Latest news with #RodWest
National Post
8 hours ago
- Business
- National Post
Algonquin Power & Utilities Corp. Names Noel Black Chief Regulatory and External Affairs Officer
Article content OAKVILLE, Ontario — Algonquin Power & Utilities Corp. (TSX/NYSE: AQN) ('AQN', 'Algonquin' or the 'Company') today announced the appointment of Noel Black as Chief Regulatory and External Affairs Officer, effective June 30. In this newly created role, Mr. Black will lead the Company's regulatory strategy, government and stakeholder relations, and external communications functions. Reporting directly to the Chief Executive Officer, he will drive enterprise strategy and alignment, working closely with regulatory commissions, policymakers, community leaders, and other external stakeholders, to advance Algonquin's pure-play utility objectives. Article content 'Noel brings a rare combination of regulatory fluency, public affairs acumen, and deep stakeholder engagement experience,' said Rod West, Chief Executive Officer of AQN. 'This appointment reflects our commitment to align our stakeholders around Algonquin's customer-first pure-play utility value proposition. Noel has built a distinguished career leading regulatory strategy, customer engagement, and utilities operations, and his expertise will help us better align our services with the needs of our customers, communities, and regulators. Noel's collaborative approach and proven track record of delivering constructive regulatory outcomes will be instrumental as we advance our 'Back to Basics' customer-centric plan—seeking to deliver safe, reliable, and affordable energy and water, while creating customer value and driving performance, innovation, and trust across our four key stakeholder groups.' Article content Mr. Black's experience spans over three decades at Southern Company (NYSE:SO), one of the largest U.S. utilities serving over nine million customers, where he most recently served as Senior Vice President of Federal Regulatory Affairs. Throughout his career at Southern Company and its affiliates, Mr. Black served in a wide range of leadership roles across regulatory policy, governmental affairs, and strategic planning, successfully navigating complex regulatory matters at the federal and state levels, driving forward-looking retail strategies, and building trusted relationships with policymakers, communities, and customers. His deep expertise will directly support the work of AQN's operating utilities. Article content About Algonquin Power & Utilities Corp. and Liberty Article content Algonquin Power & Utilities Corp., parent company of Liberty, is a diversified international generation, transmission, and distribution utility. AQN is committed to providing safe, secure, reliable, cost-effective, and sustainable energy and water solutions through its portfolio of generation, transmission, and distribution utility investments to over one million customer connections, largely in the United States and Canada. AQN's common shares, preferred shares, Series A, and preferred shares, Series D are listed on the Toronto Stock Exchange under the symbols AQN, and respectively. AQN's common shares and Series 2019-A subordinated notes are listed on the New York Stock Exchange under the symbols AQN and AQNB, respectively. Article content Visit AQN at and follow us on @AQN_Utilities. Article content Caution Regarding Forward-Looking Information Article content Certain statements included in this news release constitute ''forward-looking information'' within the meaning of applicable securities laws in each of the provinces and territories of Canada and the respective policies, regulations and rules under such laws and ''forward-looking statements'' within the meaning of the U.S. Private Securities Litigation Reform Act of 1995 (collectively, ''forward-looking statements'). The words 'will', 'expects', 'plans', and 'seeks' (and grammatical variations of such terms) and similar expressions are often intended to identify forward-looking statements, although not all forward-looking statements contain these identifying words. Specific forward-looking statements in this news release include, but are not limited to, statements regarding the expected impact and outcomes of Noel Black's hiring as Chief Regulatory and External Affairs Officer and the Company's 'Back to Basics' customer-centric plan. These statements are based on factors or assumptions that were applied in drawing a conclusion or making a forecast or projection, including assumptions based on historical trends, current conditions and expected future developments. Since forward-looking statements relate to future events and conditions, by their very nature they require making assumptions and involve inherent risks and uncertainties. AQN cautions that although it is believed that the assumptions are reasonable in the circumstances, these risks and uncertainties give rise to the possibility that actual results may differ materially from the expectations set out in the forward-looking statements. Forward-looking statements contained herein are provided for the purposes of assisting in understanding the Company and its business, operations, risks, financial