2009

Algonquin Power & Utilities Corp. Announces Completion Of Acquisition Of 36.8 MW Of Hydroelectric Generation Assets

TORONTO, ONTARIO – January 13, 2010 – Algonquin Power & Utilities Corp. (“Algonquin”) (TSX: AQN) is pleased to announce that it has completed the acquisition of 36.8 MW of electrical generating assets (the “Hydro Assets”) previously announced on November 10, 2009, located in New Brunswick and Maine from Integrys Energy Services Inc. after satisfying the conditions of the acquisition including regulatory approval. Through the purchase of shares and assets, Algonquin has acquired three hydroelectric generating stations, most notably the 34.5MW Tinker Hydroelectric station located on the Aroostook River near the Town of Perth-Andover, New Brunswick. Additionally, Algonquin acquired five thermal generating stations and certain regulated NB ISO transmission lines located in proximity to the generating facilities. Due to confidentiality provisions with the seller, the purchase price has not been disclosed. For additional information on the acquired assets, please refer to the fact sheet posted on Algonquin’s website. The acquisition has been financed with $20 million of new equity and the balance with a portion of the long term convertible debentures from the offering of Algonquin shares and
debentures that was completed on December 2, 2009. “ We are very pleased with the recent acquisition of these long lived, utility grade Hydro Assets” stated Ian Robertson, Chief Executive Officer. “We believe this acquisition is accretive and will help us grow earnings from our portfolio of renewable and clean energy generating assets”.

ABOUT ALGONQUIN POWER & UTILITIES CORP.
Through its distinct operating subsidiaries, Algonquin owns and operates a diversified portfolio of clean renewable electric generation and sustainable utility distribution businesses throughout North America. Algonquin’s electric generation subsidiary includes 42 renewable energy facilities and 11 high efficiency thermal energy facilities representing more than 400 MW of installed capacity. Through its wholly owned subsidiary, Liberty Water Co., Algonquin provides regulated utility services to more than 70,000 customers across 18 water distribution and wastewater treatment utility systems. Pursuant to a previously announced agreement, Algonquin is committed to acquiring the California based regulated utility electric distribution and generation assets of NV Energy which serve approximately 47,000 retail electricity distribution customers. Algonquin and its operating subsidiaries deliver continuing growth through an expanding pipeline of greenfield and expansion renewable power and clean energy projects, organic growth within its regulated utilities and the aggressive pursuit of accretive acquisition opportunities. Algonquin’s common shares and convertible debentures are traded on the Toronto Stock Exchange under the symbols AQN, AQN.DB, AQN.DB.A, and AQN.DB.B. Visit Algonquin Power & Utilities Corp. on the web at www.AlgonquinPower.com.
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Algonquin Power & Utilities Corp. Announces Agreement for Internalization of Management

Algonquin Power & Utilities Corp. Declares Dividend for December 2009 and Announces Change to A Quarterly Dividend Schedule

Algonquin Power & Utilities Corp. Announces Closing of Offering of Shares and Debentures

Not for distribution to U.S. newswire services or for dissemination in the United States. Any failure to comply with this restriction may constitute a violation of U.S. securities law.

Algonquin Power & Utilities Corp. Declares Dividend for November 2009

Algonquin Power & Utilities Corp. Announces $75 Million Offering of Common Shares and Convertible Debentures

Not for distribution to U.S. newswire services or for dissemination in the United States. Any failure to comply with this restriction may constitute a violation of U.S. securities law.

Algonquin Power & Utilities Corp. Announces Acquisition of Hydroeletric Generation Assets

Acquisition Expected to Grow Renewable Energy Business by more than 10%

Algonquin Power & Utilities Corp. Announces 2009 Third Quarter Financial Results of Algonquin Power Income Fund

Performance Summary for the third quarter of 2009:


• Revenue of $45.1 million in Q3 2009 as compared to $55.1 million in Q3 2008.
• EBITDA of $20.3 million in Q3 2009 as compared to $22.2 million in Q3 2008.
• Adjusted net earnings of $7.2 million or $0.09 per trust unit in Q3 2009 as compared to adjusted net earnings of $1.7 million or $0.02 per trust unit in Q3 2008.
• Net earnings of $13.1 million or $0.17 per trust unit in Q3 2009 as compared to a net loss of $4.4 million or $0.06 per trust unit in Q3 2008.

Performance Summary for the first nine months of 2009:


• Revenue of $143.8 million for the first nine months of 2009 as compared to $157.3 million in the first nine months of 2008.
• EBITDA of $61.3 million for the first nine months of 2009 as compared to $66.8 million for the first nine months of 2008.
• Adjusted net earnings of $19.0 million or $0.24 per trust unit in Q3 2009 as compared to adjusted net earnings of $9.9 million or $0.13 per trust unit in Q3 2008.
• Net earnings of $32.6 million or $0.42 per trust unit for the first nine months of 2009 as compared to $2.1 million or $0.03 per trust unit for the first nine months of 2008.

