Ontario Power Generation

What Ontario Power Generation does

Ontario Power Generation (OPG) is a Crown corporation wholly owned by the Province of Ontario and operates as the province's largest clean electricity generator, producing roughly half of Ontario's electricity from a diversified 18,150 MW portfolio spanning nuclear (Darlington and Pickering CANDU stations), hydroelectric (66 stations), natural gas (combined-cycle turbines), solar, and biomass. With $74.9 billion in assets as of March 31, 2026 and 11,000+ employees, OPG is building the G7's first commercial grid-scale Small Modular Reactor fleet — four GE Vernova BWRX-300 reactors totaling 1,200 MW at the Darlington site — and is advancing a $26.8 billion Pickering Nuclear Refurbishment alongside the proposed Wesleyville project targeting up to 10 GW of new nuclear capacity.

OPG's core technology and product stack centers on baseload nuclear and hydroelectric generation, with growing investments in energy storage (battery, pumped hydro, hydrogen), fleet electrification services (PowerON Energy Solutions), EV fast charging (Ivy Charging Network joint venture with Hydro One), clean hydrogen (Atura Power subsidiary), and nuclear services including medical isotope production (Laurentis Energy Partners). The Darlington site is the only location in Canada licensed for new nuclear construction with a completed and accepted Environmental Assessment, and the Darlington Refurbishment was completed more than $150 million under its $12.8 billion budget and four months ahead of schedule.

Approximately 85% of OPG's revenue is generated through regulated rates set by the Ontario Energy Board following open public review, with the remainder sold via Energy Supply Agreements to the Independent Electricity System Operator (IESO). OPG's power is approximately one-third less expensive than power produced by other Ontario generators, contributing roughly 25% of a typical residential customer's monthly electricity bill. Customer segments span Ontario residential and industrial consumers, the provincial government as shareholder, the IESO as grid offtake partner, Indigenous communities as development partners and equity participants, and emerging clean energy buyers such as data centers and AI infrastructure operators. Net income was $1,509 million CAD in 2025, up $521 million year-over-year, driven by lower operating expenses and higher nuclear generation.

Name

Ontario Power Generation

Legal name

Ontario Power Generation Inc.

Website

https://opg.com

Company type

Private

Founded year

1999

Operating status

Operating

Headcount range

5,001–10,000 employees

Short description

Ontario Power Generation is a Crown corporation wholly owned by the Province of Ontario, operating the province's largest clean electricity portfolio (18,150 MW across nuclear, hydro, solar, biomass, gas) and building the G7's first commercial small modular reactor fleet at Darlington.

Ownership category

akta.pro rank

Product category

Electricity Generation

NAICS

Electric Power Generation (22111), Hydroelectric Power Generation (221111), Nuclear Electric Power Generation (221113), Fossil Fuel Electric Power Generation (221112), Biomass Electric Power Generation (221117), Solar Electric Power Generation (221114)

SIC

Electric Services (4911), Cogeneration Services & Small Power Producers (4991)

akta.pro primary industry

Utility-Scale Power Generation Asset Management (EUAEAMAA)

akta.pro secondary industries

Gas-Fired Power Plant Development & IPP Ownership (Greenfield/Brownfield) (EUACABAI), Reservoir/Impoundment Hydroelectric Generation (EUACAEAB), Pumped-Storage Hydroelectric Generation (EUACAEAC)

Keywords

• Nuclear power generation
• Hydroelectric generation
• Small modular reactors
• Clean electricity supply
• Energy storage solutions

Headquarters

HQ city

Toronto

HQ country

Canada

HQ region

North America

Offices6 records

Markets served

GTM type

B2B

Offering type

Services

Cost components

Operations, Infrastructure, Personnel, Technology or R&D, Supply Chain

Revenue model

1. Regulated Electricity Generation: OPG is Ontario's only regulated generator, with approximately 85% of revenue coming from regulated rates determined through open, public review by the Ontario Energy Board (OEB). Rates are set to ensure cost-effective power generation while providing returns to the provincial shareholder.
2. Unregulated Generation Sales: Electricity generated by OPG's unregulated assets is sold through Energy Supply Agreements with the Independent Electricity System Operator (IESO), providing market-based revenue for certain generation capacity.
3. EV Charging Network (Ivy Charging Network): OPG's joint venture with Hydro One operates the Ivy Charging Network, installing, owning, and operating EV fast chargers at ONroute locations across Ontario highways 401 and 400 on a pay-per-use basis.

Pricing tiers

Go-to-market motion1 record

Distribution channels3 records

Marketing channels4 records

Core offering

Ontario Power Generation generates and supplies low-carbon electricity to Ontario's provincial grid from a diversified portfolio of nuclear, hydroelectric, natural gas, solar, and biomass assets totaling 18,150 MW of capacity. The company is also developing advanced nuclear capacity through the Darlington New Nuclear Project (four GE Vernova BWRX-300 small modular reactors, 1,200 MW) and offers complementary services such as EV charging (Ivy), fleet electrification (PowerON), clean hydrogen (Atura Power), and energy storage solutions.

