Algonquin Power & Utilities Corp
Algonquin Power & Utilities Corp. is a diversified utility holding company with regulated electric, water, wastewater, and natural gas utility operations, along with hydroelectric generation assets in Canada. Through its Liberty-branded utility platform, the company serves customers primarily in the United States and Canada and also has utility operations in Bermuda and Chile.
Fiscal year 2025 · change from previous year
Development 2020–2025
Business
Share of revenueElectric distribution and related regulated utility services to local customers.
Regulated water distribution and wastewater collection services.
Regulated natural gas distribution and utility operations.
Electric transmission assets and related regulated infrastructure.
Hydroelectric power generation assets located in Canada.
Products
Reported · share of revenue- Regulated Electricity53.1 %
- Regulated Gas25.2 %
- Regulated Water17.5 %
- Other Revenue2.6 %
- Non Regulated Energy1.5 %
Source: 40-F FY2025, revenue the company reports per product line (SEC XBRL). Shares are of the lines shown and add up to 100 %.
Customers
Algonquin sells essential utility services to residential, commercial, and industrial end users connected to its regulated networks. Its customers are largely local and captive, since service is tied to geography and infrastructure ownership rather than discretionary purchasing. The company also serves regulated jurisdictions and communities where reliability, safety, and continuity of service are the primary buying criteria.
Households that buy electric, water, wastewater, or gas service through local regulated networks; they need continuous essential service.
Businesses using utility service for facilities and operations, typically under regulated tariffs or local service arrangements.
Larger users and local institutions that rely on transmission, water, wastewater, or gas infrastructure for operations.
Geographic service areas that define the captive customer base and determine where the company can grow through utility investment.
Strategy
Algonquin’s stated focus is on execution across a regulated utility platform, with emphasis on safety, reliability, and consistent operating performance. The company is also focused on disciplined capital deployment and proactive risk management, which are important in a business where returns are earned through long-lived infrastructure investments and regulated service quality.
Utility performance depends on safe, reliable delivery and consistent execution across regulated assets.
Regulated utilities require careful allocation of capital to earn approved returns over long asset lives.
Operations span multiple regulators and service areas with different compliance requirements and operating profiles.
Geography
The company’s utility footprint is concentrated in the United States and Canada, where most of its more than one million customer connections are located. It also has utility operations in Bermuda and Chile, while its hydroelectric assets are located in Canada. Geography matters because utility assets are tied to local regulation, franchise territories, and jurisdiction-specific capital and operating requirements.
Risks
Algonquin faces typical utility risks tied to regulation, capital intensity, and operational reliability, since earnings depend on infrastructure performance and allowed returns. Its multi-jurisdiction footprint also creates exposure to weather, regulatory decisions, execution risk, and asset-specific issues such as hydro generation variability and service interruptions.
- Regulatory rate-setting riskImpact: HighLikelihood: High
Utility revenue and returns depend on decisions by regulators in each jurisdiction.
Exposure: Allowed returns and tariff recovery
- Operational reliability and safety riskImpact: HighLikelihood: Medium
Electric, water, gas, and transmission networks must operate continuously and safely.
Exposure - Hydroelectric generation variabilityImpact: MediumLikelihood: Medium
Hydro output depends on water conditions and seasonal inflows.
Exposure: Canadian hydro assets
- Capital execution riskImpact: MediumLikelihood: Medium
Large infrastructure projects require disciplined spending and project management.
Exposure: Transmission and utility upgrades
Accounting
Judgemental itemsThe renewable energy business was disposed of and its results are reported separately, affecting trend analysis.
Impact: Improves comparability only if continuing operations are isolated
Long-lived electric, water, gas, and transmission assets are capital intensive and depreciated over time.
Impact: Material effect on operating earnings
Utility accounting depends on regulatory approval and expected recovery of costs and returns.
Impact: Can affect timing of earnings recognition and asset carrying values
Asset sales or underperforming assets can trigger gains, losses, or write-downs.
Impact: Can cause significant non-recurring items
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Last updated: 28/09/2026