Algonquin Power & Utilities Corp. announces dates for Algonquin Power Income Fund’s 2009 third quarter financial results release and conference call

Algonquin Power & Utilities Corp. Declares Dividend for October 2009

Algonquin Power & Utilities Corp. and Algonquin Power Income Fund Announce Completion of Exchange Offers

• Algonquin Power’s generation portfolio includes 42 renewable energy facilities and 11 thermal energy facilities representing more than 400 MW of installed capacity;
• Liberty Water Co., APUC’s wholly owned water utility subsidiary, provides regulated utility services to more than 70,000 customers through its portfolio of 18 water distribution and wastewater treatment utility systems;
• APUC and its operating subsidiaries deliver continuing growth through an expanding pipeline of greenfield and expansion renewable power and clean energy projects, organic growth within its regulated utilities and the aggressive pursuit of accretive acquisition opportunities. APUC’s common shares and convertible debentures are traded on the Toronto Stock Exchange under the symbols AQN, AQN.DB and AQN.DB.A. Visit Algonquin Power & Utilities Corp. on the web at www.AlgonquinPower.com.

Algonquin Power Income Fund Declares Cash Distribution for September 2009

ALGONQUIN POWER ANNOUNCES MAILING DATE FOR TRUST-TO-CORPORATION EXCHANGE INFORMATION

OAKVILLE, Ontario- September 17, 2009 - The Trustees of Algonquin Power Income Fund (the ?Fund?) (TSX: APF.UN) announced today that the exchange offers for units and convertible debentures of the Fund previously announced on June 12, 2009 will be mailed to unitholders and debentureholders on Monday, September 21, 2009. Under the proposed conversion arrangement which is structured as an exchange offer, unitholders can exchange their trust units of the Fund, on a one-for-one basis, for common shares of a corporation (?Algonquin Power Inc.?), and debentureholders can exchange their Fund debentures for debentures issued by Algonquin Power Inc. In addition, an election is available to certain debentureholders to exchange their Fund debentures for common shares issued by Algonquin Power Inc. Subject to the conditions set out in the documents to be mailed to securityholders, the Trustees of the Fund expect that the transactions will be completed on October 27, 2009.

The documents being mailed to securityholders provide details as to how to participate in the exchange process. Securityholders whose trust units or debentures are registered in the name of a broker, investment dealer, bank, trust company or other nominee should contact that nominee for assistance in taking the necessary steps to exchange such trust units or debentures.

BMO Capital Markets was retained by the Board of Trustees of the Fund to review the terms of the convertible debenture exchange offers and has provided an opinion that the consideration to be received by debentureholders under each of the convertible debenture exchange offers is fair from a financial point of view to such debentureholders.

Click here to view documents

ABOUT ALGONQUIN POWER INCOME FUND
Algonquin Power Income Fund owns and operates a diverse portfolio of approximately $1 billion of clean, renewable power generation and sustainable utility infrastructure assets across North America. The Fund?s generation portfolio includes 42 renewable energy facilities and 11 thermal energy facilities representing more than 400 MW of installed capacity and the Fund provides regulated utility services to more than 70,000 customers through its portfolio of 18 water distribution and wastewater treatment utility companies. Algonquin Power Income Fund?s trust units and convertible debentures are traded on the Toronto Stock Exchange under the symbols APF.UN, APF.DB and APF.DB.A. Visit Algonquin Power Income Fund on the web at www.AlgonquinPower.com.

ADDITIONAL INFORMATION AND WHERE TO FIND IT
This communication is being made in respect of the proposed take-over bid by Hydrogenics Corporation (?Hydrogenics?) to the security holders of Algonquin Power Income Fund (?Algonquin?). In connection with the proposed transaction, Hydrogenics initially filed on July 13, 2009 a registration statement on Form F-4 containing a preliminary take-over bid circular/prospectus with the U.S. Securities and Exchange Commission (?SEC?), which registration statement has now been declared effective. Each of Algonquin and Hydrogenics will be filing other documents regarding the proposed transaction with the SEC. BEFORE MAKING ANY INVESTMENT DECISION, SECURITY HOLDERS ARE URGED TO READ THE REGISTRATION STATEMENT, INCLUDING THE TAKE-OVER BID CIRCULAR/PROSPECTUS, REGARDING THE PROPOSED TRANSACTION AND ANY OTHER FILED DOCUMENTS CAREFULLY IN THEIR ENTIRETY WHEN THEY BECOME AVAILABLE BECAUSE THEY DO AND WILL CONTAIN IMPORTANT INFORMATION ABOUT THE PROPOSED TRANSACTION. The final takeover bid circular will be mailed to Algonquin?s security holders. Investors and security holders will be able to obtain the registration statement containing the take-over bid circular/prospectus and other documents free of charge at the SEC?s web site, www.sec.gov, or from Hydrogenics Corporation, 5985 McLaughlin Road, Mississauga, Ontario, L5R 1B8, Canada, Attn: Investor Relations, (905) 361-3660.

