Algonquin Power & Utilities Corp. · TSX:AQN
Algonquin Power & Utilities — Investor Day (December 2021)
87 slides from Algonquin Power & Utilities's investor day presentation, Dec 14, 2021
Slide 1: Investor Day
AQN Algonquin | Liberty | 2021 Investor Day Investor Day December 14, 2021 ~$9.1 B ~$16.7 B Market Cap1 Total Assets2 ~21% ~141% 2020 Total Cumulative 5-Year Total Shareholder Return Shareholder Return4 (“TSR”)3 BBB $12.4 B Credit Rating CapEx Plan from 2022 through end of 2026 1988 3,400+ Company F
Slide 2: Forward-Looking Statements
AQN Algonquin | Liberty | 2021 Investor Day Forward-Looking Statements Certain written statements included herein and/or oral statements made in connection with the presentation contained herein constitute “forward-looking information” within the meaning of applicable securities laws in each of the
Slide 3: Speakers & Agenda
AQN Algonquin | Liberty | 2021 Investor Day Speakers & Agenda Arun Banskota Jeff Norman Johnny Johnston George Trisic Arthur Kacprzak Amelia Tsang 1. Welcome and Safety Moment ………………………………………… Amelia Tsang, Vice President, Investor Relations 2. Strategic Overview …………………………………………………………………… Arun Bans
Slide 4: Strategic Overview
Strategic Overview Algonquin | Liberty | 2021 Investor Day
Slide 5: Arun Banskota
AQN Algonquin | Liberty | 2021 Investor Day Arun Banskota President and CEO “Algonquin continues to play a leading role in the transition to a low-carbon economy.” 5
Slide 6: North American Energy and Water Company
AQN Algonquin | Liberty | 2021 Investor Day North American Energy and Water Company Regulated Renewable Operates a diversified portfolio of regulated electric, Developer and operator of renewable and clean water and natural gas infrastructure power generation facilities Atlantica Water 20% 13%
Slide 7: Growth Levers
AQN Algonquin | Liberty | 2021 Investor Day Growth Levers Regulated Services Group Renewable Energy Group • Organic investments • Greenfield development – Expected investment of approximately $0.8B to – Ability to originate and execute projects $1.2B per year to improve safety, reliability and resil
Slide 8: 2021 Execution in Action
AQN Algonquin | Liberty | 2021 Investor Day 2021 Execution in Action We Said We Did 5-year capital deployment of $9.4B from 2021 through 2025 Deployed $3.4B as at the end of Q3 2021 Confident in 600 MW and moved these into capital plan, while Unveiled 3,400 MW prospective greenfield pipeline for
Slide 9: Kentucky Power Greening the Fleet Playbook
AQN Algonquin | Liberty | 2021 Investor Day Kentucky Power Greening the Fleet Playbook • Expected to reinforce Algonquin’s competitive position in the energy transition and leverage our experience in “greening the fleet” - Strong track record of transitioning our Empire and CalPeco utilities • Signi
Slide 10: Kentucky Power Optimizing Performance Playbook
AQN Algonquin | Liberty | 2021 Investor Day Kentucky Power Optimizing Performance Playbook • Successful track record of identifying, securing regulatory approvals and closing acquisitions - Extensive experience in managing the integration of multi-modality utilities - Share learnings and best practi
Slide 11: Sustainable Infrastructure Investment Needs
AQN Algonquin | Liberty | 2021 Investor Day Sustainable Infrastructure Investment Needs (information derived from third-party sources) Scope 1 Global Carbon U.S. Energy Outlook2 US Water Infrastructure Capital Emissions Forecast1 Annual Spending Gap Outlook3 200,000 MtCO2 180,000 40,000 28% 160,000
Slide 12: Emerging Commercial Technologies
AQN Algonquin | Liberty | 2021 Investor Day Emerging Commercial Technologies (information derived from third-party sources) Battery Renewable Community Storage1 Natural Gas2 Solar3 ~10x ~4x ~22x By 2030 for By 2030 for By 2030 for U.S. U.S. U.S. Algonquin is actively growing across each technology p
