Algonquin Power & Utilities Corp. is a Canadian
renewable energy and regulated utility conglomerate with assets across North America. Algonquin actively invests in
hydroelectric, wind and
solar power facilities, and utility businesses (water, natural gas, electricity), through its three operating subsidiaries:
Bermuda Electric Light Company, Liberty Power and Liberty Utilities.
Public listing
Algonquin Power Income Fund was established in September 1997 and first listed its trust units on the
Toronto Stock Exchange on December 23, 1997.[1] Having raised nearly $75 M, Algonquin used $27.5 M to purchase 14 hydroelectric generation facilities located in
Ontario,
Québec,
New York and
New Hampshire.
Algonquin Power & Utilities Corp. was added to the TSX 60 Index on June 22, 2020.[2]
Incorporation
In response to the
Government of Canada's decision to end the preferential tax treatment of
income trusts, Algonquin Power Income Fund was converted to a corporation in October 2009.[3] Unit-holders exchanged their trust units on a one-for-one basis for shares in the new corporate entity, Algonquin Power & Utilities.
Liberty Utilities
Liberty Utilities operates in the following locations:
Arizona (water)
acquired Boulders Carefree Sewer Company in
Carefree in 2001.[4]
acquired Gold Canyon Sewer Company in
Gold Canyon in 2001[5]
On October 26, 2021 Liberty Utilities agreed to acquire the
Kentucky operations of
American Electric Power in a transaction valued at $2.8 billion (US). The purchase is expected to close in the second quarter of 2022, pending regulatory approval.[27]
On April 17, 2023, the sale was terminated. The sale drew criticism from the Kentucky Attorney General and Kentucky lawmakers. In May 2022, Kentucky's Public Service Commission approved the sale, but only with modifications made to the sale. In December 2022, the U.S. Federal Energy Regulatory Commission refused approval, stating "the sales' parties did not provide enough evidence to show the deal wouldn't have an adverse effect on rate payers." Although AEP and Liberty Utilities reapplied in February 2023, On April 17th they announced the termination of the sale.[28]