ALGONQUIN POWER INCOME FUND DECLARES CASH DISTRIBUTION FOR AUGUST 2009

OAKVILLE, Ontario- August 20, 2009 - Algonquin Power Income Fund (“Algonquin Power”) (TSX:APF.UN) of Oakville, Ontario announced today that its Trustees have declared a cash distribution on its trust units. The distribution is $0.02 per trust unit payable on September 15, 2009 to the unitholders of record on August 31, 2009 for the period from August 01, 2009 to August 31, 2009.

Algonquin Power has 77,999,844 units issued and outstanding which together with 1,605,735 units of Algonquin (AirSource) Power LP outstanding, results in an aggregate of 79,577,102 equivalent trust units issued and outstanding based on the exchange provisions applicable with respect to units of Algonquin (AirSource) Power LP.

About Algonquin Power Income Fund
Algonquin Power Income Fund owns and operates a diverse portfolio of approximately $1 billion of clean, renewable power generation and sustainable utility infrastructure assets across North America. The Fund’s generation portfolio includes 42 renewable energy facilities and 11 thermal energy facilities representing more than 400 MW of installed capacity and the Fund provides regulated utility services to more than 70,000 customers through its portfolio of 18 water distribution and wastewater treatment utility companies. Algonquin Power Income Fund’s trust units and convertible debentures are traded on the Toronto Stock Exchange under the symbols APF.UN, APF.DB and APF.DB.A

Algonquin Power Announces Debentureholder Approval of Extraordinary Resolution in Respect of Debenture Exchange Transaction

Algonquin Power Income Fund Announces 2009 Second Quarter Financial Results

OAKVILLE, Ontario – August 13, 2009 - Algonquin Power Income Fund (the “Fund” or “Algonquin Power”) (TSX: APF.UN) today announced financial results for the second quarter ended June 30, 2009.

For the second quarter of 2009, revenue was $46.5 million as compared to $54.2 million in the second quarter of 2008. The decrease in revenue is from reduced average energy rates due primarily to the economic slow down in the U.S. and lower gas prices at the Sanger and Windsor Locks facilities in the Thermal Energy division.

Earnings before interest, taxes, depreciation, and amortization (“EBITDA”) was $20.0 million in the second quarter of 2009 as compared to $22.9 million in the second quarter of 2008. The decrease in EBITDA is primarily related to lower earnings from operations resulting from lower gas prices and reduced demand for steam in the Thermal Energy division, and lower average energy rates earned by the Renewable Energy division’s U.S. facilities.

Adjusted net earnings in the second quarter of 2009 were $3.8 million or $0.05 per trust unit as compared to adjusted net earnings of $4.4 million or $0.06 per trust unit in the second quarter of 2008. Algonquin uses adjusted net earnings to assess the net earnings of Algonquin without the effects of gains or losses on foreign exchange, foreign exchange forward contracts, and interest rate swaps as these are primarily non-cash items that are not reflective of the performance of the underlying business of Algonquin.

Net earnings in the second quarter of 2009 were $15.3 million or $0.20 per trust unit as compared to net earnings of $8.0 million or $0.11 per trust unit for the second quarter of 2008. The increase in net earnings was primarily the result of mark to market gains on derivative financial instruments which are strictly used to de-risk Algonquin Power’s cash-flow.

Performance Summary for the second quarter of 2009:

• Revenue of $46.5 million in Q2 2009 as compared to $54.2 million in Q2 2008.
• EBITDA of $20.0 million in Q2 2009 as compared to $22.9 million in Q2 2008.
• Net earnings of $15.3 million or $0.20 per trust unit in Q2 2009 as compared to net earnings of $8.0 million or $0.11 per trust unit in Q2 2008.
• Adjusted net earnings of $3.8 million or $0.05 per trust unit in Q2 2009 as compared to adjusted net earnings of $4.4 million or $0.06 per trust unit in Q2 2008.

• Revenue of $98.7 million for the first six months of 2009 as compared to $102.2 million in the first six months of 2008.
• EBITDA of $41.1 million for the first six months of 2009 as compared to $44.5 million for the first six months of 2008.
• Net earnings of $19.5 million or $0.25 per trust unit for the first six months of 2009 as compared to $6.5 million or $0.09 per trust unit for the first six months of 2008.
• Adjusted net earnings of $11.8 million or $0.15 per trust unit in Q2 2009 as compared to adjusted net earnings of $8.3 million or $0.11 per trust unit in Q2 2008.

“Algonquin Power had a very active second quarter, with three major announcements that will contribute to realizing our value and growth strategy”, stated Chris Jarratt, Executive Director of Algonquin Power. “The strategic partnership with Emera Inc. and commitment to acquire a high quality California utility which was announced in April will enhance Algonquin’s cash flow quality, and the Unit-Share Exchange announced in June, once completed, will have Algonquin’s business conducted under a new corporate structure that is well positioned within our business environment going forward. These activities demonstrate Algonquin’s commitment to invest in the business, identify appropriate growth opportunities and remain focused on the long-term goal of increasing value.”

To view a detailed report of second quarter results click here

Algonquin Power will hold an earnings conference call at 10:00 a.m. eastern time on Friday, August 14, 2009, hosted by the Executive Director of the manager Chris Jarratt, and Chief Financial Officer David Bronicheski.

Conference call details are as follows:

Date: Friday, August 14, 2009
Start Time: 10:00 a.m. eastern
Phone Number: Toll free within North America: 1-800-732-0232 or local 416-644-3419.
Conference ID#: 21310510
For those unable to attend the live call, a digital recording will be available for replay two hours after the call by dialing 1-877-289-8525 or 416-640-1917 access code 21310510# from August 14, 2009 until August 21, 2009.

About Algonquin Power

Algonquin Power owns and operates a diverse portfolio of approximately $1 billion of clean, renewable power generation and sustainable utility infrastructure assets across North America. Algonquin Power’s generation portfolio includes 42 renewable energy facilities and 11 thermal energy facilities representing more than 400MW of installed capacity and Algonquin Power provides regulated utility services to more than 70,000 customers through its portfolio of 18 water distribution and wastewater treatment utility companies. Algonquin Power’s trust units and convertible debentures are traded on the Toronto Stock Exchange under the symbols APF.UN, APF.DB & APF.DB.A. Visit Algonquin Power on the web at www.AlgonquinPower.com.

Additional Information and Where to Find it

This communication refers to the proposed take-over bid by Hydrogenics Corporation (“Hydrogenics”) to the security holders of Algonquin Power Income Fund (“Algonquin”). In connection with the proposed transaction, Hydrogenics initially filed on July 13, 2009 a registration statement on Form F-4 containing a preliminary take-over bid circular/prospectus with the U.S. Securities and Exchange Commission (“SEC”). Each of Algonquin and Hydrogenics will be filing other documents regarding the proposed transaction with the SEC. Before making any investment decision, security holders are urged to read the registration statement, including the take-over bid circular/prospectus, regarding the proposed transaction and any other filed documents carefully in their entirety when they become available because they do and will contain important information about the proposed transaction. The final takeover bid circular will be mailed to Algonquin’s security holders. Investors and security holders will be able to obtain the registration statement containing the take-over bid circular/prospectus and other documents free of charge at the SEC’s web site, www.sec.gov, or from Hydrogenics Corporation, 5985 McLaughlin Road, Mississauga, Ontario, L5R 1B8, Canada, Attn: Investor Relations, (905) 361-3660.

Algonquin Power Income Fund Declares Cash Distribution for July 2009

Algonquin Power Announces Unitholder Approval of Extraordinary Resolution in Respect of Unit for Share Exchange

Algonquin Power Income Fund announces dates for 2009 second quarter financial results release and conference call

Algonquin Power Income Fund Declares Cash Distribution For June 2009

OAKVILLE, Ontario- June 18, 2009 - Algonquin Power Income Fund (“Algonquin Power”) (TSX:APF.UN) of Oakville, Ontario announced today that its Trustees have declared a cash distribution on its trust units. The distribution is $0.02 per trust unit payable on July 15, 2009 to the unitholders of record on June 30, 2009 for the period from June 01, 2009 to June 30, 2009.

Algonquin Power has 77,953,183 units issued and outstanding which together with 1,655,718 units of Algonquin (AirSource) Power LP outstanding, results in an aggregate of 79,577,111 equivalent trust units issued and outstanding based on the exchange provisions applicable with respect to units of Algonquin (AirSource) Power LP.

About Algonquin Power Income Fund
Algonquin Power is an open-ended investment trust that owns and has interests in a diverse portfolio of clean, renewable power generation and sustainable infrastructure assets across North America, including 42 renewable energy facilities, 11 thermal energy facilities, and 17 water distribution and waste-water facilities. Algonquin Power was established in 1997 to provide stable earnings through a diversified portfolio of renewable energy assets. Algonquin Power’s units and convertible debentures are traded on the Toronto Stock Exchange under the symbols APF.UN, APF.DB and APF.DB.A.