performance, financial position and/or cash flows as at and for the periods indicated and to present information about management's current expectations and plans relating to the future and such information may not be appropriate for other purposes. Material risk factors and assumptions include those set out in AQN's annual information form and annual management discussion & analysis, each for the year ended December 31, 2024, and management discussion & analysis for the three months ended March 31, 2025, each of which is or will be available on SEDAR+ and EDGAR. Given these risks, undue reliance should not be placed on these forward-looking statements, which apply only as of their dates. Other than as specifically required by law, AQN undertakes no obligation to update any forward-looking statements to reflect new information, subsequent or otherwise. Article content Article content Article content Article content Article content Contacts Article content Investor Inquiries: Article content Article content Alison Holditch Article content Manager, Investor Relations Article content Algonquin Power & Utilities Corp. Article content Article content E-mail: Article content InvestorRelations@ Article content Article content Telephone: (905) 465-4500 Article content Media Inquiries: Article content Article content Stephanie Bose Article content Article content Senior Director, Corporate Communications Article content Article content Algonquin Power & Utilities Corp. Article content Article content E-mail: Article content Article content Article content
Yahoo
3 days ago
- Business
- Yahoo
Why Algonquin Power & Utilities Corp. (AQN) Crashed On Wednesday
We recently published a list of . In this article, we are going to take a look at where Algonquin Power & Utilities Corp. (NYSE:AQN) stands against other worst-performing stocks on Wednesday. Algonquin Power dropped its share prices by 4.82 percent on Wednesday to close at $5.92 apiece following an investment firm's downgrade of its stock. On Wednesday, National Bank downgraded Algonquin Power & Utilities Corp. (NYSE:AQN) to 'sector perform' from 'outperform' previously, but maintained its price target at $6.75. According to National Bank, its decision was based on the company's three-year earnings per share reset, which aligns with consensus estimates for 2025 and 2026, and ahead for 2027, but lags behind its previous forecasts due to capital expenditures, Hypothetical Liquidation at Book Value (HLBV), and rate case awards. An engineer in a control room monitoring a massive system, demonstrating the capabilities of rate-regulated utilities. According to Algonquin Power & Utilities Corp. (NYSE:AQN), it budgeted $2.5 billion into regulated assets over the next three years, while increasing its rate base to $9.1 billion by 2027. No equity issuance is expected during the said periods. 'Algonquin possesses the foundational elements of a premier pure-play utility, and the opportunity to create meaningful value is what drew me to the Company,' said Algonquin Power & Utilities Corp. (NYSE:AQN) CEO Rod West. READ NEXT: 20 Best AI Stocks To Buy Now and 30 Best Stocks to Buy Now According to Billionaires. Disclosure: None. This article is originally published at Insider Monkey. Sign in to access your portfolio
Globe and Mail
4 days ago
- Business
- Globe and Mail
Algonquin Power is stirring. Is the rebound for real?
Step one in Algonquin Power & Utilities Corp.'s AQN-T turnaround: Shed renewable assets. Step two: Emphasize growth potential as a pure play utility. Step three: Deliver on potential. With step two in the bag after the company released a fresh outlook this week, which included better-than-expected profit growth through 2027, the share price rallied 16 per cent on Tuesday. Even after losing some momentum as the week wore on, the stock is still up about 26 per cent this year, as of Thursday's close on the Toronto Stock Exchange. But the strong gain, which broke four years of crushing downward momentum, puts a lot of pressure on step three – the delivering part. If you've lost track of Algonquin, you're probably not alone. It used to be a go-to stock for investors looking for a winning combination of renewable power, stable utility assets and a steadily rising dividend. A series of missteps related to the company's rapid expansion and bloated debt sent the share price plummeting. After it slashed its dividend – twice – the share price descended to an 11-year low in January. There was some conjecture that Algonquin would face yet another ignominy: getting tossed from the S&P/TSX 60 index of blue-chip companies for being too withered. Now, after selling most of its renewable energy assets, Algonquin is emerging with a fresh determination to become more profitable and efficient under new chief executive Rod West. To underscore the point, Mr. West referred to Algonquin as a 'pure-play' utility 10 times in a conference call with analysts this week, drumming home the idea that the company is now focused on regulated electricity, natural gas and water distribution. No wonder. Utilities are hot stuff right now, given rising energy needs as power-hungry data centres spring up in North America catering to demands for artificial intelligence. Economic concerns related to rising tariffs adds to their allure. In Canada, the utilities sector trails only materials – largely gold producers – and consumer staples so far this year. The U.S. utilities sector has outperformed the S&P 500, and the tech sector, by more than four percentage points this year. And in terms of valuations, standout Hydro One Ltd. H-T commands a higher price-to-earnings ratio than Google parent Alphabet Inc. Algonquin would like some of this love. Mr. West – who became CEO three months ago after leaving his position as group president of utility operations at New Orleans-based Entergy Corp. – believes that Algonquin can become a 'premium' utility. From investing to real estate, here's how you can Trump-proof your wallet By his definition, that means operating in attractive regulatory jurisdictions, gaining investor confidence with consistent growth and building financial strength with a solid investment-grade credit rating. He has some work to do: 'To become premium, we got to get to good,' Mr. West said on the conference call. But his upbeat forecasts were what likely inspired investors to jump on this turnaround opportunity while it's still in its formative stages. Algonquin plans to spend US$2.5-billion on replacing aging assets and making investments in new ones. These capital expenditures should increase the utility's rate base – assets that generate income – to US$9.1-billion by the end of 2027, or growth of about 5 per cent a year. It plans to cut its operating expenses to a target of 31 to 33 per cent of revenues, which is in line with peers. This, combined with successful electricity rate hikes, should help Algonquin maintain its investment grade credit rating, drive greater cash flow and improve profitability. Brian Chin, Algonquin's chief financial officer, expects profit should rise to a range between 42 and 46 US cents per share by the end of 2027, up from an estimated 30 to 32 US cents per share this year. That implies profit growth of about 42 per cent in just two years, and leads to one more benefit: Higher earnings will lower the dividend payout ratio (the share of profits distributed as dividends) below 70 per cent, from well above 100 per cent currently. That should restore confidence in the quarterly distribution. A turnaround opportunity in the normally staid utilities sector is undoubtedly attractive. If Mr. West delivers on his targets, investors who buy in to Algonquin's potential will be rewarded with a stock that looks cheap next to bigger, sturdier players such as Emera Inc., Fortis Inc. and Hydro One. But with Algonquin's share price well ahead of its peers this year, the turnaround comes with a risk: Much of it is already priced in.
Yahoo
6 days ago
- Business
- Yahoo
Why Algonquin Power & Utilities Corp. (AQN) Skyrocketed On Tuesday
We recently published a list of . In this article, we are going to take a look at where Algonquin Power & Utilities Corp. (NYSE:AQN) stands against other Tuesday's best performers. Algonquin Power surged by 15.83 percent on Tuesday to close at $6.22 apiece following an upbeat business outlook for the next two years. As part of its 'Back to Basics' customer-centric capital plan, Algonquin Power & Utilities Corp. (NYSE:AQN) issued its outlook guidance for the rest of the year through 2027, with adjusted net earnings per share of $0.30-$0.32 for 2025; $0.35 – $0.37 for 2026; and $0.42 – $0.46 for 2027. An engineer in a control room monitoring a massive system, demonstrating the capabilities of rate-regulated utilities. The company also said that it would focus on organic capital investment, allocating a budget of $2.5 billion over the next two years. No equity issuance is expected during the said periods. 'Algonquin possesses the foundational elements of a premier pure-play utility, and the opportunity to create meaningful value is what drew me to the Company,' said Algonquin Power & Utilities Corp. (NYSE:AQN) CEO Rod West. 'While I am pleased with the progress underway, I am resolute in sharpening the company's ability to excel at the basics. The plan for the future is shaped around intertwining operational excellence and stakeholder engagement in the DNA of the company to achieve better outcomes for all stakeholders,' he added. READ NEXT: 20 Best AI Stocks To Buy Now and 30 Best Stocks to Buy Now According to Billionaires. Disclosure: None. This article is originally published at Insider Monkey. Sign in to access your portfolio
National Post
7 days ago
- Business
- National Post
Algonquin Power & Utilities Corp. Announces Financial Outlook for 2025 through 2027
