Algonquin Power & Utilities Corp. Announces 2017 Second Quarter and Year to Date Financial Results

Announced Date :  Aug 10, 2017

Algonquin Power & Utilities Corp. announced financial results for the second quarter ended June 30, 2017.
Financial Highlights

APUC recorded strong second quarter financial results compared to the same period last year, primarily as a result of accretion from the acquisition of The Empire District Electric Company ("Empire"), the addition of new generating stations, and higher production from U.S. wind facilities.

Growth Highlights

On August 10, 2017, APUC's board approved the acquisition of two water distribution systems serving approximately 4,095 customers in the City of Perris, California. The anticipated purchase price of U.S. $11.5 million is expected to be established as rate base during the regulatory approval process. The public vote to approve the sale is scheduled for November 2017, and, once approved by the residents of Perris, the transaction will be submitted to the California Public Utility Commission for approval in 2018.

During the quarter, the Liberty Utilities Group successfully completed six rate cases representing a cumulative annualized revenue increase of approximately U.S. $14.0 million.

"APUC's strong second quarter financial and operational results are a reflection of the significant growth we have undergone as an organization over the past year," commented Ian Robertson, Chief Executive Officer of APUC.  "We remain highly focused on execution against our capital investment plan addressing both accretive acquisitions and organic development opportunities, both of which deliver sustainable total returns to our shareholders and a growing dividend."

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