For further information, please contact:
Ms. Kelly Castledine
Algonquin Power Income Fund
2845 Bristol Circle
Oakville, Ontario
L6H 7H7
Telephone: (905) 465-4500
www.algonquinpower.com

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Algonquin Power Trustees Announce Common Share for Trust Unit Exchange

• Unitholders will receive common shares of Algonquin Power Inc. in exchange for their trust units of the Fund, on a one-for-one basis, and the shares of Algonquin Power Inc. will be listed for trading on the Toronto Stock Exchange.
• Unitholders will continue to receive the same monthly dividend on their Algonquin Power Inc. common shares as they would have received as distributions on their units in the Fund (presently $0.24 per unit annually).
• Excluding Algonquin Power Inc. shares that may be issued under the CD Exchange Offer, the number of common shares of Algonquin Power Inc. outstanding immediately after completion of the transactions will be exactly the same as the number of Fund trust units outstanding immediately before the transactions.
• Unitholders will hold shares in a dividend paying company rather than units in a distribution paying trust; Canadian taxable shareholders would be expected to benefit by paying lower income taxes on dividends than taxes previously paid on distributions.
• The exchange of trust units for shares of Algonquin Power Inc. is expected to be a tax deferred rollover for unitholders of the Fund resident in Canada.
• Algonquin Power Inc. will have additional tax attributes of approximately $192 million in addition to the existing tax attributes of the Fund.

1. Pursuant to a plan of arrangement (the “Plan of Arrangement”), the assets and liabilities of Hydrogenics Corporation (“Old Hydrogenics”) will be transferred to a newly formed corporation (“New Hydrogenics”) and the common shares of Old Hydrogenics will be redeemed for common shares in New Hydrogenics. Following such redemption, the original shareholders of Old Hydrogenics will have no interest in Old Hydrogenics.
2. Promptly following the completion of the Plan of Arrangement, Old Hydrogenics will be renamed Algonquin Power Inc.
3. Pursuant to a take-over bid offer (the “Exchange”) and subsequent compulsory acquisition, trust units of the Fund will be exchanged simultaneously with the completion of the Plan of Arrangement for common shares of Algonquin Power Inc., on a one-for-one basis.
4. Algonquin Power Inc. will have additional tax attributes of approximately $192 million in excess of the existing tax attributes of the Fund. Under the Agreement, immediately following closing of the Exchange, Algonquin Power Inc. will pay New Hydrogenics approximately $10 million.

Algonquin Power Trustees Announce Convertible Debenture Exchange Offer

1. Principal: $105.00
2. Coupon: 7.50%, payable semi-annually (current Series 1 coupon is 6.65%)
3. Conversion Security and Option Price: $4.08 for Algonquin Power Inc. shares, representing a conversion premium of 20% over the most recent closing price of the Fund’s trust units of $3.40. (current Series 1 conversion price is $10.65 for Fund trust units)
4. Maturity: November 30, 2014

1. Principal: $100.00
2. Coupon: 6.35%, payable semi-annually (current Series 2 coupon is 6.20%)
3. Conversion Security and Option Price: $6.00 for Algonquin Power Inc. shares (current Series 2 conversion price is $11.00 for Fund trust units)
4. Maturity: November 30, 2016

1. Pursuant to a plan of arrangement (the “Plan of Arrangement”), the assets and liabilities of Hydrogenics Corporation (“Old Hydrogenics”) will be transferred to a newly formed corporation (“New Hydrogenics”) and the common shares of Old Hydrogenics will be redeemed for common shares in New Hydrogenics. Following such redemption, the original shareholders of Old Hydrogenics will have no interest in Old Hydrogenics.
2. Promptly following the completion of the Plan of Arrangement, Old Hydrogenics will be renamed Algonquin Power Inc.
3. Pursuant to the Agreement, take-over bid offers (the “Exchange Offers”) shall be made (a) to holders of Fund trust units to exchange their trust units for common shares of Algonquin Power Inc., on a one-for-one basis and (b) to holders of Fund convertible debentures to exchange their convertible debentures for securities issued by Algonquin Power Inc. as described above, both simultaneously with the completion of the Plan of Arrangement.
4. Excluding Algonquin Power Inc. shares that may be issued under the CD Exchange Offer, the number of common shares of Algonquin Power Inc. outstanding immediately after the completion of the transactions will be exactly the same as the number of Fund trust units outstanding immediately before the transactions.
5. Algonquin Power Inc. will have additional tax attributes of approximately $192 million in excess of the existing tax attributes of the Fund. Immediately following closing under the Exchange Offers, Algonquin Power Inc. will pay New Hydrogenics approximately $10 million.

Algonquin Power Income Fund Announces Revised Annual and Special Meeting Date

Algonquin Power Income Fund Declares Cash Distribution for May 2009

Algonquin Power Income Fund Announces 2009 First Quarter Financial Results

OAKVILLE, Ontario – May 07, 2009 -Algonquin Power Income Fund (the “Fund” or “Algonquin Power”) (TSX: APF.UN) today announced financial results for the first quarter ended March 31, 2009, posting increased revenue, growth in adjusted net earnings, and stable earnings before interest, taxes, depreciation, and amortization (“EBITDA”).

