May 23, 2008 / 3:16 PM / 10 years ago

Capital markets hurt Ontario Power's results

TORONTO (Reuters) - Ontario Power Generation reported a weaker first-quarter profit on Friday hurt by lower returns for its invested funds.

The provincially owned electric utility said it earned C$162 million ($164 million), or 63 Canadian cents a share for the quarter ended March 31, down from C$171 million, or 67 Canadian cents a share for the same time last year.

OPG said the decrease was partly caused by volatile capital markets, which bit into the earnings of its nuclear fixed asset removal and nuclear waste management funds.

The utility invests in specialized funds to help pay for its nuclear waste removal activities.

Revenue after rebates for the quarter was C$1.56 billion, up slightly from the C$1.52 billion.

During the quarter, OPG received an average price of 4.6 Canadian cents per kilowatt hour.

($1=$0.99 Canadian)

Reporting by Scott Anderson; editing by Rob Wilson

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