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Algonquin Power & Utilities Corp. Announces the Acceptance of two Wind Projects by Hydro-Quebec Distribution
OAKVILLE, Ontario - December 21st, 2010
Algonquin Power & Utilities Corp. (“APUC”) (TSX: AQN) announced today that Hydro-Québec
Distribution has accepted proposals for the purchase of energy from the 24MW Saint-Damase
and 24MW Val-Éo wind power generating projects. The projects were submitted with support
from APUC in response to the community based call for offers announced in the spring of 2009.
Saint-Damase Wind Project is located in the local municipality of Saint-Damase which is
within the regional municipality of la Matapédia. The project proponents include the
Municipality of Saint-Damase and APUC. The project is currently envisioned to consist
of twelve 2MW ENERCON Canada Inc. (“ENERCON”) E-82 wind turbine generators, producing
approximately 86,000 MWh annually. Construction of the project is estimated to begin
in early 2013 with a commercial operations date in late 2013.
Val-Éo Wind Project is located in the local municipality of Saint-Gédéon de
Grandmont, which is within the regional municipality of Lac-Saint-Jean-Est.
The project proponents include the Val-Éo wind cooperative formed by community
based landowners and APUC. The project is expected to be comprised of eight
3MW ENERCON E-101 wind turbine generators, producing approximately 66,000
MWh annually. Construction of the project is expected to begin in early
2015 with commercial operations occurring in late 2015.
The quantum of the interests of APUC in the Saint-Damase and Val- Éo projects
is subject to final negotiations with the partners in the projects but, in
any event, will not be less than 50% and 25%, respectively. Final funding
of the projects will be arranged and announced when all required permitting
has been met, and all other pre-construction conditions have been satisfied.
Preliminary permitting will begin for both projects in early 2011, with all
major authorizations targeted for completion by the end of 2012.
“We would like to thank the community of Saint-Damase and Val-Éo for their
significant contribution in preparing the Hydro-Québec Distribution bid
submissions”, commented Ian Robertson, Chief Executive Officer of APUC.
“While APUC has been an active participant in the Quebec market for many
years with twelve hydroelectric facilities, we look forward to working
directly with our local partners on the development of these significant
infrastructure projects that will provide community benefits to both
regions for many years”.
About Algonquin Power & Utilities Corp.
Through its distinct operating subsidiaries, APUC owns and operates a
diversified portfolio of approximately $1 billion of clean renewable electric
generation and sustainable utility distribution businesses in North America.
Liberty Water Co., APUC’s water utility subsidiary, provides regulated utility
services to more than 70,000 customers with a portfolio of 19 water distribution
and wastewater treatment utility systems. Pursuant to previously announced
agreements, APUC, through its electric utility Liberty Energy Utilities Co.,
is committed to acquiring the California based regulated utility assets of
NV Energy, as well as Granite State Electric Company, a New Hampshire electric
distribution company, and EnergyNorth Natural Gas Inc., a regulated natural
gas distribution utility, which utilities in total serve over 173,000 customers.
Algonquin Power Co., APUC’s electric generation subsidiary, includes 45 renewable
energy facilities and 14 thermal energy facilities representing more than 480
MW of installed capacity. 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
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,
AQN.DB.A and AQN.DB.B. Visit Algonquin Power & Utilities Corp. on the web at
www.AlgonquinPowerandUtilities.com.
Caution Regarding Forward-Looking Information
Certain statements included in this news release contain information that is
forward-looking within the meaning of certain securities laws, including
information and statements regarding prospective results of operations,
financial position or cash flows. These statements are based on factors or
assumptions that were applied in drawing a conclusion or making a forecast or
projection, including assumptions based on historical trends, current conditions
and expected future developments. Since forward-looking statements relate to
future events and conditions, by their very nature they require making
assumptions and involve inherent risks and uncertainties. APUC cautions
that although it is believed that the assumptions are reasonable in the
circumstances, these risks and uncertainties give rise to the possibility
that actual results may differ materially from the expectations set out in
the forward-looking statements. Material risk factors include those set out
in the management's discussion and analysis section of APUC’s 2009 annual
report and 2010 third quarter report, and APUC's Annual Information Form
dated March 31, 2010. Given these risks, undue reliance should not be placed
on these forward-looking statements, which apply only as of their dates.
Other than as specifically required by law, APUC undertakes no obligation
to update any forward-looking statements or information to reflect new
information, subsequent or otherwise.
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Algonquin Power & Utilities Corp. Declares Fourth Quarter 2010 Dividend
OAKVILLE, Ontario - December 17th, 2010 News Release
ALGONQUIN POWER & UTILITIES CORP. DECLARES FOURTH QUARTER 2010 DIVIDEND
Oakville, Ontario- December 17, 2010 - Algonquin Power & Utilities Corp. (“APUC”)
(TSX:AQN) of Oakville, Ontario announced today that its Directors have declared
a dividend on its shares. The dividend is $0.06 per
share payable on January 17, 2011 to the shareholders of record on December 31,
2010 for the period from October 1, 2010 to December 31, 2010. For Canadian resident
shareholders, dividends declared are
considered as “eligible dividends” for purposes of the dividend tax credit rules
contained in the Income Tax Act
(Canada).
About Algonquin Power & Utilities Corp.
Through its distinct operating subsidiaries, APUC owns and operates a diversified portfolio of approximately $1
billion of clean renewable electric generation and sustainable utility distribution businesses in North America.
Liberty Water Co., APUC’s water utility subsidiary, provides regulated utility services to more than 70,000
customers with a portfolio of 19 water distribution and wastewater treatment utility systems. Pursuant to
previously announced agreements, APUC, through its electric utility Liberty Energy Utilities Co., is committed
to acquiring the California based regulated utility assets of NV Energy, as well as Granite State Electric
Company, a New Hampshire electric distribution company, and Energy North Natural Gas Inc., a regulated
natural gas distribution utility, which utilities in total serve over 173,000 customers. Algonquin Power Co.,
APUC’s electric generation subsidiary, includes 45 renewable energy facilities and 14 thermal energy facilities
representing more than 480 MW of installed capacity. 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 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, AQN.DB.A and AQN.DB.B. Visit Algonquin Power & Utilities Corp. on the web at
www.AlgonquinPowerandUtilities.com. .
Caution Regarding Forward-Looking Information
Certain statements included in this news release may contain information that is forward-looking within the
meaning of certain securities laws, including information and statements regarding prospective results of
operations, financial position or cash flows. These statements are based on factors or assumptions that were
applied in drawing a conclusion or making a forecast or projection, including assumptions based on historical
trends, current conditions and expected future developments. Since forward-looking statements relate to future
events and conditions, by their very nature they require making assumptions and involve inherent risks and
uncertainties. APUC cautions that although it is believed that the assumptions are reasonable in the
circumstances, these risks and uncertainties give rise to the possibility that actual results may differ materially
from the expectations set out in the forward-looking statements. Material risk factors include those set out in
the management's discussion and analysis section of APUC’s 2009 annual report, most recent 2010 quarterly
report, and APUC's Annual Information Form dated March 31, 2010. Given these risks, undue reliance should
not be placed on these forward-looking statements, which apply only as of their dates. Other than as
specifically required by law, APUC undertakes no obligation to update any forward-looking statements or
information to reflect new information, subsequent or otherwise.
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Algonquin Power & Utilities Corp. Announces Liberty Water Co. Private Placement Debt Financing
OAKVILLE, Ontario - December 13th, 2010 Algonquin Power & Utilities Corp.
(“APUC”) (TSX: AQN) today announced a $50 million private placement debt financing commitment
for its subsidiary, Liberty Water Co. (“Liberty Water”). The notes are senior unsecured with a
ten year final, 8.8 year average life maturity and will bear interest at 5.6%. Liberty Water will
apply proceeds from the notes to repay intercompany debt to APUC. APUC intends to utilize such
proceeds to reduce outstanding indebtedness under its banking syndicate credit facility. UBS
Securities LLC acted as lead bookrunner on the transaction.
"The private placement debt financing demonstrates our continuing ability to arrange attractive debt
for our regulated utilities businesses”, commented Ian Robertson, Chief Executive Officer. “The
completion of this financing introduces longer-term debt and an increase in US dollar denominated
debt, consistent with our re-financing strategy to seek a capital structure aligned with our North
American power and utilities businesses.”
About Algonquin Power & Utilities Corp.
Through its distinct operating subsidiaries, APUC owns and operates a diversified portfolio of
approximately $1 billion of clean renewable electric generation and sustainable utility
distribution businesses in North America. Liberty Water Co., APUC’s water utility subsidiary,
provides regulated utility services to more than 70,000 customers with a portfolio of 19 water
distribution and wastewater treatment utility systems. Pursuant to previously announced
agreements, APUC, through its electric utility Liberty Energy Utilities Co., is committed
to acquiring the California based regulated utility assets of NV Energy, as well as
Granite State Electric Company, a New Hampshire electric distribution company, and
EnergyNorth Natural Gas Inc., a regulated natural gas distribution utility, which
utilities in total serve over 173,000 customers. Algonquin Power Co., APUC’s electric
generation subsidiary, includes 45 renewable energy facilities and 14 thermal energy
facilities representing more than 480 MW of installed capacity. 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 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, AQN.DB.A and AQN.DB.B. Visit Algonquin Power & Utilities Corp. on the web at
www.AlgonquinPowerandUtilities.com.
Caution Regarding Forward-Looking Information
Certain statements included in this news release contain information that is forward-looking
within the meaning of certain securities laws, including information and statements regarding
prospective results of operations, financial position or cash flows. These statements are based
on factors or assumptions that were applied in drawing a conclusion or making a forecast or
projection, including assumptions based on historical trends, current conditions and expected
future developments. Since forward-looking statements relate to future events and conditions,
by their very nature they require making assumptions and involve inherent risks and uncertainties.
APUC cautions that although it is believed that the assumptions are reasonable in the circumstances,
these risks and uncertainties give rise to the possibility that actual results may differ materially
from the expectations set out in the forward-looking statements. Material risk factors include those
set out in the management's discussion and analysis section of APUC’s 2009 annual report and 2010
third quarter report, and APUC's Annual Information Form dated March 31, 2010. Given these risks,
undue reliance should not be placed on these forward-looking statements, which apply only as of
their dates. Other than as specifically required by law, APUC undertakes no obligation to update
any forward-looking statements or information to reflect new information, subsequent or otherwise.
Top of Page |
Algonquin Power & Utilities Corp. Announces Agreement to Acquire Granite
State Electric Company and EnergyNorth Natural Gas Inc.
Acquisition Continues Building Liberty Energy’s Regulated Utility Footprint
OAKVILLE, Ontario - December 9th, 2010 Algonquin
Power &
Utilities Corp. (“APUC”) (TSX: AQN) today announced that Liberty Energy
Utilities Co. (“Liberty Energy”), APUC’s regulated utility subsidiary,
has entered into agreements to acquire all issued and outstanding shares
of Granite State Electric Company (“Granite State”), a regulated electric
utility, and EnergyNorth Natural Gas Inc. (“EnergyNorth”), a regulated
natural gas utility from National Grid USA (“National Grid”) for total
consideration of US$285.0 million.
Granite State is a regulated electric distribution company providing
electric service to over 43,000 customers in 21 communities in New
Hampshire. Granite State’s load and customer count have shown a
consistent 1.6% compounded annual growth over the past 10 years.
EnergyNorth is a regulated natural gas distribution utility providing
natural gas services to over 83,000 customers in five counties
and 30 communities in New Hampshire. EnergyNorth has a well diversified
customer base with no individual customer accounting for more than
3% of gas volumes delivered. Granite State and EnergyNorth are
anticipated to have regulatory assets at closing of approximately
US$72.0 million and US$178.8 million, respectively; the agreed
upon purchase price represents a multiple of aggregate expected
regulatory assets of 1.136x.
Both Granite State and EnergyNorth have capable and experienced
work forces. Liberty Energy intends to make offers of continuing
employment to all current Granite State and EnergyNorth employees.
Closings of the transactions are subject to certain conditions
including state and federal regulatory approval, and are expected
to occur in the fall of 2011. Financing of the acquisitions is
expected to occur simultaneously with the closing of the transactions.
Liberty Energy is targeting a capital structure of 52.5% debt to total
capitalization consistent with investment grade regulated utilities.
In connection with these acquisitions, Emera Inc. (“Emera”) has agreed
to a treasury subscription of subscription receipts convertible into
12.0 million APUC common shares upon closing of the transactions at a
purchase price of $5.00 per share representing a premium to the closing
price on December 8, 2010. The issuance of these subscription receipts
is subject to regulatory approval, and is in addition to the previously
announced subscription receipts issued pursuant to the strategic
partnership under which Emera will be acquiring 8.5 million APUC
common shares upon closing of the California Pacific Electric
Company (“CalPeco”) utility acquisition.
“The acquisition of these attractive businesses represent the continuation
of APUC’s regulated utility growth strategy, and will provide long-term,
predictable and accretive earnings to APUC”, commented Chief Executive
Officer Ian Robertson. “The expansion of our regulated utility footprint
into the attractive New Hampshire regulatory environment and a geographic
region where we already have a substantial presence through our renewable
energy business is consistent with our plan to maximize synergies between
our power and utilities businesses”.
Macquarie Capital Markets Canada Ltd. acted as exclusive financial advisor
to APUC on the transaction.
A summary fact sheet on the Granite State and EnergyNorth businesses
being acquired can be found on Algonquin Power & Utilities Corp.’s web site here.
APUC will hold a conference call on this matter at 10:00 a.m. eastern time
on Friday, December 10, 2010, hosted by Chief Executive Officer Ian Robertson
and Chief Financial Officer David Bronicheski.
Conference call details are as follows:
Date: Friday, December 10, 2010
Start Time: 10:00 a.m. eastern
Phone Number: Toll free within North America 877-974-0446 or local 416-644-3415
Conference ID#: 4393210
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 4393210# from December 10, 2010 until December 17, 2010.
About Algonquin Power & Utilities Corp.
Through its distinct operating subsidiaries, APUC owns and operates
a diversified portfolio of approximately $1 billion of clean
renewable electric generation and sustainable utility distribution businesses
in North America. Algonquin Power Co., APUC’s electric generation
subsidiary, includes 45 renewable energy facilities and 14 thermal
energy facilities representing more than 480 MW of installed capacity.
Liberty Water Co., APUC’s water utility subsidiary, provides regulated
utility services to more than 70,000 customers with a portfolio of 19
water distribution and wastewater treatment utility systems. Pursuant
to previously announced agreements, APUC, through its electric utility
Liberty Energy, is committed to acquiring CalPeco, the California based
regulated utility assets of NV Energy, Granite State Electric Company, a
New Hampshire electric distribution company, and EnergyNorth Natural Gas
Inc., a regulated natural gas distribution utility, which in total serve
over 173,000 customers. 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
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, AQN.DB.A and AQN.DB.B. Visit Algonquin
Power & Utilities Corp. on the web at www.AlgonquinPowerandUtilities.com.
Caution Regarding Forward-Looking Information
Certain statements included in this news release contain information
that is forward-looking within the meaning of certain securities
laws, including information
and statements regarding prospective results of operations, financial
position or cash flows. These statements are based on factors
or assumptions that were applied
in drawing a conclusion or making a forecast or projection, including
assumptions based on historical trends, current conditions and
expected future developments.
Since forward-looking statements relate to future events and
conditions, by their very nature they require making assumptions and involve
inherent
risks and
uncertainties. APUC cautions that although it is believed that
the assumptions are reasonable in the circumstances, these risks
and uncertainties give rise to
the possibility that actual results may differ materially from
the expectations set out in the forward-looking statements. Material
risk factors include those
set out in the management's discussion and analysis section of
APUC’s 2009 annual
report and 2010 third quarter report, and APUC's Annual Information
Form dated March 31, 2010. Given these risks, undue reliance
should not be placed on these
forward-looking statements, which apply only as of their dates.
Other than as specifically required by law, APUC undertakes no
obligation to update any
forward-looking statements or information to reflect new information,
subsequent or otherwise.
Top of Page |
Algonquin Power & Utilities Corp. Announces California Pacific Electric Company Private Placement Debt Financing
OAKVILLE, Ontario- December 7th, 2010 – Algonquin Power & Utilities Corp. (“APUC”)
(TSX: AQN) today announced the private placement debt financing commitment for the acquisition of
the California-based electricity distribution and related generation assets (the “California Utility”)
of NV Energy, Inc. by California Pacific Electric Company (“CalPECo”), a 50-50 joint venture between
APUC and Emera Inc. (“Emera”) (TSX: EMA and EMA.PR.A), originally announced on April 23, 2009. The
private placement is a $70 million senior unsecured private placement with US institutional investors.
The notes are fixed rate and split into two tranches, $45 million of 10-year 5.19% notes and $25 million
of 5.59% 15-year notes. CalPECo will apply proceeds of the transaction to fund a portion of the
acquisition of the California Utility which is expected to close at the end of the year. UBS
Securities LLC acted as Lead Bookrunner on the transaction.
"The private placement debt financing completes the financing plan for the CalPECo acquisition
and demonstrates the receptiveness of the debt capital markets for our strategy of acquiring
quality regulated utilities”, commented Ian Robertson, Chief Executive Officer. "Looking forward,
we continue to focus on building scale and enhancing our geographic presence in the regulated
utilities sector".
About Algonquin Power & Utilities Corp.
Through its distinct operating subsidiaries, APUC owns and operates a diversified portfolio
of approximately $1 billion of clean renewable electric generation and sustainable utility
distribution businesses in North America. Algonquin Power Co., APUC’s electric generation
subsidiary, includes 45 renewable energy facilities and 14 thermal energy facilities
representing more than 480 MW of installed capacity. Liberty Water Co., APUC’s water
utility subsidiary, provides regulated utility services to more than 70,000 customers
with a portfolio of 19 water distribution and wastewater treatment utility systems.
Pursuant to a previously announced agreement, APUC 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.
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 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, AQN.DB.A and AQN.DB.B. Visit Algonquin Power & Utilities Corp. on the
web at www.AlgonquinPowerandUtilities.com.
Top of Page |
Algonquin Power & Utilities Corp. Announces 2010 Third Quarter Financial Results
OAKVILLE, Ontario- November 11th, 2010 –
Algonquin Power & Utilities Corp. (TSX: AQN), today announced financial results for the third quarter
ended September 30, 2010. On October 27, 2009, Algonquin Power Income Fund became a wholly owned
subsidiary of Algonquin Power & Utilities Corp. (collectively “APUC”), maintaining the same operations
and business activities, but under a new corporate structure. Year-over-year results are compared to the
results of Algonquin Power Income Fund in the relevant period.
Financial Highlights:
- For the third quarter of 2010, revenue was $45.4 million as compared to $45.1 million in the third
quarter of 2009. The increase in revenue over 2009 is primarily the result of the acquisition of the
Tinker facility in Q1 2010, increases due to results of several Liberty Water rate cases, and development,
construction and supervisory fees for the Red Lily Phase I Wind Energy Facility (“Red Lily”). The increase
is partially offset by lower hydrology and the impact of a stronger Canadian dollar. For the first nine
months of 2010, APUC generated revenue of $134.0 million as compared to $143.8 million in the first nine
months of 2009.
- Adjusted earnings before interest, taxes, depreciation, and amortization (“Adjusted EBITDA”) was $17.8
million in the third quarter of 2010 as compared to $20.3 million in the third quarter of 2009. The
decrease in Adjusted EBITDA is primarily related to lower earnings from operations resulting from lower
average hydrology and the impact of the stronger Canadian dollar. APUC generated Adjusted EBITDA of
$54.4 million for the first nine months of 2010 as compared to $61.3 million for the first nine months
of 2009.
- APUC reported net earnings in the third quarter of 2010 of $1.5 million or $0.02 per share as
compared to net earnings of $13.1 million or $0.17 per share for the third quarter of 2009. For
the first nine months of 2010, APUC reported net earnings of $2.8 million or $0.03 per share as
compared to $32.6 million or $0.42 per share for the first nine months of 2009.
- Adjusted net earnings are utilized to report the net earnings of APUC 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 APUC. APUC reported adjusted net earnings of $0.9 million or $0.01 per share in Q3 2010
as compared to adjusted net earnings of $7.2 million or $0.09 per share in Q3 2009. APUC reported
adjusted net earnings of $3.7 million or $0.04 per share for the first nine months of 2010 as compared
to adjusted net earnings of $19.0 million or $0.24 per share for the first nine months of 2009.
Performance and Operational Highlights:
- While the wind and hydrologic conditions in the Western region during the third quarter of 2010
were slightly above long term averages, the hydrologic conditions experienced by all other regions
were below long term average resources, most significantly the Ontario and New England regions.
During this period, energy produced by our renewable projects represented 87% of long-term averages
as compared to 111% during the third quarter of 2009.
- During the quarter, on September 14, 2010, the acquisition of California Pacific Electric
Company (“CalPeco”) received a favourable proposed decision from an Administrative Law Judge
of the California Public Utilities Commission (“CPUC”). On October 15, 2010, the CPUC issued
its final decision approving the transaction without imposition of any material conditions.
Closing of the transaction remains subject to the approval of the Public Utilities Commission
of Nevada which is expected in late 2010.
- APUC continued the pursuit of rate cases for several of Liberty Water’s utilities with the
receipt of a recommended order for two of its larger Arizona utilities. Total revenue increases
from these rate cases, together with previously completed rate cases in Texas, represent a 2011
run rate revenue contribution of over US$10.4 million. Two rate cases in Arizona with a total
requested revenue increase of $2.8 million are awaiting a recommended order, which is expected
in late 2010 or early 2011.
- As a result of the major overhaul and upgrade of the energy-from-waste facility completed
in the quarter the facility is operating above expectations, with 2010 operating profit not
expected to be negatively impacted as compared to the previous year.
“This year has seen a focus on completing the growth initiatives which comprise our 2010
value consolidation promise, the full impact of which will be felt in 2011; we have
successfully moved Calpeco through the regulatory process with closing expected to occur
by the end of the year, we have made significant progress on the rate cases filed by
Liberty Water and steady construction progress at Red Lily has been achieved”, stated
Ian Robertson, Chief Executive Officer of APUC. “Although the first nine months have
seen challenging wind and hydrologic resources at our renewable power facilities and a
weakening U.S. dollar, we are well positioned to deliver on the proposition of sustainable
growth in 2011 through businesses premised on economic longevity, environmental respect and
community engagement.”
APUC’s financial information and analysis are available here..
APUC will hold an earnings conference call at 10:00 a.m. eastern time on Friday, November 12,
2010, hosted by Chief Executive Officer Ian Robertson and Chief Financial Officer David Bronicheski.
Conference call details are as follows:
Date: Friday, November 12, 2010
Start Time: 10:00 a.m. eastern
Phone Number: Toll free within North America: 1-800-814-4859 or Local 416-644-3414.
Conference ID#: 4372048
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 4372048# from November 12, 2010 until November 26, 2010.
About Algonquin Power & Utilities Corp.
Through its distinct operating subsidiaries, APUC owns and operates a diversified portfolio
of approximately $1 billion of clean renewable electric generation and sustainable utility
distribution businesses in North America. Algonquin Power Co. (“APCo”), APUC’s electric
generation subsidiary, includes 45 renewable energy facilities and 14 thermal energy
facilities representing more than 480 MW of installed capacity. Liberty Water Co., APUC’s
water utility subsidiary, provides regulated utility services to more than 72,000 customers
with a portfolio of 19 water distribution and wastewater treatment utility systems. Pursuant
to a previously announced agreement, APUC 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. 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 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, AQN.DB.A and AQN.DB.B. Visit Algonquin Power & Utilities Corp. on the web at
www.AlgonquinPowerandUtilities.com.
Caution Regarding Forward-Looking Information
Certain statements included in this news release contain information that is forward-looking within the meaning of
certain securities laws, including information and statements regarding prospective results of operations, financial
position or cash flows. These statements are based on factors or assumptions that were applied in drawing a conclusion
or making a forecast or projection, including assumptions based on historical trends, current conditions and expected
future developments. Since forward-looking statements relate to future events and conditions, by their very nature they
require making assumptions and involve inherent risks and uncertainties. APUC cautions that although it is believed that
the assumptions are reasonable in the circumstances, these risks and uncertainties give rise to the possibility that actual
results may differ materially from the expectations set out in the forward-looking statements. Material risk factors include
those set out in the management's discussion and analysis section of APUC’s 2009 annual report and 2010 third quarter report,
and APUC's Annual Information Form dated March 31, 2010. Given these risks, undue reliance should not be placed on these
forward-looking statements, which apply only as of their dates. Other than as specifically required by law, APUC
undertakes no obligation to update any forward-looking statements or information to reflect new information,
subsequent or otherwise.
Top of Page |
Algonquin Power & Utilities Corp. announces dates for 2010 third quarter financial results release and conference call
OAKVILLE, Ontario- October 18th, 2010 –
Algonquin Power & Utilities Corp. (“APUC”) (TSX: AQN) today announced plans
to release 2010 third quarter financial results the afternoon of
Thursday, November 11, 2010. APUC will hold an earnings conference
call at 10:00 a.m.
eastern time on Friday,
November 12, 2010, hosted by Chief Executive Officer Ian Robertson
and Chief Financial Officer David Bronicheski.
Conference call details are as follows:
Date: Friday, November 12, 2010
Start Time: 10:00 a.m. eastern
Phone Number: Toll free within North America: 1-800-814-4859 or Local 416-644-3414.
Conference ID#: 4372048
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 4372048# from November 12, 2010 until November 26, 2010.
About Algonquin Power & Utilities Corp.
