February 29, 2008 / 3:48 PM / in 10 years

Ontario Power posts fourth-quarter profit

OTTAWA (Reuters) - Ontario Power Generation Inc, the provincially-owned electric utility, reported a fourth-quarter profit on Friday due to a big income tax recovery.

OPG said it earned C$119 million, or 46 Canadian cents a share, in the three months ended December 31, compared with a net loss of $19 million, or 8 Canadian cents a share, in the 2006 quarter.

The results included a net income tax recovery of C$163 million, compared with a C$63 million tax recovery in the same period in 2006. Before income taxes, the quarterly loss was C$44 million, versus C$82 million.

Profit also got a push from higher gross margin, reflecting increased electricity generation and higher electricity prices.

Revenue after certain rebates rose to C$1.34 billion from C$1.27 billion.

During the quarter, OPG received an average price of 4.6 Canadian cents per kilowatt hour, below the Ontario spot market average of 5.1 Canadian cents.

OPG owns and operates about 22,150 megawatts of generating capacity and markets power to utilities in Ontario and neighboring U.S. and Canadian electricity markets.

($1=$0.98 Canadian)

Reporting by Susan Taylor; Editing by Peter Galloway

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