Slide 13: Accelerated Renewables Growth Initiative
AQN Algonquin | Liberty | 2021 Investor Day Accelerated Renewables Growth Initiative Opportune • Strong policy and regulatory support • Drive to Net Zero 2050 by companies and governments Timing • Investors seeking yield and renewables exposure • Strong track record in greenfield development AQN • T
Slide 14: Financial Outlook
AQN Algonquin | Liberty | 2021 Investor Day Financial Outlook $12.4 B 7-9% 14.6% 5-year capital plan Expected 2022-2026 Adjusted Net Expected 5-year rate base from 2022 through 2026 Earnings1 per share 5-year CAGR from 2022 through 2026 aggregate compound annual growth rate (“CAGR”) Robust investmen
Slide 15: Strong Track Record of Total Shareholder Returns
AQN Algonquin | Liberty | 2021 Investor Day Strong Track Record of Total Shareholder Returns 5-Year Cumulative 10-Year Cumulative ¹ 348.0% 94.8% S&P/TSX Composite 59.2% 128.7% S&P/TSX Capped Utilities 75.6% 124.5% PHLX Utility 73.3% 167.0% Source: FactSet. TSR calculation as at November 30, 2021. De
Slide 16: Three Pillar Foundation
AQN Algonquin | Liberty | 2021 Investor Day Three Pillar Foundation Algonquin Power & Utilities Corp. Operational Sustainability Growth Excellence • 2050 Net Zero Target • Strong growth track • Award-winning safety • Annual Sustainability record culture plans • Multiple growth levers • Local operati
Slide 17: Growth
Growth Algonquin | Liberty | 2021 Investor Day
Slide 18: Jeff Norman
AQN Algonquin | Liberty | 2021 Investor Day Jeff Norman Chief Development Officer “Algonquin’s development and construction platform is ready to execute on this once in a generation growth opportunity” 18
Slide 19: Regulated Growth Platform
AQN Algonquin | Liberty | 2021 Investor Day Regulated Growth Platform Growth Levers Organic Acquisitions Greening Playbook Reliability Electric Renewable Natural Gas Resilience Gas Microgrids/Storage Replacement Water Utility Scale Wind Utility Scale Solar Regulated Capital Plan Organic investments
Slide 20: Renewable Growth Platform
AQN Algonquin | Liberty | 2021 Investor Day Renewable Growth Platform Current Growth Levers Future Growth Levers Utility Scale Solar Community Solar Utility Scale Storage Renewable Natural Gas Utility Scale Wind Microgrids/Storage 3.8 GW Solar Pipeline Greenfield Pipeline 5-Year Capital Plan Greenfi
Slide 21: Economics Behind Renewable Technologies
AQN Algonquin | Liberty | 2021 Investor Day Economics Behind Renewable Technologies LEVELIZED COST OF ENERGY COMPARISON - UNSUBSIDIZED THIRD-PARTY ANALYSIS 1 SOLAR PV - ROOFTOP RESIDENTIAL $147 $221 SOLAR PV - ROOFTOP C&I $67 $180 SOLAR PV - COMMUNITY $59 $91 SOLAR PV - UTILITY SCALE $28 $41 WIND -
Slide 22: 2020 $9.4 B Capital Plan
AQN Algonquin | Liberty | 2021 Investor Day 2020 $9.4 B Capital Plan1 $9.4 B Neosho NYA Water B100 $0.6 B $0.6 B $0.2 B C100 Completed in 2020 North $0.1 B C100 Fork $0.3 B $0.1 B $6.3 B Regulated Organic Organic Organic ESSAL $0.9 B $1.0B $1.0 B Organic Organic $0.3 B Kings Point $0.6 B $0.6 B $0.3
Slide 23: Capital Plan Growth
AQN Algonquin | Liberty | 2021 Investor Day Capital Plan Growth Regulated and Renewables Growth 2021 – 2025 Renewable Regulated New Regulated Anticipated New Anticipated New 2022 – 2026 Capital Plan Projects Investments Acquisitions Regulated Renewable Capital Plan Complete Made Announced Additions
Slide 24: 2022-2026 $12.4 B Capital Plan
AQN Algonquin | Liberty | 2021 Investor Day 2022-2026 $12.4 B Capital Plan1 Kentucky Renewables $0.2 B $12.4 B Empire Empire Kentucky Renewables Renewables Power $0.1 B $0.1 B $2.8 B C100 C100 $0.1 B $0.1 B NYA Water $0.6 B Organic Organic $8.8 B Regulated $1.2 B Organic Organic Organic $1.0 B $0.8
