Company Overview

Algonquin Power & Utilities Corp. is a North American energy and utilities company focused on regulated electric, water, wastewater, and natural gas utilities, along with renewable power generation. The company operates primarily in the utilities and renewable energy industries, generating the majority of its revenue from regulated utility operations that provide stable, rate-based cash flows. Its core customers include residential, commercial, and industrial utility customers across multiple U.S. states and Canadian provinces.

Founded in 1988, Algonquin initially developed and operated small-scale renewable power assets before expanding into regulated utility ownership through a series of acquisitions beginning in the 2000s. Over time, the company evolved into a diversified utility platform, combining renewable generation with regulated distribution assets. Its strategic positioning has emphasized long-term contracted or regulated revenue, geographic diversification, and investment in essential infrastructure.

Business Operations

Algonquin operates through two primary business segments: Regulated Services Group and Hydro Group. The Regulated Services Group includes electric, natural gas, water, and wastewater utilities, primarily operating under cost-of-service regulatory frameworks that allow for capital recovery and approved returns. This segment represents the majority of earnings and includes multiple utility subsidiaries operating in the United States and Canada.

The Hydro Group owns and operates renewable energy generation assets, primarily hydroelectric facilities, with long-term power purchase agreements or merchant exposure in select markets. Algonquin’s operations are supported by owned transmission and distribution infrastructure, renewable generation assets, and utility-scale customer bases. The company conducts business through numerous regulated subsidiaries and has historically engaged in partnerships and acquisitions to expand its regulated footprint.

Strategic Position & Investments

Algonquin’s strategic direction has increasingly emphasized regulated utility growth, balance sheet strengthening, and capital discipline. The company has pursued growth through targeted acquisitions of regulated utilities and ongoing capital investment in grid modernization, system reliability, and environmental compliance. In recent years, management has also undertaken portfolio rationalization, including the divestiture of certain non-core renewable assets, to focus on predictable earnings and financial stability.

Notable investments include long-term capital programs across its regulated utilities and past acquisitions that expanded its U.S. utility presence. Algonquin maintains ownership of several operating utility subsidiaries and continues to invest in infrastructure upgrades, renewable integration, and customer system enhancements. Exposure to emerging sectors such as renewable integration and utility electrification remains tied primarily to regulated investment rather than speculative development.

Geographic Footprint

Algonquin is headquartered in Canada, with principal operations across North America. The company has a significant presence in the United States, where the majority of its regulated utility customers are located, spanning multiple states in the Northeast, Midwest, and West. Canadian operations are smaller but include renewable generation and utility assets.

The company’s assets and investments extend across North America, with operational influence concentrated in jurisdictions with established regulatory frameworks. Algonquin does not maintain material operations outside the continent following strategic repositioning efforts that reduced international exposure beyond its core markets.

Leadership & Governance

Algonquin is led by an executive team with experience in regulated utilities, infrastructure investment, and energy markets. Governance emphasizes regulatory compliance, capital allocation discipline, and long-term shareholder value through stable utility operations. Leadership strategy has focused on simplifying the corporate structure and prioritizing regulated earnings visibility.

Key executives include:

• Kenneth Moore – Chief Executive Officer
• Rodeo Ashrafi – Chief Financial Officer
• Brian McNeil – President, Regulated Services Group
• Chris Huskilson – Chief Operating Officer
• Sean Lessard – Chief Legal Officer and Corporate Secretary