For the first quarter of 2009, revenue increased to $52.2 million as compared to $48.0 million in the first quarter of 2008. The increase in revenue is primarily due to higher energy production generated from Canadian facilities in the Renewable Energy division, the Brampton Cogeneration Inc. facility being operational in the Thermal Energy division and the stronger U.S. dollar as compared to the same period in 2008.

EBITDA was $21.1 million in the first quarter of 2009 as compared to $21.6 million in the first quarter of 2008. The small decrease in EBITDA is primarily related to decreased dividend, interest and other income as well as increased administrative expenses.

Adjusted net earnings in the first quarter of 2009 were $7.9 million or $0.10 per trust unit as compared to adjusted net earnings of $3.9 million or $0.05 per trust unit in the first quarter of 2008. Algonquin uses adjusted net earnings to assess the net earnings of Algonquin without the effects of gains or losses on foreign exchange, foreign exchange forward contracts, and interest rate swaps as these are primarily non-cash items that are not reflective of the performance of the underlying business of Algonquin.

Net earnings in the first quarter of 2009 were $4.2 million or $0.05 per trust unit as compared to a net loss of $1.6 million or $(0.02) per trust unit for the first quarter of 2008. The increase in net earnings was primarily the result of reduced interest expense, a recovery in future income taxes, and the effect of derivative financial instruments which are strictly used to de-risk Algonquin Power’s cash-flow.

Performance Summary for the first quarter of 2009:

• Revenue of $52.2 million in Q1 2009 as compared to $48.0 million in Q1 2008.


• EBITDA of $21.1 million in Q1 2009 as compared to $21.6 million in Q1 2008.


• Adjusted net earnings of $7.9 million or $0.10 per trust unit in Q1 2009 as compared to adjusted net earnings of $3.9 million or $0.05 per trust unit in Q1 2008.


• Net earnings of $4.2 million or $0.05 per trust unit in Q1 2009 as compared to a net loss of $1.6 million or $(0.02) per trust unit in Q1 2008.

Algonquin Power Income Fund Strengthens Utility Division Through a Strategic Partnership with Emera Inc.

OAKVILLE, Ontario – April 23, 2009 - Algonquin Power Income Fund (“Algonquin Power”) (TSX: APF.UN) today announced that it plans to co-acquire an electrical generation and regulated distribution utility through a strategic partnership with Emera Inc. (“Emera”) (TSX:EMA). Algonquin Power and Emera will each own 50% of the newly formed California Pacific Electric Company (“Calpeco”), which intends to acquire the California-based electricity distribution and related generation assets (the “California Utility”) of NV Energy, Inc. (NYSE: NVE) for the purchase price of approximately US $116 million, subject to certain working capital and other closing adjustments.

Algonquin Power and Emera will jointly own and operate the California Utility through Calpeco, leveraging Algonquin Power’s utility and power generating capabilities and Emera’s proven electrical utility operational expertise. The California Utility currently provides electric distribution service to approximately 47,000 customers in the Lake Tahoe region, and owns a newly re-powered 12 MW generation plant. Calpeco intends to make employment offers to all current operation and customer service employees for the California Utility. Ownership of the California Utility is anticipated to provide Algonquin Power and Emera the opportunity for future investment in both regulated utility assets and development of renewable power generation because the California Utility is located in one of the United States’ most popular and affluent tourism destinations and will benefit from the growing California renewable portfolio standards.

Closing of the transaction is subject to usual closing conditions, and state and federal regulatory approval, and is expected to occur in mid 2010. Following the closing of the transaction, Algonquin Power will proportionally consolidate Calpeco into its financial statements. Algonquin Power’s share of Calpeco’s operations is expected to add approximately US$15 million of revenue and US$10 million of EBITDA based on current rate case filings before the regulator.

Through Calpeco, Algonquin Power and Emera will jointly seek debt financing for approximately half of the purchase price of the California Utility, with the balance being satisfied through equal equity contributions from each of Algonquin Power and Emera. As an element of the California Utility strategic partnership, Emera has also agreed to a treasury subscription of approximately 8.5 million trust units of Algonquin Power at a price of $3.25 per unit, which is expected to represent 9.9% of the outstanding units after the subscription. Funding under the private placement is planned to occur simultaneously with the acquisition of the California Utility and Algonquin Power intends to use the proceeds received to largely fund Algonquin Power’s equity commitment for the acquisition of the California Utility of approximately USD $27 million.

“The acquisition represents an important element in the strengthening of Algonquin Power’s low-risk utility infrastructure portfolio, and the highly predictable, long-term regulated returns from these assets will contribute to the stability of our earnings for years to come”, commented Ian Robertson, Executive Director of the manager of Algonquin Power. “The unique transaction structure allows Algonquin Power to complete the acquisition of the California Utility assets at an attractive valuation while preserving the ability to use internally generated cash flows to strengthen its liquidity position.”