Slide 25: Growth: Regulated
Growth Regulated Algonquin | Liberty | 2021 Investor Day
Slide 26: Algonquin's Greening the Fleet Track Record
AQN Algonquin | Liberty | 2021 Investor Day Algonquin’s Greening the Fleet Track Record Empire District Electric CalPeco Retired 200MW Acquired Asbury Added Added Added in Coal 600MW Wind Turquoise 50MW Solar 10MW Solar Luning II January Facility Generation RFP & Filing Generation Generation RFP 201
Slide 27: Kentucky Power
AQN Algonquin | Liberty | 2021 Investor Day Kentucky Power • Operational Portfolio – Over 1 GW ownership in operational coal and gas – Offtake contract at Rockport Coal to phase out in 2022 – Mitchell Coal retirement targeted for 2028 Generation Owned & Purchased • Greening Playbook Facility Locatio
Slide 28: Growth: Renewables
Growth Renewables Algonquin | Liberty | 2021 Investor Day
Slide 29: 2021 Additions to Prospective Greenfield Pipeline
AQN Algonquin | Liberty | 2021 Investor Day 2021 Additions to Prospective Greenfield Pipeline Riverbend Chevron Blue Violet $0.4B $0.2B $0.3B Builds on our success in Customer focused Hybrid wind/solar project Michigan with strong behind the meter in Illinois with storage customer interest configura
Slide 30: Chevron Partnership
AQN Algonquin | Liberty | 2021 Investor Day Chevron Partnership • Portfolio Update – Currently advancing development of 4 projects in the Permian – 120 MW of solar capacity, targeting CODs in 2022-24 – Final investment decision made in Q4 2021 • Future Growth – Both parties committed to implementing
Slide 31: Greenfield Pipeline
AQN Algonquin | Liberty | 2021 Investor Day Greenfield Pipeline Wind and Solar Pipeline (MW) Potential Greenfield Additions - Generation ~ 3,800MW 2,000 1,500 MWs 1,000 500 - 2024E 2025E 2026E 2027E Canada MISO PJM NYISO Other Chevron Prospective Pipeline Additions at 100% Prospective Pipeline Addit
Slide 32: Renewable Construction Program
AQN Algonquin | Liberty | 2021 Investor Day Renewable Construction Program Site Panels Acquired Pre-Notice to Solar Projects Preparation Installed Proceed/Greenfield Altavista 1 80 MW 100% 100% Acquired Pre-Notice to Proceed Community Solar 16 MW 40% 40% Acquired Pre-Notice to Proceed New Market Sol
Slide 33: Growth Highlights
AQN Algonquin | Liberty | 2021 Investor Day Growth Highlights Regulated Growth Platform - Organic investment opportunities expected to facilitate predicable and recurring growth - Kentucky Power acquisition expected to drive organic and greening the fleet opportunities - Disciplined approach to util
Slide 34: Operational Excellence
Operational Excellence Algonquin | Liberty | 2021 Investor Day
Slide 35: Johnny Johnston
AQN Algonquin | Liberty | 2021 Investor Day Johnny Johnston Chief Operating Officer “Empowering our employees to drive customer improvements, is the foundation to delivering consistent, solid returns for our investors.” 35
Slide 36: Operational Excellence in Action
AQN Algonquin | Liberty | 2021 Investor Day Operational Excellence in Action Safety - Loss Time Injury Rate Reliability – 5-year SAIFI JD Power Customer Satisfaction (System Average Interruption Frequency Index) Scores 1.50 710 0.45 700 0.4 690 0.35 680 0.3 670 0.25 1.25 660 0.2 650 0.15 640 0.1 630
Slide 37: 2021 Headwinds
AQN Algonquin | Liberty | 2021 Investor Day 2021 Headwinds A new generic transmission constraint around the Overall, we have seen US wind energy resources Texas Coastal Wind Facilities has driven increased down 11% in 2021 vs the long-term averages basis costs. ERCOT approved grid upgrades are expec
Slide 38: Investing $4.6B in Our Communities
AQN Algonquin | Liberty | 2021 Investor Day Investing $4.6B in Our Communities Rate Base Expected Rate Base Growth Water 14.0 13% 2021 $5.8 B 12.0 Gas 23% Electricity 10.0 64% 8.0 6.0 4.0 2.0 Water 15% 0.0 2026 Gas $11.5 B 2021 2022 2023 2024 2025 2026 15% (Projected) Organic Rate Base Electricity 7
