May 22, 2009 / 2:41 PM / 9 years ago

Ontario Power posts loss as recession cuts demand

TORONTO, May 22 (Reuters) - Ontario Power Generation, the provincial government-owned electricity utility, reported a first-quarter loss on Friday, hurt by a big drop in demand resulting from the recession.

OPG said it had a net loss of C$9 million ($8 million), or 4 Canadian cents a share, for the quarter ended March 31, down from a profit of C$162 million, or 63 Canadian cents a share, for the same period last year.

OPG said it generated 25.6 terawatt hours of energy in the quarter, 13 percent less than in the the first quarter of 2008.

Nuclear energy output decreased by 1.0 TWh because of planned maintenance outages, while fossil stations cut output by 2.7 TWh primarily due to reduced demand in Ontario’s contracting economy, OPG said.

Revenue after rebates for the quarter was C$1.48 billion, down from the C$1.56 billion.

During the quarter, OPG’s average selling price was 4.8 Canadian cents per kilowatt hour.

$1=$1.13 Canadian Reporting by Julie Gordon; Editing by Peter Galloway

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