OPG Reports First Quarter Profit

Toronto, ON -- Ontario Power Generation Inc. ("OPG") today reported its financial and operating results for the three months ended March 31, 2003. Net income for the quarter was $76 million or $0.30 per share, compared with a loss for the three months ended March 31, 2002 of $217 million or $0.85 per share.

OPG's first quarter 2003 results are above those of the same period last year. OPG's first quarter 2003 net income was favourably impacted by open market energy prices, partially offset by higher fuel costs. In addition, during the first quarter of 2002, OPG recorded provisions for transitional price relief to certain power customers upon market opening and restructuring charges.

"During the first quarter of 2003, we made significant progress on returning the first unit at our Pickering A nuclear generation station to service. We recently obtained approval from the Canadian Nuclear Safety Commission to restart Unit 4's reactor, which will allow us to commence full commissioning at various power levels", said OPG President and CEO, Ron Osborne.

"Our nuclear, fossil and hydroelectric generating stations significantly contributed to meeting Ontario's record winter peak set in January. Our Darlington nuclear station received a five-year operating license from the Canadian Nuclear Safety Commission, the first time that a Canadian nuclear generating station has been granted a five-year licence," said Osborne.

Ontario Power Generation is an Ontario based company, whose principal business is the generation and sale of electricity in Ontario and to interconnected markets. Our focus is on the risk-managed production and sale of reliable electricity from our competitive generation assets. OPG's goal is to be a premier North American energy company, while operating in a safe, open and environmentally responsible manner.