Slide 39: Investing in the future for our customers
AQN Algonquin | Liberty | 2021 Investor Day Investing in the future for our customers Prosperity Community Solar Fast chargers at Big Apple Farm in Missouri truck stop in Joplin, MO Community Solar A cost-effective way for customers to invest in EV Charging Part of the EEI National Electric Highway
Slide 40: Disciplined Focus on Operating Costs
AQN Algonquin | Liberty | 2021 Investor Day Disciplined Focus on Operating Costs Operating Cost as a % of Revenue • Improving safety, reliability, and customer satisfaction while creating operational efficiencies 66% • 1% CAGR reduction in adjusted operating costs over 45% last 8 years 40% 35% • Min
Slide 41: Regulatory Mechanisms to Aid Recovery – Select Jurisdictions
AQN Algonquin | Liberty | 2021 Investor Day Regulatory Mechanisms to Aid Recovery – Select Jurisdictions Mechanism Type CA GA MA MO NH NY BM KY Regulatory Lag Comparison (months) Revenue assurance Algonquin (All Regions) Accelerated recovery Utility Industry Avergage La
Slide 42: Delivering Stable Returns
AQN Algonquin | Liberty | 2021 Investor Day Delivering Stable Returns Our multi jurisdictional model enables the securing of more regulatory mechanisms, benchmarking with local focus on operating performance & customer needs, and coordinated phasing of rate cases; which has delivered more stable ret
Slide 43: Improving Returns Case Studies
AQN Algonquin | Liberty | 2021 Investor Day Improving Returns Case Studies Granite State Electric, NH Empire District Electric, MO 100% Ave Earned ROE vs Allowed ROE 100% Ave Earned ROE vs Allowed ROE 80% 60% 80% 40% 20% 0% 60% Pre-AQN Ownership 1 Post AQN Ownership 2 Pre-AQN Ownership1 Post AQN Own
Slide 44: Acquisition Update
AQN Algonquin | Liberty | 2021 Investor Day Acquisition Update New York American Water Kentucky Power • Expecting to close by Jan. 3, 2022 • Expecting to close in mid-2022 • Expected Rate Base in 2022 $400M • Expected Rate Base in 2022 $2.2B Solid track record of utility integration and on track for
Slide 45: Operational Excellence Summary
AQN Algonquin | Liberty | 2021 Investor Day Operational Excellence Summary • Our diverse portfolio, helps to reduce risk, provide customer benefit, improve returns, and provide more stable earnings • Our customer focused 5-year organic capital plan is ~$4.6B • We are focused on affordability with a
Slide 46: Sustainability
Sustainability Algonquin | Liberty | 2021 Investor Day
Slide 47: George Trisic
AQN Algonquin | Liberty | 2021 Investor Day George Trisic Chief Sustainability Officer “For Algonquin, decarbonization of our business is a value creation strategy.” 47
Slide 48: ESG is Embedded in Our Business Strategy
AQN Algonquin | Liberty | 2021 Investor Day ESG is Embedded in Our Business Strategy • Net-zero target guides our decarbonization strategy • We continue to make strong progress towards current interim 2023 ESG goals • Our intention is to announce additional interim goals along our net-zero journey •
Slide 49: Net-Zero – the Path to 2050
AQN Algonquin | Liberty | 2021 Investor Day Net-Zero – the Path to 2050 Net-zero by 2050 target for scope 1 and scope 2050 Net-Zero Pathway 2 emissions across our business operations. Emissions reduction opportunities • Greening the fleet – Leverage strong track record 1 – Renewables buildout opport
Slide 50: Decarbonization Provides Opportunities for Value Creation
AQN Algonquin | Liberty | 2021 Investor Day Decarbonization Provides Opportunities for Value Creation Avg Annual Emissions Avoided by Renewables Fleet (million MT CO2) Greening our Ecosystem: Fleet, Partners, Customers • Value creation and positive emissions impact through 2.1 carbon reduction 2.4 –
