Algonquin Power & Utilities

Last updated
Algonquin Power and Utilities Corp.
Company type Public
Industry Electric generation
Transmission
water, Natural gas and electric utilities
Founded1988;36 years ago (1988)
FounderIan Robertson, Chris Jarratt
Headquarters,
Canada
Area served
North America
Key people
Chris Huskilson (CEO)
RevenueU$1.6 B (2020)
Total assets U$11.7 B (2020)
Number of employees
3,400 (2020)
Subsidiaries Liberty Utilities, Liberty Power, Bermuda Electric Light Company
Website algonquinpower.com

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.

Contents

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

The Liberty Utilities logo as seen in 2019 Liberty Utilities Transparent.png
The Liberty Utilities logo as seen in 2019

Liberty Utilities operates in the following locations:

Kentucky Power acquisition

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]

Related Research Articles

Eversource Energy is a publicly traded, Fortune 500 energy company headquartered in Hartford, Connecticut, and Boston, Massachusetts, with several regulated subsidiaries offering retail electricity, natural gas service and water service to approximately 4 million customers in Connecticut, Massachusetts, and New Hampshire.

<span class="mw-page-title-main">ATCO</span> Canadian engineering and energy company

ATCO Ltd., operating as the ATCO Group, is a publicly-traded Canadian engineering, logistics and energy holding company based in Calgary, Alberta. ATCO's subsidiaries include electric utilities, natural gas production and distribution companies, and construction companies.

<span class="mw-page-title-main">Emera</span> Canadian energy company

Emera Incorporated is a publicly traded Canadian multinational energy holding company based in Halifax, Nova Scotia. Created in 1998 during the privatization of Nova Scotia Power, a provincial Crown corporation, Emera now invests in regulated electricity generation as well as transmission and distribution across North America and the Caribbean.

Fortis Inc. is a St. John's, Newfoundland and Labrador-based international diversified electric utility holding company. It operates in Canada, the United States, Central America, and the Caribbean. In 2015, it earned CA$6.7 billion.

<span class="mw-page-title-main">PPL Corporation</span> American energy company

PPL Corporation is an energy company headquartered in Allentown, Pennsylvania in the Lehigh Valley region of eastern Pennsylvania. The company is publicly traded on the New York Stock Exchange as NYSE: PPL and is part of the S&P 500. As of 2022, the company had $7.9 billion in revenue, 6,500 employees, over $37 billion in assets, and serves 3.6 million customers.

<span class="mw-page-title-main">American Electric Power</span> United States utility company

American Electric Power Company, Inc. (AEP), is an American domestic electric utility company in the United States. It is one of the largest electric utility companies in the country, serving more than five million customers in 11 states.

<span class="mw-page-title-main">Duke Energy</span> American electrical power and natural gas company

Duke Energy Corporation is an American electric power and natural gas holding company headquartered in Charlotte, North Carolina.

<span class="mw-page-title-main">TECO Energy</span> Energy Company

TECO Energy Inc. is an energy-related holding company based in Tampa, Florida, and a subsidiary of Emera Incorporated. TECO Energy has several subsidiaries: Tampa Electric, which provides electricity to the Tampa Bay Area and parts of Central Florida; Peoples Gas Company, which provides natural gas throughout Florida; and TECO Services, which provides IT, HR, legal, facilities, and other services to current and former TECO subsidiaries. Previously the company was in the S&P 500 before it became private due its acquisition by Emera.

<span class="mw-page-title-main">NV Energy</span> Public utility in the United States

NV Energy is a public utility which generates, transmits and distributes electric service in northern and southern Nevada, including the Las Vegas Valley, and provides natural gas service in the Reno–Sparks metropolitan area of northern Nevada. Based in Las Vegas, Nevada, it serves about 1.3 million customers and over 40 million tourists annually.

<span class="mw-page-title-main">Atmos Energy</span> American energy company

Atmos Energy Corporation, headquartered in Dallas, Texas, is one of the United States' largest natural-gas-only distributors, serving about three million natural gas distribution customers in over 1,400 communities in nine states from the Blue Ridge Mountains in the East to the Rocky Mountains in the West.

<span class="mw-page-title-main">PNM Resources</span> Public utility in New Mexico, United States

PNM Resources is an energy holding company based in New Mexico, in the United States. The acronym "PNM" by itself usually refers to the PNM Resources subsidiary Public Service Company of New Mexico.

<span class="mw-page-title-main">Enmax</span> Calgary, Alberta municipal energy utility

Enmax Corporation is a vertically integrated utility with operations across Alberta, Canada, and in Maine, U.S. Through its subsidiaries, ENMAX Power Corporation and Versant Power, ENMAX owns and operates transmission and distribution utilities that deliver electricity to customers in Calgary, Alberta, and northern and eastern Maine. Through ENMAX Energy Corporation, ENMAX owns and operates power generation facilities and offers electricity and natural gas products and services to residential, commercial and industrial customers across Alberta.

<span class="mw-page-title-main">Frontier Communications</span> American telecommunications company

Frontier Communications Parent, Inc. is an American telecommunications company. Known as Citizens Utilities Company until 2000, Citizens Communications Company until 2008, and Frontier Communications Corporation until 2020, as a communications provider with a fiber-optic network and cloud-based services, Frontier offers broadband internet, digital television, and computer technical support to residential and business customers in 25 states. In some areas it also offers home phone services.