Product overview

Ontario Power Generation operates as Ontario's largest low-carbon electricity generator with a diversified portfolio spanning nuclear power, hydroelectric generation, natural gas, biomass, and solar. The company's core products include the Darlington Small Modular Reactor (SMR) Fleet—the first commercial grid-scale SMR deployment in the G7 with four BWRX-300 reactors generating 1,200 MW—alongside the completed Darlington Nuclear Refurbishment and the approved Pickering Nuclear Refurbishment project. OPG also develops the proposed Wesleyville Nuclear Project targeting up to 10 GW capacity. Supporting services include hydroelectric development across 66 stations, energy storage solutions (batteries, pumped hydro, hydrogen), and clean hydrogen production via subsidiary Atura Power. The company's electrification ecosystem encompasses PowerON Energy Solutions for fleet electrification, the Ivy Charging Network joint venture for EV infrastructure, and Laurentis Energy Partners for nuclear services and medical isotope production. The portfolio is tied together through clean energy credit services and the WattNext education program.

Differentiator

Problem solved

Functional benefit

Products and services

• Darlington Small Modular Reactor (SMR) Fleet North America's first commercial small modular reactor fleet under construction at the Darlington site, deploying four GE Vernova BWRX-300 reactors generating 1,200 MW total to power approximately 1.2 million homes.
• Darlington Nuclear Refurbishment Refurbishment of the Darlington Nuclear Generating Station to extend the plant's life for over 30 additional years of cost-effective, safe, and reliable power generation.
• Pickering Nuclear Refurbishment Approved $26.8 billion refurbishment of four reactors at the Pickering Nuclear Generating Station to extend plant life through the mid-2030s and beyond.
• Wesleyville Nuclear Project Proposed large-scale new nuclear development at the Wesleyville site near Port Hope, with potential capacity of up to 10,000 MW (10 GW) over a 78-year lifespan.
• Hydroelectric Generation Portfolio Modernization and operation of 66 hydroelectric stations across Ontario to generate clean and reliable power, including a 15-year framework with GE Vernova to modernize up to 25 hydropower units in the Niagara region.
• Energy Storage Solutions Pumped hydro, battery, and hydrogen storage technologies supporting grid reliability and electrification of clean, dispatchable power supply.
• Clean Hydrogen Production (Atura Power) Green hydrogen production delivered through OPG's wholly-owned subsidiary Atura Power to support the energy transition and build a made-in-Ontario cleantech industry.
• Fleet Electrification Services (PowerON Energy Solutions) Turnkey fleet electrification services delivered by OPG's wholly-owned subsidiary PowerON Energy Solutions, including infrastructure delivery, operations and maintenance, and intelligent energy management.
• Ivy Charging Network EV fast charging service installed, owned, and operated at 23 ONroute service centre locations along Ontario highways 401 and 400 through a joint venture between OPG and Hydro One, sold on a pay-per-use basis.
• Laurentis Energy Partners Services Wholly-owned subsidiary providing nuclear and hydro generation support, inspections and engineering, SMR licensing and development services, heavy water production, and medical isotope production.
• Clean Energy Credits Environmental credits derived from OPG's emissions-free nuclear and hydro portfolio, offered in both Canada and the United States.

Quantifiable outcome

• Darlington Refurbishment completed more than 4 months ahead of schedule and approximately $150 million below its $12.8 billion budget
• +5 more outcomes

Named customers5 records

Segments5 records

Ideal customer profiles6 records

Technology focussed No

API detail

Has API

No

API docs

API detail

Core technology

AI maturity

App detail

Feature3 records

Partnerships

Twelve partnerships are on record, tiered minor, core and secondary.

