Friday, August 20, 2010

OPG Bleeding in Hot Summer


Ontario Power Generation has reported a loss of $29-million in second quarter, compared with $306-million profit a year earlier, affected by a decision to delay seeking a rate increase for its electricity.

“As a result, the rates that we receive for electricity from our nuclear and large hydroelectric stations have been unchanged since April 1, 2008, a period of 28 months.” chief executive officer Tom Mitchell said Friday in a news release.

Well, with a very hot summer, and all of us going into shock with the electricity bill, you would think these guys are making out like bandits! There must be a consequence of underpaying for power, perhaps these guys are sucking off the nuclear waste fund? Perhaps they are just piling on the Niagara Tunnel debt band wagon? Who knows?

No comments: