacts, and establish mitigation measures and a cost and schedule outlook that we can stand behind. As work progresses, we will share the information transparently.”

Hydroelectric Milestones and Updates

OPG continues to advance major refurbishment and redevelopment projects at its hydroelectric generating stations across Ontario, strengthening the province’s reliable, clean electricity supply for decades to come.

In the third quarter of 2026, OPG completed refurbishment work on Unit 12 at the R. H. Saunders Generating Station on the St. Lawrence River in eastern Ontario – the second of the station’s 16 units planned for refurbishment.

At the Otto Holden Generating Station on the Ottawa River, OPG and its project partners reached the halfway point in the station’s life-extension program with the return to service of Unit 6, the fourth of eight units scheduled for refurbishment.

Meanwhile, OPG’s redevelopment of the Kakabeka Falls Generating Station, on the Kaministiquia River near Thunder Bay, remains on schedule and budget. This work includes construction of a new powerhouse extension, replacement of the surge system, and replacement of the penstocks.

Also in the third quarter of 2026, OPG marked the 75th anniversary of the Pine Portage Generating Station on the Nipigon River – a longstanding contributor to Ontario’s electricity system generating enough energy to meet the needs of more than 140,000 homes.

“For more than a century, OPG’s hydroelectric stations have powered Ontario,” said Butcher. “With an average age of 90 years, these enduring assets demonstrate how strong stewardship, strategic reinvestment, and ongoing maintenance can extend their service life, delivering affordable, reliable clean electricity for generations to come.”

Third quarter highlights include:

Net income attributable to the Shareholder

Net income attributable to the Shareholder for the three and nine month periods ended September 30, 2026 was $155 million and $906 million, respectively, representing decreases of $327 million and $622 million, compared to the same periods in 2025. The decreases for both periods were primarily attributable to expected lower earnings from the Regulated – Nuclear Generation business segment, mainly due to revenue net of associated costs earned in 2026 from the continued operation of the Pickering GS being returned to ratepayers, with such amounts recorded as a liability in a regulatory variance account. The account is designed to return such amounts to ratepayers in recognition of the approved base regulated prices for OPG’s nuclear electricity generation for the 2022-2026 period having been set on the assumption of the continued operation of Units 5 to 8 of the Pickering GS until the end of 2025. The decreases for both periods were also due to lower revenue from the Darlington Nuclear Generating Station (Darlington GS), as a result of lower electricity generation driven by higher planned and unplanned outage days.

The decreases for both periods were partially offset by higher revenue from Unit 4 of the Darlington GS following its return to service from refurbishment in March 2026 and a higher base regulated price effective January 1, 2026 for OPG’s nuclear electricity generation.

Forward-Looking Statements

This press release contains forward-looking information, including statements regarding the DNNP’s cost and schedule, the expected timing of completion of the project cost and schedule assessment, and other future events. Actual results may differ materially due to risks and uncertainties. For more information, refer to the sections, Forward-Looking Statements and Risk Management in OPG’s 2026 third quarter MD&A, as well as the equivalent sections of OPG’s 2025 annual MD&A.

About OPG

As Ontario’s largest and one of North America’s 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. Learn more about how the company is delivering these initiatives while prioritizing people, partnerships and strong communities at www.opg.com. 

OPG’s unaudited interim consolidated financial statements and Management’s Discussion and Analysis as at and for the three and nine month periods ended September 30, 2026, can be accessed on OPG’s web site (www.opg.com), the Canadian Securities Administrators’ web site (www.sedarplus.com), or can be requested from the Company.

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SOURCE Ontario Power Generation Inc.