Through its distinct operating subsidiaries, APUC owns and operates a diversified portfolio of approximately $1 billion of clean
renewable electric generation and sustainable utility distribution assets in North America. Algonquin Power Co., APUC’s electric
generation subsidiary, includes 45 renewable energy facilities and 14 thermal energy facilities representing more than 480 MW of
installed capacity. Liberty Water Co., APUC’s water utility subsidiary, provides regulated utility services to more than 70,000
customers with a portfolio of 19 water distribution and wastewater treatment utility systems. Pursuant to a previously announced
agreement, APUC 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. 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 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, AQN.DB.A and AQN.DB.B. Visit Algonquin Power
& Utilities Corp. on the web at by clicking here..
Top of Page |
Algonquin Power & Utilities Corp. to Host Investor Morning on November 23, 2010
OAKVILLE, Ontario- October 1st, 2010 – Algonquin Power & Utilities Corp. (“APUC”) (TSX: AQN)
today announced that it will host an investor morning on Tuesday, November 23, 2010. The event will take place
at the St. Andrew’s Club & Conference Centre in Toronto, ON.
Chief Executive Officer Ian Robertson will provide a strategic overview of APUC’s medium and long-term plans for investment
in the power and utilities sectors. In addition, Chief Financial Officer David Bronicheski and the company’s key leadership
team will deliver comprehensive presentations on the different businesses of APUC, and provide an in-depth view of the company’s
growth pipeline.
Institutional investors, financial analysts and members of the financial community interested in attending can register in advance
for the event by emailing registration@algonquinpower.com.
The investor morning registration will begin at 8:00 a.m. on November 23, 2010, with presentations scheduled from 8:30 a.m. to 1:00 p.m.
A light breakfast and lunch will be served.
A live and archived audio and video webcast of the investor morning will be available for those unable to attend the event in person.
About Algonquin Power & Utilities Corp.
Through its distinct operating subsidiaries, APUC owns and operates a diversified portfolio of approximately $1 billion of clean renewable
electric generation and sustainable utility distribution businesses in North America. Algonquin Power Co., APUC’s electric generation
subsidiary, includes 45 renewable energy facilities and 14 thermal energy facilities representing more than 480 MW of installed
capacity. Liberty Water Co., APUC’s water utility subsidiary, provides regulated utility services to more than 70,000 customers
with a portfolio of 19 water distribution and wastewater treatment utility systems. Pursuant to a previously announced agreement,
APUC 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. 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 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, AQN.DB.A and AQN.DB.B. Visit Algonquin Power & Utilities
Corp. on the web at
www.AlgonquinPowerandUtilities.com.
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Algonquin Power & Utilities Corp. Declares Third Quarter 2010 Dividend
OAKVILLE, Ontario- August 13th, 2010 – Algonquin Power & Utilities Corp. (“APUC”) (TSX:AQN) of Oakville, Ontario announced today that its Directors have declared a dividend on its shares. The dividend is $0.06 per share payable on October 15, 2010 to the shareholders of record on September 30, 2010 for the period from July 1, 2010 to September 30, 2010. For Canadian resident shareholders, dividends declared are considered as “eligible dividends” for purposes of the dividend tax credit rules contained in the Income Tax Act (Canada).
About Algonquin Power & Utilities Corp.
Through its distinct operating subsidiaries, APUC owns and operates a diversified portfolio of approximately $1 billion of clean, renewable electric generation and sustainable utility distribution assets in North America. APCo, APUC’s electric generation subsidiary, includes 45 renewable energy facilities and 14 thermal energy facilities representing more than 480 MW of installed capacity. Liberty Water Co., APUC’s water utility subsidiary, provides regulated utility services to more than 70,000 customers with a portfolio of 19 water distribution and wastewater treatment utility systems. Pursuant to a previously announced agreement, APUC 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. 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 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, AQN.DB.A and AQN.DB.B. Visit Algonquin Power & Utilities Corp. on the web at www.AlgonquinPowerandUtilities.com.
Caution Regarding Forward-Looking Information
Certain statements included in this news release may contain information that is forward-looking within the meaning of certain securities laws, including information and statements regarding prospective results of operations, financial position or cash flows. These statements are based on factors or assumptions that were applied in drawing a conclusion or making a forecast or projection, including assumptions based on historical trends, current conditions and expected future developments. Since forward-looking statements relate to future events and conditions, by their very nature they require making assumptions and involve inherent risks and uncertainties. APUC cautions that although it is believed that the assumptions are reasonable in the circumstances, these risks and uncertainties give rise to the possibility that actual results may differ materially from the expectations set out in the forward-looking statements. Material risk factors include those set out in the management's discussion and analysis section of APUC’s 2009 annual report, first quarter 2010 report, and APUC's Annual Information Form dated March 31, 2010. Given these risks, undue reliance should not be placed on these forward-looking statements, which apply only as of their dates. Other than as specifically required by law, APUC undertakes no obligation to update any forward-looking statements or information to reflect new information, subsequent or otherwise.
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Algonquin Power & Utilities Corp. Announces 2010 Second Quarter Financial Results
OAKVILLE, Ontario- August 12th, 2010 – Algonquin Power & Utilities Corp. (TSX: AQN), today
announced financial results for the second quarter ended June 30, 2010. On October 27, 2009, Algonquin Power
Income Fund became a wholly owned subsidiary of Algonquin Power & Utilities Corp. (collectively “APUC”),
maintaining the same operations and business activities, but under a new corporate structure. Year-over-year
results are compared to the results of Algonquin Power Income Fund in the relevant period.
Financial Highlights:
- For the second quarter of 2010, revenue was $42.7 million as compared to $46.5 million in the
second quarter of 2009. The decrease in revenue over 2009 is primarily the result of lower average
hydrology, lower waste disposal revenue at the energy-from-waste facility as a result of the
unplanned outage and the expected change in operations at Windsor Locks to a forward reserve
market operating model following the expiry of one of its power purchase agreements. For the
first six months of 2010, APUC generated revenue of $88.6 million as compared to $98.7 million
in the first six months of 2009.
- Adjusted earnings before interest, taxes, depreciation, and amortization (“Adjusted EBITDA”)
was $18.7 million in the second quarter of 2010 as compared to $20.0 million in the second quarter of 2009.
The decrease in Adjusted EBITDA is primarily related to lower earnings from operations. APUC
generated Adjusted EBITDA of $36.6 million for the first six months of 2010 as compared to
$41.1 million for the first six months of 2009.
- APUC reported a net loss in the second quarter of 2010 of $2.2 million or $0.02 per share as
compared to net earnings of $15.3 million or $0.20 per share for the second quarter of 2009.
For the first six months of 2010, APUC reported net earnings of $1.2 million or $0.01 per
share as compared to $19.5 million or $0.25 per share for the first six months of 2009.
- Adjusted net earnings are utilized to report the net earnings of APUC 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 APUC. APUC reported adjusted net loss of $0.1
million or $0.00 per share in Q2 2010 as compared to adjusted net earnings of $3.8 million
or $0.05 per share in Q2 2009. APUC reported adjusted net earnings of $2.9 million or $0.03
per share for the first six months of 2010 as compared to adjusted net earnings of $11.8
million or $0.15 per share for the first six months of 2009.
Performance and Operational Highlights:
- During the second quarter of 2010, APUC experienced revenue impacts from lower than average
hydrology in most of the regions in which it operates hydroelectric facilities and the continuing
overhaul related outage of its energy-from-waste plant.
- APUC continued the pursuit of rate cases for seven of Liberty Water’s utilities with settlement
of three Texas rate cases and receipt of a preliminary order for one of its Arizona utilities. The
rate settlements and the propositions contained in the preliminary rate order represent approximately
92% of the total US $2.4 million requested revenue requirement for these utilities.
- The major overhaul and upgrade of the energy-from-waste facility was successfully completed and
the facility returned to full production on all five units in July, 2010. As a result of the major
capital upgrade which included new boiler tubes on all units, the facility is expected to operate
above expectations for the remainder of the year, with anticipated waste processing levels of 475
tonnes per day.
- APUC’s Windsor Locks facility successfully made the transition to a new forward reserve market
operating model following the expiration of one of its power purchase agreements. While the change
in operating regime forecast lower operating revenues, due to higher dispatch levels and favourable
power pricing in the spot market, second quarter revenues exceeded management’s expectations.
- APUC entered into agreements to provide development, construction, operation and supervision
services related to the construction, commissioning and operation of the 26.4 megawatt Red Lily
Phase 1 Wind Energy Facility, expected to be completed in early 2011. APUC is committed to provide
$19.5 million of senior and subordinated debt to the project, which APUC has the option to convert
to a 75% equity interest in the project.
“We remain committed to consolidating, through the balance of 2010, our previously announced
significant value and corporate transition initiatives. While the first half of 2010 included
disappointing revenue shortfalls from the overhaul related outage of our energy-from-waste
facility and lower hydrology and wind resources, we are pleased with the notable progress made
on our growth initiatives.” commented Ian Robertson, Chief Executive Officer of APUC.”
APUC’s financial information and analysis are available here..
APUC will hold an earnings conference call at 10:00 a.m. eastern time on Friday, August 13, 2010,
hosted by Chief Executive Officer Ian Robertson and Chief Financial Officer David Bronicheski.
Conference call details are as follows:
Date: Friday, August 13, 2010
Start Time: 10:00 a.m. eastern
Phone Number: Toll free within North America: 1-800-814-4859 or Local 416-644-3414.
Conference ID#: 4327246
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 4327246# from August
13, 2010 until August 20, 2010.
About Algonquin Power & Utilities Corp.
Through its distinct operating subsidiaries, APUC owns and operates a diversified portfolio
of approximately $1 billion of clean renewable electric generation and sustainable utility
distribution businesses in North America. APCo, APUC’s electric generation subsidiary,
includes 45 renewable energy facilities and 14 thermal energy facilities representing
more than 480 MW of installed capacity. Liberty Water Co., APUC’s water utility subsidiary,
provides regulated utility services to more than 70,000 customers with a portfolio of 19 water
distribution and wastewater treatment utility systems. Pursuant to a previously announced
agreement, APUC 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. 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 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, AQN.DB.A and AQN.DB.B. Visit Algonquin
Power & Utilities Corp. on the web at
www.AlgonquinPowerandUtilities.com.
Caution Regarding Forward-Looking Information
Certain statements included in this news release contain information that is forward-looking
within the meaning of certain securities laws, including information and statements regarding
prospective results of operations, financial position or cash flows. These statements are
based on factors or assumptions that were applied in drawing a conclusion or making a
forecast or projection, including assumptions based on historical trends, current conditions
and expected future developments. Since forward-looking statements relate to future events
and conditions, by their very nature they require making assumptions and involve inherent
risks and uncertainties. APUC cautions that although it is believed that the assumptions
are reasonable in the circumstances, these risks and uncertainties give rise to the
possibility that actual results may differ materially from the expectations set out
in the forward-looking statements. Material risk factors include those set out in the
management's discussion and analysis section of APUC’s 2009 annual report and APUC's
Annual Information Form dated March 31, 2010. Given these risks, undue reliance should
not be placed on these forward-looking statements, which apply only as of their dates.
Other than as specifically required by law, APUC undertakes no obligation to update any
forward-looking statements or information to reflect new information, subsequent or otherwise.
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Algonquin Power & Utilities Corp. announces dates for 2010 second quarter financial results release and conference call
OAKVILLE, Ontario- July 12th, 2010 –
Algonquin Power & Utilities Corp. (“APUC”) (TSX: AQN) today announced plans to release 2010 second quarter
financial results the afternoon of Thursday, August 12, 2010. APUC will hold an earnings conference call
at 10:00 a.m. eastern time on Friday, August 13, 2010, hosted by Chief Executive Officer Ian Robertson
and Chief Financial Officer David Bronicheski.
Conference call details are as follows:
Date: Friday, August 13, 2010
Start Time: 10:00 a.m. eastern
Phone Number: Toll free within North America: 1-800-814-4859 or Local 416-644-3414.
Conference ID#: 4327246
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 4327246# from August 13,
2010 until August 20, 2010.
About Algonquin Power & Utilities Corp.
Through its distinct operating subsidiaries, APUC owns and operates a diversified portfolio of
approximately $1 billion of clean renewable electric generation and sustainable utility
distribution assets in North America. Algonquin Power Co., APUC’s electric generation
subsidiary, includes 45 renewable energy facilities and 14 thermal energy facilities
representing more than 480 MW of installed capacity. Liberty Water Co., APUC’s water
utility subsidiary, provides regulated utility services to more than 70,000 customers
with a portfolio of 19 water distribution and wastewater treatment utility systems.
Pursuant to a previously announced agreement, APUC 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. 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 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, AQN.DB.A and AQN.DB.B.
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Algonquin Power & Utilities Corp. Announces Results of Annual and Special Meeting of Shareholders
OAKVILLE, Ontario- June 23rd, 2010 – Algonquin Power & Utilities Corp. (“APUC”)
(TSX: AQN) is pleased to announce that at its annual and special meeting (the “Meeting”) held
on June 23, 2010, shareholders re-appointed KPMG LLP as auditors of APUC, approved all special
resolutions put before them at the Meeting and elected to the Board of Directors of APUC,
Messrs. Chris Ball, Chris Huskilson, Chris Jarratt, Ken Moore, Ian Robertson and George Steeves.
The special resolutions passed at the Meeting include approval of the issuance of shares in respect
of the internalization of management, approval of the shareholder rights plan, and approval of
APUC’s stock option plan, all of which are outlined in the Notice of Meeting and Information
Circular dated May 20, 2010 that is available on SEDAR and on APUC’s website at www.algonquinpowerandutilities.com.
ABOUT ALGONQUIN POWER & UTILITIES CORP.
Through its distinct operating subsidiaries, APUC owns and operates a diversified
portfolio of approximately $1 billion of clean renewable electric generation and
sustainable utility distribution assets in North America. Algonquin Power Co., APUC’s
electric generation subsidiary, includes 45 renewable energy facilities and 14
thermal energy facilities representing more than 480 MW of installed capacity.
Liberty Water Co., APUC’s water utility subsidiary, provides regulated utility
services to more than 70,000 customers with a portfolio of 19 water distribution
and wastewater treatment utility systems. Pursuant to a previously announced
agreement, APUC 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. 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 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, AQN.DB.A and AQN.DB.B.
CAUTION REGARDING FORWARD LOOKING INFORMATION
Certain statements included in this news release may contain information
that is forward-looking within the meaning of certain securities laws.
These statements are based on factors or assumptions that were applied
in drawing a conclusion or making a forecast or projection. Since forward-looking
statements relate to future events and conditions, by their very nature they require
making assumptions and involve inherent risks and uncertainties. APUC cautions that
although it is believed that the assumptions are reasonable in the circumstances,
these risks and uncertainties give rise to the possibility that actual results may
differ materially from the expectations set out in the forward-looking statements.
Material risk factors include including those set out in the management's discussion
and analysis section of APUC’s 2009 annual report and APUC's Annual Information Form
dated March 31, 2010. Given these risks, undue reliance should not be placed on
these forward-looking statements, which apply only as of their dates. Other than
as specifically required by law, APUC undertakes no obligation to update any
forward-looking statements or information to reflect new information, subsequent
or otherwise.
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Algonquin Power & Utilities Corp. Announces Adopts Shareholder Rights Plan
OAKVILLE, Ontario- June 9th, 2010 – Algonquin Power & Utilities Corp. (“APUC”)
today announced that its Directors have adopted a Shareholder Rights Plan (the “Rights Plan”).
The Rights Plan was adopted by the Directors on June 9, 2010 and was adopted to ensure the fair
treatment of shareholders in connection with any take-over offer for APUC, and to provide the
Directors and shareholders with additional time to fully consider any unsolicited take-over
bid. The Rights Plan will also provide the Directors more time to pursue, if appropriate, other
alternatives to maximize shareholder value.
The Rights Plan is subject to regulatory approval and is subject to approval by shareholders at
APUC’s annual and special meeting of shareholders, which will be held in Oakville on June 23,
2010. If approved by shareholders, the Rights Plan will have an initial term of 3 years.
APUC is not adopting the Rights Plan in response to any specific proposal to acquire control of
APUC. The Rights Plan is similar to plans adopted by other Canadian companies and approved by
their shareholders.
The Rights Plan is not intended to prevent take-over bids, but to ensure their proper evaluation.
Under the Rights Plan, those bids that meet certain requirements intended to protect the interests
of all shareholders are deemed to be “Permitted Bids”. Permitted Bids must be made by way of a
take-over bid circular prepared in compliance with applicable securities laws and remain open for
not less than sixty days.
Under the Rights Plan, Rights have been issued and attached to all shares of APUC issued and
outstanding as of the close of business on June 9, 2010. Rights will be issued upon any future
issuance of any shares of APUC that occurs prior to the Separation Time (as defined in the
Rights Plan).
In the event a take-over bid does not meet the Permitted Bid requirements of the Rights Plan,
the Rights will entitle shareholders, other than any shareholder or shareholders making the
take-over bid, to purchase additional shares in APUC at a substantial discount to the market
value at the time.
ABOUT ALGONQUIN POWER & UTILITIES CORP.
Through its distinct operating subsidiaries, APUC owns and operates a diversified portfolio
of approximately $1 billion of clean renewable electric generation and sustainable utility
distribution assets in North America. APCo, APUC’s electric generation subsidiary, includes
45 renewable energy facilities and 14 thermal energy facilities representing more than 480
MW of installed capacity. Liberty Water Co., APUC’s water utility subsidiary, provides
regulated utility services to more than 70,000 customers with a portfolio of 19 water
distribution and wastewater treatment utility systems. Pursuant to a previously announced
agreement, APUC 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. 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 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, AQN.DB.A and AQN.DB.B.
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Algonquin Power & Utilities Corp. Announces date for Annual and Special Meeting
OAKVILLE, Ontario- June 2nd, 2010 – Algonquin Power & Utilities Corp. (“APUC”) (TSX: AQN) today
announced the date of the annual and special meeting of its shareholders.
Meeting Details:
Date: June 23, 2010
Time: 4:00 p.m. Eastern Time
Location: Homewood Suites, 2095 Winston Park Drive, Oakville, ON
The Notice of Meeting and Management Information Circular outlining the
matters to be dealt with at the meeting are available here.
ABOUT ALGONQUIN POWER & UTILITIES CORP.
Through its distinct operating subsidiaries, APUC owns and operates a diversified portfolio of approximately $1 billion of clean
renewable electric generation and sustainable utility distribution assets in North America. APCo, APUC’s electric
generation subsidiary, includes 45 renewable energy facilities and 14 thermal energy facilities representing more
than 480 MW of installed capacity. Liberty Water Co., APUC’s water utility subsidiary, provides regulated
utility services to more than 70,000 customers with a portfolio of 19 water distribution and wastewater
treatment utility systems. Pursuant to a previously announced agreement, APUC 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. 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 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, AQN.DB.A and AQN.DB.B.
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Algonquin Power & Utilities Corp. Declares Second Quarter 2010 Dividend
OAKVILLE, Ontario- May 7th, 2010Algonquin Power & Utilities Corp. (“APUC”) (TSX:AQN) of
Oakville, Ontario announced today that its Directors have declared a dividend on its shares. The dividend
is $0.06 per share payable on July 15, 2010 to the shareholders of record on June 30, 2010 for the period
from April 1, 2010 to June 30, 2010. For Canadian resident shareholders, dividends declared are considered
as “eligible dividends” for purposes of the dividend tax credit rules contained in the Income Tax Act
(Canada).
About Algonquin Power & Utilities Corp.
Through its distinct operating subsidiaries, APUC owns and operates a diversified portfolio of approximately
$1 billion of clean, renewable electric generation and sustainable utility distribution assets in North
America. APCo, APUC’s electric generation subsidiary, includes 45 renewable energy facilities and 14
thermal energy facilities representing more than 480 MW of installed capacity. Liberty Water Co., APUC’s
water utility subsidiary, provides regulated utility services to more than 70,000 customers with a portfolio
of 19 water distribution and wastewater treatment utility systems. Pursuant to a previously announced agreement,
APUC 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. 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 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, AQN.DB.A and AQN.DB.B.
Caution Regarding Forward-Looking Information
Certain statements included in this news release may contain information that is forward-looking within the
meaning of certain securities laws, including information and statements regarding prospective results of
operations, financial position or cash flows. These statements are based on factors or assumptions that were
applied in drawing a conclusion or making a forecast or projection, including assumptions based on historical
trends, current conditions and expected future developments. Since forward-looking statements relate to future
events and conditions, by their very nature they require making assumptions and involve inherent risks and
uncertainties. APUC cautions that although it is believed that the assumptions are reasonable in the
circumstances, these risks and uncertainties give rise to the possibility that actual results may differ
materially from the expectations set out in the forward-looking statements. Material risk factors include
those set out in the management's discussion and analysis section of APUC’s 2009 annual report, first
quarter 2010 report, and APUC's Annual Information Form dated March 31, 2010. Given these risks, undue
reliance should not be placed on these forward-looking statements, which apply only as of their dates.
Other than as specifically required by law, APUC undertakes no obligation to update any forward-looking
statements or information to reflect new information, subsequent or otherwise.
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Algonquin Power & Utilities Corp. Announces 2010 First Quarter Financial Results
OAKVILLE, Ontario- May 6th, 2010
- Algonquin Power & Utilities Corp. (TSX: AQN), today announced financial results for the first quarter ended
March 31, 2010. On October 27, 2009, Algonquin Power Income Fund became a wholly owned subsidiary of Algonquin
Power & Utilities Corp. (collectively “APUC”), maintaining the same operations and business activities, but
under a new corporate structure. Year-over-year results will be as compared to the results of Algonquin Power
Income Fund in the relevant period.
For the first quarter of 2010, revenue was $45.9 million as compared to $52.2 million in the first quarter of
2009 and $43.4 in the fourth quarter of 2009. The decrease in revenue is primarily the result of the outage
at the Energy-from-Waste facility and the lower than average wind resources in many areas of North America
which impacted APCo’s Renewable Energy division.
Adjusted earnings before interest, taxes, depreciation, and amortization (“Adjusted EBITDA”) was $17.9
million in the first quarter of 2010 as compared to $21.1 million in the first quarter of 2009 and $18.0
in the fourth quarter of 2009. The decrease in Adjusted EBITDA is primarily related to lower earnings
from operations.
APUC reported net earnings in the first quarter of 2010 of $3.5 million or $0.04 per share as compared
to net earnings of $4.2 million or $0.05 per share for the first quarter of 2009 and a net loss of $1.4
million or $0.03 per share in the fourth quarter of 2009.
Adjusted net earnings in the first quarter of 2010 were $3.0 million or $0.03 per share as compared to
adjusted net earnings of $7.9 million or $0.10 per share in the first quarter of 2009 and $11.5 million
or $0.14 per share in the fourth quarter of 2009. APUC uses adjusted net earnings to assess the net
earnings of APUC 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 APUC.
Performance Summary for the first quarter of 2010:
- Revenue of $45.9 million in Q1 2010 as compared to $52.2 million in Q1 2009.
- Adjusted EBITDA of $17.9 million in Q1 2010 as compared to $21.1 million in Q1 2009.
- Adjusted net earnings of $3.0 million or $0.03 per share in Q1 2010 as compared to adjusted net
earnings of $7.9 million or $0.10 per share in Q1 2009.
- Net earnings of $3.5 million or $0.04 per share in Q1 2010 as compared to net earnings of $4.2
million or $0.05 per share in Q1 2009.
“While April results show a return to more normal wind conditions at our St. Leon facility, the
earnings impact of the refurbishment of our Energy-from-Waste facility will continue to be felt
during Q2. Nevertheless, we are confident that our committed 2010 growth initiatives including
the previously announced electric utility acquisition, construction of Red Lily Phase I and
Liberty Water rate case applications remain on track to deliver full year 2011 earnings per
share in line with our targeted dividend payout ratio of 75% to 100%”, commented Ian Robertson,
Chief Executive Officer of APUC.
APUC’s financial information and analysis are available here.
APUC will hold an earnings conference call at 10:00 a.m. eastern time on Friday, May 7, 2010,
hosted by Chief Executive Officer Ian Robertson and Chief Financial Officer David Bronicheski.
Conference call details are as follows:
Date: Friday, May 7, 2010
Start Time: 10:00 a.m. eastern
Phone Number: Toll free within North America: 1-877-974-0445 or local 416-644-3416.
Conference ID#: 4283874
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 4283874# from May 7,
2010 until May 14, 2010.
About Algonquin Power & Utilities Corp.
Through its distinct operating subsidiaries, APUC owns and operates a diversified portfolio of
approximately $1 billion of clean renewable electric generation and sustainable utility
distribution assets in North America. APCo, APUC’s electric generation subsidiary, includes
45 renewable energy facilities and 14 thermal energy facilities representing more than 480
MW of installed capacity. Liberty Water Co., APUC’s water utility subsidiary, provides
regulated utility services to more than 70,000 customers with a portfolio of 19 water
distribution and wastewater treatment utility systems. Pursuant to a previously announced
agreement, APUC 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. 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 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, AQN.DB.A and AQN.DB.B.
Caution Regarding Forward Looking Information
Certain statements included in this news release contain information that is forward-looking within
the meaning of certain securities laws, including information and statements regarding prospective
results of operations, financial position or cash flows. These statements are based on factors or
assumptions that were applied in drawing a conclusion or making a forecast or projection, including
assumptions based on historical trends, current conditions and expected future developments. Since
forward-looking statements relate to future events and conditions, by their very nature they require
making assumptions and involve inherent risks and uncertainties. APUC cautions that although it is
believed that the assumptions are reasonable in the circumstances, these risks and uncertainties give
rise to the possibility that actual results may differ materially from the expectations set out in
the forward-looking statements. Material risk factors include those set out in the management's
discussion and analysis section of APUC’s 2009 annual report and APUC's Annual Information Form
dated March 31, 2010. Given these risks, undue reliance should not be placed on these forward-looking
statements, which apply only as of their dates. Other than as specifically required by law, APUC
undertakes no obligation to update any forward-looking statements or information to reflect new
information, subsequent or otherwise.
