TORONTO - Ontario Power Generation is reporting net income of $623 million for all of 2009 - a sharp increase from the $88 million profit it earned in 2008.

OPG says it increased its earnings from investment funds due to improved global financial markets. These funds were established to provide for the future costs of OPG's nuclear fixed-asset removal and nuclear waste management liabilities.

OPG president and CEO Tom Mitchell says he is pleased to achieve this level of income in the face of "challenging electricity demand conditions."

He says the utility produced less electricity due to lower demand and the utility also faced lower spot electricity market prices.

Despite the lower demand, says Mitchell, OPG's nuclear, hydroelectric and thermal generating stations achieved high levels of reliability.