Article content Article content Algonquin Power & Utilities Corp. ('AQN', 'Algonquin' or the 'Company') (TSX: AQN) (NYSE: AQN) today announced its 'Back to Basics' utility customer-centric capital plan focused on improving customer experience, driving operational efficiencies, and achieving constructive regulatory outcomes. As part of that plan, the Company released its financial outlook for 2025 through 2027. Article content Algonquin will evaluate key decisions in the context of its commitments to its four key stakeholders: Article content First and foremost, delivering outcomes and experiences to customers in the moments that matter to them; Investing in the communities we serve to foster economic growth. We do well when our communities do well; Becoming an employer of choice to sustain a motivated workforce; and Delivering steady predictable returns for investors through focused utility execution and capital discipline. Article content 'Algonquin possesses the foundational elements of a premier pure-play utility, and the opportunity to create meaningful value is what drew me to the Company,' said Rod West, Chief Executive Officer of AQN. 'While I am pleased with the progress underway, I am resolute in sharpening the Company's ability to excel at the basics. The plan for the future is shaped around intertwining operational excellence and stakeholder engagement in the DNA of the Company to achieve better outcomes for all stakeholders. With a renewed stakeholder-centric focus we have a promising path forward, and I am confident in our ability to provide superior service for all customers, achieve constructive regulatory outcomes and deliver attractive financial results for our shareholders.' Article content Earned return on equity ('Earned ROE') (see 'Other' below) expected to improve by approximately 300bps 2 to approximately 8.5% by 2027; Operating expenses as a percent of revenue expected to improve by 5-7% by the end of 2027; Estimated Adjusted Net Earnings per share (see 'Non-GAAP Measures' below) within a range of $0.30 – $0.32 for 2025, $0.35 – $0.37 for 2026, and $0.42 – $0.46 for 2027; Focused on organic capital investment, utility capital expenditures of approximately $2.5 billion expected for 2025 – 2027; No need for equity issuance expected through 2027; and Expected to maintain BBB investment grade ratings. Article content AQN will hold an investor update today at 1:30 p.m. eastern time, hosted by Chief Executive Officer, Rod West, and Interim Chief Financial Officer and Vice President, Investor Relations, Brian Chin. Article content Algonquin Power & Utilities Corp., parent company of Liberty, is a diversified international generation, transmission, and distribution utility. AQN is committed to providing safe, secure, reliable, cost-effective, and sustainable energy and water solutions through its portfolio of generation, transmission, and distribution utility investments to over one million customer connections, largely in the United States and Canada. AQN's common shares, preferred shares, Series A, and preferred shares, Series D are listed on the Toronto Stock Exchange under the symbols AQN, and respectively. AQN's common shares and Series 2019-A subordinated notes are listed on the New York Stock Exchange under the symbols AQN and AQNB, respectively. Article content Certain statements included in this news release constitute ''forward-looking information'' within the meaning of applicable securities laws in each of the provinces and territories of Canada and the respective policies, regulations and rules under such laws and ''forward-looking statements'' within the meaning of the U.S. Private Securities Litigation Reform Act of 1995 (collectively, ''forward-looking statements'). The words 'will', 'expects', 'plans', 'estimated', 'outlook' and 'seeks' (and grammatical variations of such terms) and similar expressions are often intended to identify forward-looking statements, although not all forward-looking statements contain these identifying words. Specific forward-looking statements in this news release include, but are not limited to, statements regarding: the Company's future plans and the expected outcomes thereof; the Company's approach to future decision-making; expectations regarding improved customer experiences, operational efficiencies and constructive regulatory outcomes; investor returns; and the Company's forward-looking outlook, including expectations regarding Earned ROE, operating expenses as a percentage of revenue, Adjusted Net Earnings per share, capital expenditures, equity issuances and credit ratings (collectively, the 'Outlook'). These statements are based on factors or assumptions that were applied in drawing a conclusion or making a forecast or projection, including assumptions based on historical trends, current conditions and expected future developments. Since forward-looking statements relate to future events and conditions, by their very nature they require making assumptions and involve inherent risks and uncertainties. AQN cautions that although it is believed that the assumptions are reasonable in the circumstances, these risks and uncertainties give rise to the possibility that actual results may differ materially from the expectations set out in the forward-looking statements. Forward-looking statements contained herein are provided for the purposes of assisting in understanding the Company and its business, operations, risks, financial performance, financial position and cash flows as at and for the periods indicated and to present information about management's current expectations and plans relating to the future and such information may not be appropriate for other purposes. Material risk factors and assumptions include those set out in AQN's