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Algonquin Power & Utilities Corp. Announces Commencement of Construction of Phase I of the Red Lily Wind Project
OAKVILLE, Ontario- April 21st, 2010Algonquin Power & Utilities Corp. (“APUC”) (TSX: AQN) is pleased to
announce the commencement of construction of the 26.4 MW Phase I Red Lily Wind Project (“Red Lily I”) in south-eastern
Saskatchewan with the execution of a turbine supply agreement with Vestas Canadian Wind Technology Inc., receipt of all
required permits and satisfaction of all conditions for project financing.
The project is owned by Concord Pacific Group who will make an equity investment of approximately $19 million in
the development of the project. Total capital investment for the project is expected to be $67.5 million. In
addition to the $19 million of equity investment, the project costs will be financed with $31 million of
senior debt provided by Integrated Private Debt Fund II LP and $17.5 million of senior and subordinated
debt provided by Algonquin Power Co. (“APCo”). APCo will provide services to and will receive fees for the
development, construction, operation and supervision of the project. In addition, APCo has been granted an
option to subscribe for a 75% equity interest in the project in exchange for its subordinated debt commitment,
exercisable five years following commissioning of the project.
Red Lily I, initially developed by Gaia Power Inc., will consist of 16 Vestas V82 wind turbine generators,
which have been procured and are awaiting shipment from a Canadian storage location. Red Lily I enjoys an
excellent wind resource with annual gross revenues of $7.5 million expected in the first year of production
and $8 million expected in the second year. The power purchase agreement with SaskPower is for 25 years and
includes a 2% annual increase throughout the term of the agreement. Commissioning of the project is expected
to occur in early 2011.
“The construction of Red Lily I demonstrates APUC’s continuing contribution to the clean, renewable energy
business and reinforces APUC’s strategic focus on increasing earnings per share which will contribute to
growing dividends and capital appreciation for our shareholders”, commented Ian Robertson, Chief Executive
Officer of APUC. “We are very pleased to be extending our renewable power investment into Saskatchewan. The
local support for the project is overwhelming and both APCo and Concord Pacific look forward to continuing
to work within the Regional Municipalities of both Martin and Moosomin on this and future projects”.
In addition to the effort focused on completing Red Lily I, APCo, together with the owner, has secured
additional land rights for a second phase of the project, which, should it proceed, would provide an
additional 106 MW of generating capacity.
Click Here for the Fact Sheet
ABOUT ALGONQUIN POWER & UTILITIES CORP.
Through its distinct operating subsidiaries, APUC owns and operates a diversified portfolio of approximately
$1 billion of clean renewable electric generation and sustainable utility distribution assets in North
America. APCo, APUC’s electric generation subsidiary, includes 45 renewable energy facilities and 14
thermal energy facilities representing more than 480 MW of installed capacity. Liberty Water Co.,
APUC’s water utility subsidiary, provides regulated utility services to more than 70,000 customers
with a portfolio of 19 water distribution and wastewater treatment utility systems. Pursuant to a
previously announced agreement, APUC 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. 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 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, AQN.DB.A and AQN.DB.B. Visit Algonquin Power & Utilities Corp. on the web at
www.AlgonquinPowerandUtilities.com.
ABOUT CONCORD PACIFIC GROUP
Concord Pacific Group is a Canadian organization developing multi-phased, master planned residential
communities. Its developments include Concord Pacific Place in Vancouver, British Columbia, Concord
CityPlace in Toronto, Ontario, and Concord Park Place in North York.
CAUTION REGARDING FORWARD LOOKING INFORMATION
Certain statements included in this news release contain information that is forward-looking within
the meaning of certain securities laws, including information and statements regarding prospective
results of operations, financial position or cash flows. These statements are based on factors or
assumptions that were applied in drawing a conclusion or making a forecast or projection, including
assumptions based on historical trends, current conditions and expected future developments. Since
forward-looking statements relate to future events and conditions, by their very nature they require
making assumptions and involve inherent risks and uncertainties. APUC cautions that although it is
believed that the assumptions are reasonable in the circumstances, these risks and uncertainties give
rise to the possibility that actual results may differ materially from the expectations set out in the
forward-looking statements. Material risk factors include including those set out in the management's
discussion and analysis section of APUC’s 2009 annual report and APUC's Annual Information Form dated
March 31, 2010. Given these risks, undue reliance should not be placed on these forward-looking
statements, which apply only as of their dates. Other than as specifically required by law, APUC
undertakes no obligation to update any forward-looking statements or information to reflect new
information, subsequent or otherwise.
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Algonquin Power & Utilities Corp. announces dates for 2010 first quarter financial results release and conference call
OAKVILLE, Ontario- April 16th, 2010 Algonquin Power & Utilities Corp.
(“APUC”) (TSX: AQN) today announced plans to release 2010 first quarter financial results
the afternoon of Thursday, May 6, 2010. APUC will hold an earnings conference call at
10:00 a.m. eastern time on Friday, May 7, 2010, hosted by Chief Executive Officer Ian
Robertson and Chief Financial Officer David Bronicheski.
Conference call details are as follows:
Date: Friday, May 7, 2010
Start Time: 10:00 a.m. eastern
Phone Number: Toll free within North America: 1-877-974-0445 or local 416-644-3416.
Conference ID#: 4283874
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 4283874# from May 7,
2010 until May 14, 2010.
About Algonquin Power & Utilities Corp.
Through its distinct operating subsidiaries, APUC owns and operates a diversified portfolio of
approximately $1 billion of clean renewable electric generation and sustainable utility
distribution assets in North America. Algonquin Power Co., APUC’s electric generation subsidiary,
includes 45 renewable energy facilities and 14 thermal energy facilities representing more
than 480 MW of installed capacity. Liberty Water Co., APUC’s water utility subsidiary, provides
regulated utility services to more than 70,000 customers with a portfolio of 19 water distribution
and wastewater treatment utility systems. Pursuant to a previously announced agreement, APUC 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.
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 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,
AQN.DB.A and AQN.DB.B. Visit Algonquin Power & Utilities Corp. on the web at
www.AlgonquinPowerandUtilities.com.
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Algonquin Power & Utilities Corp. Announces Acquisition of 19th Water Utility System
OAKVILLE, Ontario- March 29nd, 2010 Algonquin Power & Utilities Corp.
(TSX: AQN) (“APUC”) is pleased to announce that its wholly owned subsidiary Liberty Water
Co. (“Liberty Water”) has completed the acquisition of an additional water distribution
and wastewater collection system (the “Galveston System”) for a total purchase price of
$2,000,000. Located near Galveston, Texas, the Galveston System provides water distribution
and waste water collection to approximately 260 equivalent residential connections. Liberty
Water is expected to earn a return on and of the net asset value of the Galveston System
($2,000,000) equivalent to that provided by the Texas Commission on Environmental Quality
of approximately 12% after application of regulatory taxes.
“The earnings and cash flow accretion generated by these long lived, utility grade water distribution
and wastewater collection assets are consistent with Liberty Water’s objective of accretively expanding
its water utility asset base and supports APUC’s commitment to providing total shareholder return through
a combination of predictable and growing earnings and dividends together with capital appreciation”
commented Ian Robertson, the Chief Executive Officer of APUC. “The operation and administration of
the Galveston System will capitalize on economies of scale from Liberty Water’s regional office
located in Tyler, Texas” he continued.
ABOUT ALGONQUIN POWER & UTILITIES CORP.
Through its distinct operating subsidiaries, APUC owns and operates a diversified
portfolio of approximately $1 billion of clean renewable electric generation
and sustainable utility
distribution businesses in North America. Algonquin Power Co., APUC’s electric
generation subsidiary, includes 45 renewable energy facilities and 11 high efficiency
thermal energy
facilities representing more than 450 MW of installed capacity. Liberty Water
Co., APUC’s
wholly owned water utility subsidiary, provides regulated utility services to
more than 70,000 customers with a portfolio of 19 water distribution and wastewater
treatment
utility systems. Pursuant to a previously announced agreement, APUC 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. 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 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, AQN.DB.A
and AQN.DB.B.
Visit Algonquin Power & Utilities Corp. on the web at www.AlgonquinPowerandUtilities.com.