“The partnership with Algonquin Power positions Emera to increase our holdings of renewable energy in North America and introduces us to a new market” said Chris Huskilson, President and CEO, Emera Inc. “It also allows us to increase value of jointly-owned energy infrastructure assets with Algonquin Power. We look forward to working with Algonquin to build on our portfolio in the utilities and renewable energy sectors.”

Terms of the private placement with Emera include customary anti-dilution rights for Emera, requirements on voting, and a standstill agreement under which Emera agrees to not increase its 9.9% holding in Algonquin Power to more than 15% for two years following the anticipated California Utility closing.

Robertson continued, “to further support our strategy and corporate governance activities, we are also very pleased to announce that Chris Huskilson, President and CEO, Emera Inc., will be invited by the Chairman of the Trustees, Ken Moore, to join the Board of Trustees of Algonquin Power.”

A summary fact sheet on the assets being acquired is available by clicking here.

Algonquin Power will hold a conference call on this matter at 10:00 a.m. eastern time today, Thursday, April 23, 2009,hosted by executive directors of the manager Ian Robertson, Dave Kerr, Chris Jarratt, and Chief Financial Officer David Bronicheski.

Conference call details are as follows:
Date: Thursday, April 23, 2009
Start Time: 10:00 a.m. eastern
Phone Number: Toll free within North America: 1-800-587-1893 or local 416-644-3424.
Conference ID#:21304685
For those unable to attend the live call, a digital recording will be available for replay two hours after the call by dialing 1-877-289-8525 or 416-640-1917 access code 21304685# from April 23, 2009 until April 30, 2009.

About Algonquin Power
Algonquin Power owns and operates a diverse portfolio of approximately $1 billion of clean, renewable power generation and sustainable utility infrastructure assets across North America. Algonquin Power’s generation portfolio includes 42 renewable energy facilities and 11 thermal energy facilities representing more than 400MW of installed capacity and Algonquin Power provides regulated utility services to more than 70,000 customers through its portfolio of 18 water distribution and wastewater treatment utility companies. Algonquin Power's trust units and convertible debentures are traded on the Toronto Stock Exchange under the symbols APF.UN, APF.DB & APF.DB.A. Visit Algonquin Power on the web at www.AlgonquinPower.com.

Caution Regarding Forward Looking Information
Any information contained in this News Release that relates to future events or expected financial position or that otherwise speaks to the future should be considered forward looking information. The information was developed based on specific and general factors and assumptions. Specific factors and assumptions relate to the electric utility business and the regulatory climate in California. These include assumptions that the rate base of the California Utility will remain substantially constant, and that the California regulator will provide rates of return, processes and timelines consistent with recent rates, processes and timelines. Specific risks exist that the California regulator could act in a manner inconsistent with or more onerous than past rate cases. The general factors and assumptions relate to the performance of Algonquin Power’s assets and business, interest and exchange rates, commodity market prices, and the financial and regulatory climate in which it operates. They include assumptions as to Algonquin Power’s own base case profitability and its continued access to debt and equity. Risks exist that Algonquin Power’s business may be less profitable than expected and it may not have access to the capital and debt that it expects, and risks are present in the continued volatility of world financial markets, the impact of movements in exchange rates and interest rates, the effects of changes in environmental and other laws and regulatory policy, decisions taken by regulators on monetary policy and the taxation of income funds, and the state of the Canadian and the US economy and accompanying business climate. Risk factors may affect the actual results and the assumptions made may prove to not be accurate, and accordingly Algonquin Power cautions that actual results may vary from the forward looking information. Algonquin Power updates forward looking information as required by law.

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Algonquin Power Income Fund announces 2008 Fourth Quarter and Year End Financial Results

OAKVILLE, Ontario – March 5, 2009- Algonquin Power Income Fund (the “Fund” or “Algonquin Power”) (TSX: APF.UN) today announced financial results for the fourth quarter and year ended December 31, 2008.

For the fourth quarter of 2008, revenue increased to $56.5 million as compared to $44.3 million in the fourth quarter of 2007. The increase in revenue is primarily due to higher energy production and energy rates in the Renewable Thermal Energy divisions. For the year ended December 31, 2008, revenue increased to $213.8 million as compared to $186.2 million in 2007. The year over year increase is due to higher energy production and energy rates in the Renewable and Thermal Energy divisions and growth due to increased rates charged to customers in the Utility Services division.

Earnings before interest, taxes, depreciation, and amortization (“EBITDA”) was $23.3 million in the fourth quarter as compared to $18.5 million in the fourth quarter of 2007. The increase in EBITDA is primarily related to increased earnings from operations due to improved hydrological conditions and higher gas prices, and increased interest, dividend and other income due to gains on the sale of certain assets as compared to the fourth quarter of 2007. EBITDA for the year ended December 31, 2008 increased to $90.0 million as compared to $86.2 million for 2007. The increase is primarily due to improved hydrological conditions and higher gas prices at the co-generation facilities that are passed on to the customer in the energy price.

Net loss in the fourth quarter of 2008 was $21.1 million or $0.27 per unit as compared to net earnings of $7.6 million or $0.11 per unit for the fourth quarter of 2007. The net loss in the fourth quarter of 2008 includes $30.6 million of unrealized mark to market losses on derivative financial instruments resulting from changes in both foreign exchange and interest rates. Net loss for the year 2008 totaled $19.0 million as compared to net earnings of $23.7 million in 2007. The net loss for the year 2008 includes $42.4 million of unrealized losses on derivative financial instruments. The decrease in net earnings was primarily the result of unrealized mark to market losses on derivative financial instruments resulting from changes in both foreign exchange and interest rates.

Cash available for distribution in the fourth quarter of 2008 was $18.0 million or $0.23 per unit as compared to $19.9 million or $0.26 per unit in the fourth quarter of 2007. During the fourth quarter, Algonquin Power distributed $0.06 per trust unit. For the year 2008, cash available for distribution totalled $65.1 million or $0.84 per unit as compared to $72.3 million or $0.95 per unit in 2007. During 2008, Algonquin Power distributed $0.75 per unit.

Performance Summary for the fourth quarter of 2008:

• Revenue of $56.5 million in Q4 2008 as compared to $44.3 million in Q4 2007.
• EBITDA of $23.3 million in Q4 2008 as compared to $18.8 million in Q4 2007.
• Net loss of $21.1 million or $0.27 per trust unit in Q4 2008 as compared to net earnings of $7.6 million or $0.11 per trust unit in Q4 2007.
• Cash available for distribution of $18.0 million or $0.23 per trust unit in Q4 2008 as compared to $19.9 million or $0.26 per trust unit in Q4 2007. Distributions for the fourth quarter of 2008 were $0.06 per trust unit.

• Revenue of $213.8 million for the year 2008 as compared to $186.2 million in 2007.
• BITDA of $90.0 million for the year 2008 as compared to $86.2 million in 2007.
• Net loss of $19.0 million or $0.25 per trust unit for the year 2008 as compared to net earnings of $23.7 million or $0.32 per trust unit in 2007.
• Cash available for distribution of $65.1 million or $0.84 per trust unit in the year 2008 as compared to $72.3 million $0.95 per trust unit in 2007. Distributions for the year 2008 were $0.75 per trust unit.

“Algonquin Power’s fourth quarter showed strong performance in a challenging economic environment and we are progressing in the execution of our strategic focus in order to achieve our goals of growth and value creation”, stated Dave Kerr, Executive Director of Algonquin Power. “We have been focusing on organic growth within our existing assets, we have been moving forward with our Greenfield development projects, and we are beginning to see increasing opportunities to acquire high quality assets at reasonable prices due to the changing economic climate. Our change in distribution policy has improved our financial flexibility, which is critical in the current business environment, and has placed us in a unique position to continue investing in the business and to be able to take advantage of growth opportunities. Algonquin Power remains committed to prudent financial management, building a strong balance sheet and maintaining our distribution level for the long-term”.

To view a detailed report of fourth quarter and year-end 2008 results click here

Algonquin Power will hold an earnings conference call at 10:00 a.m. eastern time on Friday, March 6, 2009, hosted by executive directors Dave Kerr and Chris Jarratt, and Chief Financial Officer David Bronicheski.

Conference call details are as follows:

Date: Friday, March 6, 2009
Start Time: 10:00 a.m. eastern
Phone Number: Toll free within North America: 1-800-733-7571 or local 416-644-3416.
Conference ID#: 21294918
For those unable to attend the live call, a digital recording will be available for replay two hours after the call by dialing 1-877-289-8525 or 416-640-1917 access code 21294918# from March 6, 2009 until March 13, 2009.

About Algonquin Power Income Fund

Algonquin Power is an open-ended investment trust that owns and has interests in a diverse portfolio of clean, renewable power generation and sustainable infrastructure assets across North America, including 42 renewable energy facilities, 11 thermal energy facilities, and 17 water distribution and waste-water facilities. Algonquin Power was established in 1997 to produce stable earnings through a diversified portfolio of renewable energy assets. Algonquin Power's units and convertible debentures are traded on the Toronto Stock Exchange under the symbols APF.UN, APF.DB & APF.DB.A.

Contact:
Dave Kerr or Kelly Castledine
Telephone: (905) 465-4500
Algonquin Power Income Fund
2845 Bristol Circle
Oakville, Ontario L6H 7H7

To view a detailed report of fourth quarter and year-end 2008 results click here

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© Copyright Algonquin Power & Utilities Corp. 2003 - 2009
Algonquin Power & Utilities Corp. 2845, Bristol Circle, Oakville, ON Canada, L6H 7H7
Tel: 905.465.4500 Fax: 905. 465.4514