Slide 51: ESG Goals: Our Sustainability Journey Continues
AQN Algonquin | Liberty | 2021 Investor Day ESG Goals: Our Sustainability Journey Continues 1 Environment Social Governance Target 75% Renewable Generation Exceed 30% Women in Leadership Embed Sustainability into Compensation Model 65% 31% 100% 75% 30% Reduce GHG Emissions by 1M Metric Tons Achieve
Slide 52: Enhancing our ESG Disclosures
AQN Algonquin | Liberty | 2021 Investor Day Enhancing our ESG Disclosures 2021 ESG Report ESG Data Hub Aligned to GRI (comprehensive), SASB, Enhanced access & focus on data TCFD, UN SDGs1 disclosures (June 2021) We strive for transparency, improved disclosure, and data breadth in our ESG reporting 1
Slide 53: Internationally Recognized as an ESG Leader
AQN Algonquin | Liberty | 2021 Investor Day Internationally Recognized as an ESG Leader Improving on relevant ESG ratings • Our approach – We are committed to maintaining a leadership position in sustainability • Our disclosure – Focus on enhancing disclosures relevant to stakeholders • Our results
Slide 54: Sustainability Summary
AQN Algonquin | Liberty | 2021 Investor Day Sustainability Summary CO2e mt / per $USD Revenue • Credible path to Net Zero emissions by 2050 0.0045 0.0039 0.0040 0.0036 • Strong decarbonization strategy and 0.0035 0.0032 0.0029 opportunities 0.0030 0.0025 0.0021 • Committed to continuing our leadersh
Slide 55: Financial Overview
Financial Overview Algonquin | Liberty | 2021 Investor Day
Slide 56: Arthur Kacprzak
AQN Algonquin | Liberty | 2021 Investor Day Arthur Kacprzak Chief Financial Officer “Maintaining a strong and resilient balance sheet is a key focus”. 56
Slide 57: Financial Considerations
AQN Algonquin | Liberty | 2021 Investor Day Financial Considerations Highly visible capital plan Funding plan expected to Anticipated long-term sustainable maintain resilient balance sheet Adjusted Net Earnings1 per share and dividend growth 1. Please see note on Non-GAAP Financial Measures on page
Slide 58: Projected $12.4 B Investment Program
AQN Algonquin | Liberty | 2021 Investor Day Projected $12.4 B Investment Program $12.4B • Highly visible plan to invest in rate base $9.6B $7.9B - Technology improvements Cumulative $6.6B Spend - Greening the fleet $4.7B • Expected to maintain conservative business mix of ~70% from regulated service
Slide 59: Credit Rating Profile
AQN Algonquin | Liberty | 2021 Investor Day Credit Rating Profile BBB S&P • Committed to maintaining BBB Investment Grade Balance Sheet • Target FFO/Debt 15%-16% maintaining financial cushion BBB Fitch - Average FFO/Debt over the last 3 years of: 15.5% • Target Business Mix > 70% - Acquisition of Ke
Slide 60: Well-Capitalized Diversified Balance Sheet
AQN Algonquin | Liberty | 2021 Investor Day Well-Capitalized Diversified Balance Sheet1 $3.1 B of Committed Credit Facilities Hybrid Securities – 6% • Hybrid securities provide additional Equity – 56% pool of cost-effective capital • 50% Equity credit from S&P • Strong equity franchise in North Amer
Slide 61: Projected 5-Year Funding Plan
AQN Algonquin | Liberty | 2021 Investor Day Projected 5-Year Funding Plan Expected Sources Expected Uses Debt Free Hybrid CashDebt Flow ~70% ~30% $3.1B $6.6 $1.5 BB NYAW and Regulated Renewable Retained Cash Kentucky Services Energy Group Power $3.0B $12.4 B $2.1B Hybrid Debt acquisitions Group 2022
Slide 62: Non-Regulated Asset Recycling Program
AQN Algonquin | Liberty | 2021 Investor Day Non-Regulated Asset Recycling Program Illustrative Example Value Proposition 115% Total 9% 15% Value Reduction in Future Business Mix Creation1 Management 9% Equity Needs % of Project Capex Fund Development and Increase Operating 90% 100% Growth Scale ROI