Click Here for the Fact Sheet
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Algonquin Power & Utilities Corp. Declares First Quarter 2010 Dividend
OAKVILLE, Ontario- March 22nd, 2010
Algonquin Power & Utilities Corp. (“Algonquin”) (TSX:AQN) of Oakville, Ontario announced
today that its Directors have declared a dividend on its shares. The dividend is $0.06
per share payable on April 15, 2010 to the shareholders of record on March 31, 2010 for
the period from January 01, 2010 to March 31, 2010. For Canadian resident shareholders,
dividends declared are considered as “eligible dividends” for purposes of the dividend
tax credit rules contained in the Income Tax Act (Canada).
Algonquin currently has 93,661,913 common shares outstanding.
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 45 renewable energy facilities and 11 high
efficiency thermal energy facilities representing more than 450 MW of installed
capacity. Through its wholly owned subsidiary, Liberty Water Co., Algonquin
provides regulated utility services to more than 70,000 customers across
19 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 2009 Fourth Quarter and Year End Financial Results
OAKVILLE, Ontario- March 4th, 2010
Algonquin Power & Utilities Corp. (TSX: AQN), today announced financial results for the
fourth quarter and year ended December 31, 2009. On October 27, 2009, Algonquin Power
Income Fund became a wholly owned subsidiary of Algonquin Power & Utilities Corp.,
maintaining the same operations and business activities, but under a corporate structure
with Algonquin Power Income Fund’s unitholders becoming shareholders of the new
Algonquin Power & Utilities Corp. (collectively “APUC”).
APUC ended the year having completed several significant accomplishments. The change in business
form from an income trust structure to a corporate structure will facilitate APUC’s long term
growth as it now focuses on providing total shareholder return through a combination of dividends
and capital appreciation realized through the successful execution of its business strategies.
Major growth initiatives accomplished in the year included the announcement of the acquisition of
a regulated electricity distribution utility in California, serving over 47,000 customers, which
is expected to close later in 2010. APUC also grew its renewable power portfolio with the
announcement of the acquisition of 36.8 MW of hydroelectric generating assets in New Brunswick
and Maine which closed on January 12, 2010.
For the fourth quarter of 2009, revenue was $43.4 million as compared to $56.5 million in the
fourth quarter of 2008 and $45.1 in the third quarter of 2009. The decrease in revenue is due
to reduced average energy rates and lower demand for steam at the Sanger and Windsor Locks
facilities in the Thermal Energy division and lower weighted average energy rates and lower
average hydrology and wind resources in the Renewable Energy division. In addition, revenue
decreased as a result of a stronger Canadian dollar as compared to the same period in 2008.
Adjusted earnings before interest, taxes, depreciation, and amortization (“Adjusted EBITDA”)
was $18.0 million in the fourth quarter of 2009 as compared to $23.3 million in the fourth
quarter of 2008 and $20.3 in the third quarter of 2009. The decrease in Adjusted EBITDA is
primarily related to lower gas prices and reduced demand for steam at APUC’s thermal energy
facilities and lower average energy rates earned by the U.S. renewable energy facilities.
Adjusted net earnings in the fourth quarter of 2009 were $11.5 million or $0.14 per share as
compared to adjusted net earnings of $8.8 million or $0.12 per share in the fourth quarter of
2008 and $13.1 million or $0.09 per share in the third quarter of 2009. APUC uses adjusted net
earnings to assess the net earnings of APUC 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 APUC.
APUC reported a net loss in the fourth quarter of 2009 of $1.4 million or $0.03 per share as
compared to a net loss of $21.1 million or $0.28 per share for the fourth quarter of 2008 and
net earnings of $13.1 million or $0.17 per share in the third quarter of 2009. .
Performance Summary for the fourth quarter of 2009:
- Revenue of $43.4 million in Q4 2009 as compared to $56.5 million in Q4 2008.
- Adjusted EBITDA of $18.0 million in Q4 2009 as compared to $23.3 million in Q4 2008.
- Adjusted net earnings of $11.5 million or $0.14 per share in Q4 2009 as compared to
adjusted net earnings of $8.8 million or $0.12 per share in Q4 2008.
- Net loss of $1.4 million or $0.03 per share in Q4 2009 as compared to a net loss of
$21.1 million or $0.28 per share in Q4 2008.
Performance Summary for the year ended December 31, 2009:
- Revenue of $187.3 million for the year 2009 as compared to $213.8 million in 2008.
- Adjusted EBITDA of $79.4 million for the year 2009 as compared to $90.0 million in 2008.
- Adjusted net earnings of $30.5 million or $0.38 per share in 2009 as compared to adjusted
net earnings of $18.9 million or $0.25 per share in 2008.
- Net earnings of $31.3 million or $0.39 per share in 2009 as compared to a net loss of
$19.0 million or $0.25 per share in 2008.
“APUC is pleased at the breadth and scope of the significant changes which have occurred through
2009, with the organization finishing the year looking dramatically different than when it entered
the year,” commented Ian Robertson, Chief Executive Officer of APUC. “Despite the volatility in
the capital markets and wavering global economic environment in 2009, APUC achieved several
major goals we had set for ourselves including positioning the company for growth in 2010 by
strengthening our balance sheet through our $86 million dollar financing of common shares and
convertible debentures in December. APUC is optimistic that the diversification of its portfolio,
coupled with the impact of its committed growth initiatives, will serve the organization well in 2010.”
Click here for APUC’s financial information and analysis.
APUC will hold an earnings conference call at 10:00 a.m. eastern time on Friday, March 5,
2010, hosted by Chief Executive Officer Ian Robertson and Chief Financial Officer David Bronicheski.
Conference call details are as follows:
Date: Friday, March 5, 2010
Start Time: 10:00 a.m. eastern
Phone Number: Toll free within North America: 1-877-974-0446 or local 416-644-3418.
Conference ID#: 4224434
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
4224434# from March 5, 2010 until March 12, 2010.
About Algonquin Power & Utilities Corp.
Through its distinct operating subsidiaries, APUC owns and operates a diversified portfolio
of clean renewable electric generation and sustainable utility distribution businesses
throughout North America. APUC’s electric generation subsidiary, carrying on business as
Algonquin Power Co., includes 45 renewable energy facilities and 11 high efficiency thermal
energy facilities representing more than 450 MW of installed capacity. Through its wholly
owned subsidiary, Liberty Water Co., APUC 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, APUC 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.
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, AQN.DB.A, and AQN.DB.B.
Visit Algonquin Power & Utilities Corp. on the web at www.AlgonquinPowerandUtilities.com.
Forward-Looking Information
This news release may contain certain information that is future-oriented, including information
and statements regarding prospective results of operations, financial position or cash flows.
These statements and information are forward-looking, and are based on factors or assumptions
that were applied in drawing a conclusion or making a forecast or projection, including assumptions
based on historical trends, current conditions and expected future developments, and other factors
believed to be appropriate in the circumstances. Although the forward-looking statements and
information are based upon management’s current expectations and assumptions, they are subject
to numerous risks and uncertainties, including those set out in the management's discussion
and analysis section of APUC’s 2008 annual report, APUC’s Annual Information Form dated
March 31, 2009, and APUC’s Management Information Circular dated March 20, 2009. Readers
are cautioned that such risks and uncertainties may cause APUC’s actual results to vary
materially from those expressed in, or implied by, the forward-looking statements and
information. Any forward-looking statements or information contained in this news
release are made as of the date hereof for the purpose of providing readers with
APUC’s expectations for the coming financial period(s), and may not be appropriate
for other purposes. Other than as specifically required by law, APUC undertakes no
obligation to update any forward-looking statements or information to reflect new
information, subsequent or otherwise.
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Algonquin Power & Utilities Corp. announces dates for 2009 fourth quarter and year end financial results release and conference call
OAKVILLE, Ontario- February 9th, 2010 Algonquin Power & Utilities Corp. (“Algonquin”) (TSX: AQN) today announced
plans to release 2009 fourth quarter and year end financial results the afternoon of Thursday, March 4, 2010. Algonquin Power will
hold an earnings conference call at 10:00 a.m. eastern time on Friday, March 5, 2010, hosted by Chief Executive Officer Ian Robertson
and Chief Financial Officer David Bronicheski.
Conference call details are as follows:
Date: Friday, March 5, 2010
Start Time: 10:00 a.m. eastern
Phone Number: Toll free within North America: 1-877-974-0446 or local 416-644-3418.
Conference ID#: 4224434
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 4224434# from March 5, 2010 until March 12, 2010.
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 45 renewable energy facilities and 11 high efficiency thermal energy facilities representing more than 450 MW of i
nstalled 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 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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© Copyright Algonquin Power & Utilities Corp. 2003 - 2011
Algonquin Power & Utilities Corp. 2845, Bristol Circle, Oakville, ON Canada,
L6H 7H7
Tel: 905.465.4500 Fax: 905. 465.4514
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