11/09/2017 12:55 EST | Updated 11/09/2017 13:20 EST

Ontario Power says Darlington project on track, income lower from shutdown

TORONTO — Ontario Power Generation says that its multibillion-dollar Darlington refurbishment is on time and on budget one year into the project.

The crown corporation says in its quarterly results that about $4.1 billion of the $12.8 billion budgeted for the refurbishment had been spent as of Sept. 30.

The power generator's net income came in at $140 million for the third quarter, down from the $198 million in the same quarter last year.

The company says the decrease was due to the Darlington units being taken off-line, and because its application to the Ontario Energy Board for an adjusted rate has not yet been approved.

Ontario Power says revenues were $1.2 billion in the third quarter, down from $1.4 billion in the same quarter last year for the same reasons.

The company's total power generation for the quarter was 19.4 terawatt hours, compared with 19.5 terawatt hours for the same quarter last year due to the lower generation at Darlington, partially offset by higher production at its Pickering operation.