• City of Niagara FallsminorStrategic or Co-development Partner · 16 June 2026Community partnership where OPG is redirecting a planned tree-planting initiative to restore an area where 32 trees were intentionally damaged, sponsoring approximately 40-50 native trees at a cost of around $7,000.
• GE Hitachi Nuclear Energy, BWX Technologies, Samsung C&T, Doosan Enerbility, HitachicoreTechnology or Integration · 14 May 2026Broad industrial consortium for Darlington SMR construction including GE Vernova (reactor technology), BWX Technologies (components), Samsung C&T (construction), Doosan Enerbility (construction), and Hitachi (support), positioning this as a proof-of-concept for commercial viability and export potential of SMR technology.
• Ontario and Yukon Governments PartnershipsecondaryStrategic or Co-development Partner · 27 April 2026Ontario and Yukon governments signed a partnership agreement to explore deploying SMRs in Yukon, with OPG and Yukon Energy collaborating on knowledge sharing, energy policy development, and regulatory practices, including microreactor development for off-grid locations.
• Ontario and YukonsecondaryStrategic or Co-development Partner · 2 March 2026Partnership to explore SMR deployment in Yukon with OPG sharing expertise in nuclear development, regulatory practices, and project execution.
• Velan Inc.secondaryTechnology or Integration · 15 January 2026Velan secured a CAD $20 million valve order from OPG for refurbishing reactors at Pickering Nuclear Generating Station, supporting nuclear refurbishment and safety standards.
• New York Power Authority (NYPA)secondaryStrategic or Co-development Partner · 19 December 2025OPG and NYPA signed an agreement to collaborate on nuclear innovation, with New York seeking to partner with OPG's nuclear expertise as it develops advanced nuclear power plants in the upstate region.
• GE VernovacoreTechnology or Integration · 11 December 2025GE Vernova is providing the BWRX-300 SMR technology for the Darlington New Nuclear Project. The BWRX-300 is a 300 MW Generation III+ small modular reactor. GE Vernova has a 15-year framework agreement with OPG to modernize up to 25 hydropower units in the Niagara region.
• X-energysecondaryStrategic or Co-development Partner · 11 December 2025OPG is collaborating with X-energy on Xe-100 SMR deployment for industrial applications, expanding SMR technology options beyond the Darlington BWRX-300 deployment.
• Capital PowersecondaryStrategic or Co-development Partner · 11 December 2025OPG is collaborating with Capital Power to assess grid-scale SMR deployment in Alberta, exploring expansion of SMR technology to other Canadian provinces.
• Cameco, Urenco USA, Orano, Global Nuclear Fuel-AmericascoreTechnology or Integration · 11 December 2025OPG signed fuel supply agreements with Cameco, Urenco USA, Orano, and Global Nuclear Fuel-Americas for the Darlington SMR project, securing uranium supply chain for the four BWRX-300 reactors.
• Ontario Science Centre and Ontario Tech UniversitysecondaryStrategic or Co-development Partner · 11 December 2025OPG partnered with Ontario Science Centre and Ontario Tech University to launch WattNext, an innovative energy literacy initiative designed to educate and inform Ontarians about energy careers and the electricity sector.
• Hydro One (Ivy Charging Network Joint Venture)secondaryChannel Partner/ Reseller/ Distributor · 1 January 2025Ivy Charging Network is a joint venture between OPG and Hydro One installing, owning, and operating EV fast chargers at ONroute service centre locations across Ontario highways 401 and 400.

Scale indicators16 records

Recent moves8 records

Expansion highlights7 records

Broad incumbents

• Constellation Energy: The largest U.S. operator of nuclear power plants and a leading clean-power supplier to data center / hyperscale customers; closest analogue to OPG's strategic positioning around 24/7 clean baseload and data center growth.
• Électricité de France (EDF): The world's largest nuclear operator with deep CANDU-adjacent expertise, major new-build pipeline, and government ownership history; relevant as the global reference point for utility-scale nuclear fleet economics, refurbishment programs, and EPR/new-build execution.
• Talen Energy: U.S. independent power producer with a sizable nuclear fleet and an explicit strategy of selling clean baseload to data center and AI customers; comparable in its emphasis on nuclear as a growth platform rather than legacy asset.
• BC Hydro: British Columbia's vertically integrated Crown-owned utility with a hydro-dominant generating portfolio and rate-regulated structure comparable to OPG's regulated generation business in Ontario.

Direct peers

• Bruce Power: Operates the Bruce Nuclear Generating Station in Ontario under a long-term lease from OPG, making it the most direct domestic peer — same nuclear technology (CANDU), same provincial grid, same regulator (CNSC/OEB), and same sole offtaker (IESO).
• New York Power Authority (NYPA): Public-benefit power authority that operates large-scale hydro and nuclear generation in New York State. NYPA signed a cooperation agreement with OPG to collaborate on advanced nuclear, making it a structurally similar non-profit, government-affiliated utility peer.
• Hydro-Québec: Québec Crown corporation and one of North America's largest clean-power generators with a hydro-dominant portfolio plus substantial nuclear via subsidiary Hydro-Québec Production; same corporate form, regulator-imposed rates, and renewable/baseload mix as OPG.

Emerging players

• X-energy: Advanced reactor developer of the Xe-100 high-temperature gas-cooled SMR, collaborating with OPG to explore industrial SMR deployment beyond the Darlington BWRX-300 program; comparable as an SMR-focused counterpart rather than as a competing utility.
• Capital Power: Canadian independent power producer with a diversified thermal, wind, and solar portfolio that is collaborating with OPG on potential grid-scale SMR deployment in Alberta; smaller scale and no current nuclear ownership but actively pursuing the same SMR opportunity.

Regional players

• SaskPower: Saskatchewan Crown utility that has publicly committed to deploying GE Hitachi BWRX-300 SMRs in the 2030s, overlapping with OPG on both technology choice and Canadian provincial utility model but in a different jurisdiction.

Market position

Strengths5 records

Weaknesses5 records

Competitive moat6 records

Key risks6 records

Key highlights7 records

Customer concentration

• Xx.com/opg
• YouTubeyoutube.com/user/opgvideos
• Facebookfacebook.com/OntarioPowerGeneration
• LinkedInca.linkedin.com/company/ontario-power-generation
• Instagraminstagram.com/opgpics

Compliance2 records

Revenue estimate

Valuation estimate

Number of profiles

Profiles10 records

Subsidiaries3 records

Funding overview

Funding rounds4 records

Investors4 records

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M&A1 record

Investments9 records

M&A and investment is available on the Subscription and Enterprise plan.Contact sales →

Frequently asked questions about Ontario Power Generation