Slide 63: Expected 5-Year Adjusted Net EPS
AQN Algonquin | Liberty | 2021 Investor Day Expected 5-Year Adjusted Net EPS1 • Addition of Kentucky Power and New York American Water Expected 8% - 10% aggregate CAGR • ROE Enhancement through Operational Excellence and Local Delivery Model Expected 7% - 9% aggregate CAGR • Opex to Capex strategies
Slide 64: Expected Pathways to Adjusted Net EPS CAGR
AQN Algonquin | Liberty | 2021 Investor Day Expected Pathways to Adjusted Net EPS1 CAGR Development Pipeline 1 -3% Asset Returns Optimization 2% Safety, Reliability & Replacement 4% Multiple pathways to expected 7-9% aggregate Adjusted Net EPS1 CAGR from 2022 to 2026 1. Please see note on Non-GAAP F
Slide 65: 2021 to 2022 Adjusted Net EPS Year Over Year Expectations
AQN Algonquin | Liberty | 2021 Investor Day 2021 to 2022 Adjusted Net EPS1 Year Over Year Expectations • 2022 Adjusted Net EPS expectations incorporate transitory factors - Kentucky Power initial integration and financing - New York American Water initial integration - Lower than expected performanc
Slide 66: Dividend Outlook
AQN Algonquin | Liberty | 2021 Investor Day Dividend Outlook • Sustainable long-term payout ratio target of 80-90% of normalized earnings • Dividends form a key part of total Targeted Payout Ratio shareholder return 80%-90% • Continued dividend increases driven by Adjusted Net Earnings per share1 gr
Slide 67: Financial Summary
AQN Algonquin | Liberty | 2021 Investor Day Financial Summary • Highly visible 5-year capital plan from 2022 through 2026 • Diverse sources of capital positioned to support future growth • Commitment to investment grade balance sheet • Estimated 2022 Adjusted Net EPS of $0.72 to $0.77 • Estimated Ad
Slide 68: Concluding Remarks
AQN Algonquin | Liberty | 2021 Investor Day Concluding Remarks • Total Shareholder Returns1: 2020 TSR of ~21%; 5-year TSR of ~141%; 10-year TSR of ~562% Outstanding Returns • Historical dividend per share CAGR of 10% – 2010 to 2020 • 2015 to 2020 Adjusted Net Earnings2,3 per share CAGR of 12.2% Exce
Slide 69: Questions?
Questions? You may now ask a question by dialing one of the numbers below. If you do not wish to ask a question, please remain connected to the broadcast. --------------------------------------- Before dialing the conference line, please close your browser to avoid audio feedback. Toll Free Dial-In
Slide 70: Forward-Looking Statements
AQN Algonquin | Liberty | 2021 Investor Day Forward-Looking Statements Certain written statements included herein and/or oral statements made in connection with the presentation contained herein constitute “forward-looking information” within the meaning of applicable securities laws in each of the
Slide 71: Appendix
Appendix Algonquin | Liberty | 2021 Investor Day
Slide 72: Speaker Biographies
AQN Algonquin | Liberty | 2021 Investor Day Speaker Biographies Arun Banskota | PRESIDENT AND CHIEF EXECUTIVE OFFICER Arun Banskota joined Algonquin as President in February 2020 and took on the President & CEO role in July 2020. Mr. Banskota has over 30 years of progressively senior roles with a un
Slide 73: Speaker Biographies
AQN Algonquin | Liberty | 2021 Investor Day Speaker Biographies Jeff Norman | CHIEF DEVELOPMENT OFFICER Mr. Norman is the Chief Development Officer of Algonquin. He was appointed to the Algonquin executive team in 2015. Mr. Norman cofounded the Algonquin Power Venture Fund in 2003 and served as Pres
Slide 74: Key Selected Financial Information
AQN Algonquin | Liberty | 2021 Investor Day Key Selected Financial Information All dollar amounts in US$ M except Nine months ended September 30 Twelve months ended December 31 per share information 2021 2020 2020 2019 Revenue $ 1,690.6 $ 1,185.7 $ 1,677.1 $ 1,626.4 Adjusted EBITDA1 778.5 616.3 869.