SCANA Corporation was an American regulated electric and natural gas public utility. The company was based in Cayce, South Carolina, a suburb of Columbia, South Carolina. Following the Nukegate scandal, the company's stock fell and the company was in disrepair. In January 2019, SCANA was acquired by Dominion Energy. The corporate name SCANA was not an acronym, but was taken from the letters in South Carolina.

<span class="mw-page-title-main">Kentucky Utilities</span>

Kentucky Utilities (KU) is based in Lexington, Kentucky, and provides electricity to 77 counties in Kentucky. KU also serves five counties in Virginia under the name Old Dominion Power. It is owned by LG&E and KU Energy, LLC, which, in turn, is owned by PPL Corporation.

Louisville Gas & Electric (LG&E) is a utilities company based in Louisville, Kentucky. A subsidiary of PPL Corporation through the LG&E and KU Energy subsidiary, LG&E serves over 429,000 electric and over 333,000 natural gas customers, covers an area of 700 square miles (1800 km2), and has a total regulated electric generation capacity of 2,760 megawatts.

<span class="mw-page-title-main">Capital Power</span> Canadian power generation

Capital Power is a North American independent power generation company based in Edmonton, Alberta, Canada. It develops, acquires, owns and operates power generation facilities using a variety of energy sources.

<span class="mw-page-title-main">Empire District Electric Company</span> American utility company

The Empire District Electric Company is an investor-owned utility providing electric, natural gas, and water service with approximately 215,000 customers in Missouri, Kansas, Oklahoma, and Arkansas. A subsidiary of the company also provides fiber optic services.

References

  1. Algonquin Power Annual Report, 1997
  2. Bloomberg, B. N. N. (2020-06-13). "Bombardier booted from TSX Composite as stock languishes - BNN Bloomberg". BNN. Retrieved 2020-06-13.
  3. Algonquin Power Annual Report, 2009
  4. 1500038078.PDF (PDF), retrieved 2015-02-14
  5. Martori, Art (2011-10-07). "Sewer, management of plant raise stink for some in Gold Canyon". East Valley Tribune. Retrieved 2015-02-14.
  6. Saunders, Diane (2002-06-06). "Bella Vista Water Co. stock sold; no change in service to local customers". The Sierra Vista Herald. Retrieved 2015-02-14.
  7. "ALGONQUIN POWER INCOME FUND ANNUAL INFORMATION FORM MARCH 31, 2006" . Retrieved 2015-02-14.
  8. "Algonquin Power Income Fund Acquires Rio Rico Utilities Inc". 2005-12-13.
  9. Cole, Dana (2006-09-12). "Algonquin Water ready to take over McLain companies". The Sierra Vista Herald. Retrieved 2015-02-14.
  10. Cole, Dana (2007-02-21). "Algonquin purchase of McLain water companies finalized". The Sierra Vista Herald. Retrieved 2015-02-14.
  11. "Algonquin Power & Utilities Corp. Announces 2010 Fourth Quarter and Year End Financial Results" (PDF). Retrieved 2015-02-14.
  12. "United Water Sells Arkansas Regulated Operations". Archived from the original on 2015-02-14. Retrieved 2015-02-14.
  13. "UPDATE 2-Algonquin, Emera to jointly buy some NV Energy assets". Reuters. 2009-04-23. Retrieved 2014-09-16.
  14. "Algonquin and Emera announce a Strategic Investment Agreement and the transfer of California Utility to Algonquin". Archived from the original on 2014-02-03. Retrieved 2014-09-16.
  15. Liberty Utilities Completes Acquisition of Park Water Company
  16. Dezember, Ryan (2014-09-19). "Algonquin Power in Pact to Buy Carlyle's Park Water Despite Dispute". Wall Street Journal. ISSN   0099-9660 . Retrieved 2015-02-14.
  17. "Liberty Utilities Takes Over LCF's Mesa-Crest Water Co. | Outlook Newspapers" . Retrieved 2019-06-24.
  18. "Liberty Utilities Completes Acquisition of Atmos Energy's Natural Gas Distribution Businesses in Georgia" . Retrieved 2015-02-14.
  19. 1 2 3 "Silverleaf Resorts sells utility assets in Missouri, Illinois". St. Louis Business Journal. 2005-03-16. Retrieved 2015-02-14.
  20. 1 2 3 Liberty Utilities Completes Acquisition of Atmos Energy’s Natural Gas Distribution Businesses in Illinois, Iowa and Missouri
  21. "Laclede to flip New England Gas for a $14 million profit - St. Louis Business Journal" . Retrieved 2015-02-14.
  22. "Jefferson County water company sold - St. Louis Business Journal" . Retrieved 2015-02-14.
  23. Liberty Utilities Completes Acquisition of National Grid’s Natural Gas and Electric Distribution Businesses in New Hampshire
  24. "Algonquin Power to buy two utilities in New Hampshire". Platts. Retrieved 2015-02-14.
  25. "Liberty Utilities Co. Expands Water Utility Presence with an Agreement to Acquire American Water's Regulated Operations in New York".
  26. "Algonquin Power & Utilities Corp. Completes Acquisition of Enbridge St. Lawrence Gas".
  27. "AEP To Sell Kentucky Operations To Liberty, Subsidiary Of Algonquin Power & Utilities". KWCH-DT . 26 October 2021. Retrieved 2021-10-26.
  28. Childress, Rick (April 17, 2023). "$2.8 billion sale of Eastern Kentucky power company will not go forward". Lexington Herald-Leader. Retrieved April 17, 2023.