OPG Rebate: May 1, 2006 to April 30, 2009

The Ontario Power Generation (OPG) Rebate is paid quarterly to eligible market participants in Ontario for the period from May 1, 2006 to April 30, 2009. This rebate, will be based on the market participant's pro-rata share of the total Ontario allocated quantity of energy withdrawn (AQEW) in each quarter.

OPG will make quarterly payments to the IESO based on a cumulative calculation commencing May 1, 2006 to the end of each quarter less the same cumulative calculation to the end of the previous quarter. These payments will continue until the final quarter ending April 30, 2009. Where the payment formula results in an amount owing to OPG for any quarter, no such payment will be made to OPG by the IESO and any such amount will be carried forward into subsequent quarters.

Schedule B of the IESO licence, provides further settlement details on the OPG Rebate.

Rebate rates

Period	Rebate Amount	Total Allocated Quantity of Energy Withdrawn (AQEW)	Rebate Rate ($/MWh)
February 1, 2009 - April 30, 2009	-$57,764,704.83	33,845,770.436 MWh	0.00
November 1, 2008 - January 31, 2009	$58,542,911.83	37,805,529.654 MWh	1.55
August 1, 2008 - October 31, 2008	$53,360,434.95	35,205,811.017 MWh	1.52
May 1, 2008 - July 31, 2008	$103,663,626.04	35,812,972.648 MWh	2.89
February 1, 2008 - April 30, 2008	$92,665,211.37	36,569,706.88 MWh	2.53
November 1, 2007 - January 31, 2008	$29,119,361.29	38,603,720.811 MWh	0.75
August 1, 2007 - October 31, 2007	$66,562,404.62	36,510,594.730 MWh	1.82
May 1, 2007 - July 31, 2007	$18,179,418.99	36,561,968.492 MWh	0.50
February 1, 2007 - April 30, 2007	$100,542,175.48	37,331,415.925 MWh	2.69
November 1, 2006 - January 31, 2007	$26,418,469.06	37,965,976.105 MWh	0.70
August 1, 2006 - October 31, 2006	$22,298,905.69	36,094,538.869 MWh	0.62
May 1, 2006 - July 31, 2006	$57,944,971.75	37,533,278.043 MWh	1.54
January 1, 2006 - April 30, 2006	$62,944,462.55	49,732,636.185 MWh	1.27
April 1, 2005 - December 31, 2005	$739,126,818.98	113,337,367.667 MWh	6.52

The formula for the quarterly calculation is detailed in the Charge Types and Equations market manual under charge types 112, "OPG Rebate" and 162, "OPG Rebate Debit."

IESO market participant wholesale consumers, including Local Distribution Companies (LDCs), eligible for this rebate should see a settlement under charge type 112.

LDCs will receive this quarterly rebate from the IESO and disperse these funds to customers who pay the wholesale electricity price (i.e. not on the Regulated Price Plan).

LDCs need to submit the MWh's for the applicable quarter for wholesale electricity price customers via the IESO portal. Once the IESO has received the distributor information and disbursed the payment for the period, all amounts paid shall be final and not subject to any adjustment or true-up.

Below are the invoice timelines for all eligible market participants and the LDC submission deadlines:

For the Period from May 1, 2006 to April 30, 2009*	Invoice Month Rebate Issued on	LDC Submission Deadline via IESO Portal
Quarters ending July 31	October	3 business days before October 31
Quarters ending October 31	January	3 business days before January 31
Quarters ending January 31	April	3 business days before April 30
Quarters ending April 30	July	3 business days before July 31

* As stated above, although the OPG rebate payment calculation is cumulative, the disbursement of the rebate amount is not. The quarterly OPG rebate payment is allocated to market participants based on their allocated quantity of energy withdrawn in the applicable quarter.