Slide 75: Expected CapEx Forecast – Regulated Services Group
AQN Algonquin | Liberty | 2021 Investor Day Expected CapEx Forecast – Regulated Services Group 2022E 2023E 2024E 2025E 2026E Total Organic Utility Investment Empire District Electric 257.6 357.5 140.8 129.0 250.6 1,135.6 EnergyNorth 77.9 74.2 72.1 61.9 41.1 327.1 CalPeco 68.1 108.1 67.2 66.9 71.3 38
Slide 76: Calculation of Regulated Services Group Rate Base
AQN Algonquin | Liberty | 2021 Investor Day Calculation of Regulated Services Group Rate Base Major Components in Rate Base Calculation – Based on Q3 2021 Financial Statements Values in US$ millions References: Net Property Plant and Equipment 7,238.3 Pg. 82 of AQN Q3 2021 Financial Statements (note
Slide 77: Reconciliation of Adjusted EBITDA to Net Earnings
AQN Algonquin | Liberty | 2021 Investor Day Reconciliation of Adjusted EBITDA to Net Earnings The following table is derived from and should be read in conjunction with the consolidated statement of operations. This supplementary disclosure is intended to more fully explain disclosures related to Ad
Slide 78: Reconciliation of Adjusted EBITDA to Net Earnings
AQN Algonquin | Liberty | 2021 Investor Day Reconciliation of Adjusted EBITDA to Net Earnings The following table is derived from and should be read in conjunction with the consolidated statement of operations. This supplementary disclosure is intended to more fully explain disclosures related to Ad
Slide 79: Reconciliation of Adjusted Net Earnings to Net Earnings
AQN Algonquin | Liberty | 2021 Investor Day Reconciliation of Adjusted Net Earnings to Net Earnings The following table is derived from and should be read in conjunction with the consolidated statement of operations. This supplementary disclosure is intended to more fully explain disclosures related
Slide 80: Reconciliation of Adjusted Net Earnings to Net Earnings
AQN Algonquin | Liberty | 2021 Investor Day Reconciliation of Adjusted Net Earnings to Net Earnings The following table is derived from and should be read in conjunction with the consolidated statement of operations. This supplementary disclosure is intended to more fully explain disclosures related
Slide 81: Reconciliation of Adjusted Net Earnings to Net Earnings
AQN Algonquin | Liberty | 2021 Investor Day Reconciliation of Adjusted Net Earnings to Net Earnings The following table is derived from and should be read in conjunction with the consolidated statement of operations. This supplementary disclosure is intended to more fully explain disclosures related
Slide 82: Reconciliation of Adjusted Net Earnings to Net Earnings
AQN Algonquin | Liberty | 2021 Investor Day Reconciliation of Adjusted Net Earnings to Net Earnings The following table is derived from and should be read in conjunction with the consolidated statement of operations. This supplementary disclosure is intended to more fully explain disclosures related
Slide 83: Reconciliation of Adjusted Net Earnings to Net Earnings
AQN Algonquin | Liberty | 2021 Investor Day Reconciliation of Adjusted Net Earnings to Net Earnings The following table is derived from and should be read in conjunction with the consolidated statement of operations. This supplementary disclosure is intended to more fully explain disclosures related
Slide 84: Reconciliation of Adjusted Net Earnings to Net Earnings
AQN Algonquin | Liberty | 2021 Investor Day Reconciliation of Adjusted Net Earnings to Net Earnings The following table is derived from and should be read in conjunction with the consolidated statement of operations. This supplementary disclosure is intended to more fully explain disclosures related
Slide 85: Reconciliation of Adjusted Funds from Operations to Cash Flows from Operating Activities
AQN Algonquin | Liberty | 2021 Investor Day Reconciliation of Adjusted Funds from Operations to Cash Flows from Operating Activities The following table is derived from and should be read in conjunction with the consolidated statement of operations and consolidated statement of cash flows. This supp
Slide 86: Reconciliation of Adjusted Funds from Operations to Cash Flows from Operating Activities
AQN Algonquin | Liberty | 2021 Investor Day Reconciliation of Adjusted Funds from Operations to Cash Flows from Operating Activities The following table is derived from and should be read in conjunction with the consolidated statement of operations and consolidated statement of cash flows. This supp
Slide 87: Corporate Information
Corporate Information Head Office Greater Toronto Area, Ontario Toronto Stock Exchange AQN, AQN.PR.A, AQN.PR.D New York Stock Exchange AQN, AQNA, AQNB, AQNU Shares Outstanding* 671,915,018 Share Price* $13.53 Market Capitalization* $9.1 B Dividend** $0.6824 per share annually * Shares outstanding an
Algonquin Power & Utilities — Investor Day (December 2021) on 6ix