annual information form and annual management discussion & analysis, each for the year ended December 31, 2024, and management discussion & analysis for the three months ended March 31, 2025 (the 'Interim MD&A'), each of which is or will be available on SEDAR+ and EDGAR. The Outlook is also based on the following additional assumptions: Article content resolution of customer billing matters, regulatory investigations and rate decisions in line with expectations, including absence of material write downs of assets; normalized weather patterns in geographical areas in which the Company operates; insurance coverage remains effective and sufficient; capital projects being completed on time, substantially in line with budgeted costs, and without adverse tariff impacts; timely receipt of required regulatory approvals and permits; no material disruptions to supply chains or labour availability affecting pricing, operations or project execution; realization of company-wide efficiency initiatives (focused in part on procurement, support and billing, organizational streamlining, and technology enablement) in line with expectations; no significant changes in applicable political or macroeconomic environments or capital markets, including with respect to legislation, interest rates or inflation; Canadian dollar/U.S. dollar exchange rate and Chilean peso/U.S. dollar exchange rate in line with expectations; receipt of anticipated proceeds under the earn out agreement entered into in connection with the sale of the Company's renewable energy business in January 2025; a mid-to-low twenties percentage effective tax rate in 2026 and 2027; renewable energy production consistent with long-term averages and realized pricing in line with expectations; and absence of significant events leading to adverse litigation outcomes, fines, penalties, and inverse condemnation rulings. Article content Given these assumptions and risks, undue reliance should not be placed on these forward-looking statements, which apply only as of their dates. Other than as specifically required by law, AQN undertakes no obligation to update any forward-looking statements to reflect new information, subsequent or otherwise. Article content Non-GAAP Measures Article content AQN uses a number of financial measures to assess the performance of its business lines. Some measures are calculated in accordance with generally accepted accounting principles in the United States ('U.S. GAAP'), while other measures do not have a standardized meaning under U.S. GAAP. These non-GAAP measures include non-GAAP financial measures and non-GAAP ratios, each as defined in Canadian National Instrument 52-112 – Non-GAAP and Other Financial Measures Disclosure. AQN's method of calculating these measures may differ from methods used by other companies and therefore may not be comparable to similar measures presented by other companies. Article content The term 'Adjusted Net Earnings' which is used in this news release, is a non-GAAP financial measure. An explanation of 'Adjusted Net Earnings' can be found in the section titled 'Caution Concerning Non-GAAP Measures' in the Interim MD&A, which section is incorporated by reference into this news release. AQN's Interim MD&A is available on SEDAR+ at and EDGAR at In addition, 'Adjusted Net Earnings' is presented in this news release on a per common share basis. Adjusted Net Earnings per common share is a non-GAAP ratio and is calculated by dividing Adjusted Net Earnings by the weighted average number of common shares outstanding during the applicable period. Article content The Company does not provide reconciliations for forward-looking non-GAAP financial measures as the Company is unable to provide a meaningful or accurate calculation or estimation of reconciling items and the information is not available without unreasonable effort. This is due to the inherent difficulty of forecasting the timing or amount of various events that have not yet occurred, are out of our control and/or cannot be reasonably predicted, and that would impact the most directly comparable forward-looking U.S. GAAP financial measure. For these same reasons, we are unable to address the probable significance of the unavailable information. Forward-looking non-GAAP financial measures may vary materially from the corresponding U.S. GAAP financial measures. Article content The term 'Earned return on equity' (or 'Earned ROE') is used in this news release. Earned ROE is a measure specific to rate-regulated utilities that is not intended to represent any financial measure as defined by U.S. GAAP. It represents earnings at the Company's rate-regulated utilities as a percentage of the product of their average rate base for the period and the equity component of their authorized capital structure. The calculation of this measure as presented may not be comparable to similarly-titled measures used by other companies. Article content Article content Article content Article content Article content Contacts Article content Investor Inquiries: Alison Holditch Manager, Investor Relations Algonquin Power & Utilities Corp. E-mail: InvestorRelations@ Telephone: (905) 465-4500 Article content Article content
