RBC update on Canadian Energy InfrastructureCanadian Energy Infrastructure Q1/20 Preview: Snap back to reality Our thoughts heading into the quarter Q1/20 results, which should generally be fine, to take a backseat. With the effects of COVID-19 (e.g., demand destruction; low commodity prices) not taking shape until late in Q1/20, we believe the market will largely ignore the Q1/20 results outside of establishing trend lines for already occurring themes such as low frac spreads. Updates on activity in Q2/20 and the outlook will be the main focus. We believe that the markets focus will almost entirely be on the companies updates on what has unfolded in Q2-to-date, the estimated impact of COVID-19 (e.g., anything that is known; ranges of outcomes; sensitivity analysis; updated guidance), and updated liquidity positions. While intra-quarter and outlook updates may not be the norm, we believe that investors may punish stocks with obvious headwinds if granular updates are not provided. AQN Outperform (US$15.00 one-year price target) First-quarter earnings and EPS (release date: May 7) We expect Algonquins Q1/20 adjusted EPS to be US$0.21, slightly above the US$0.19 in Q1/19. We expect higher EBITDA largely due to the additional dividends received from the increase in Algonquins interest in Atlantica Yield in Q2/19, and the closing of the St. Lawrence Gas (November 2019) and the New Brunswick Gas (October 2019) acquisitions. From an EPS perspective, we expect the increase in EBITDA to be largely offset by higher financing costs and additional shares outstanding related to the equity offering that closed mid-October 2019. We note that our adjusted EBITDA forecast does not include HLBV income (Q1/19 HLBV income was US$20 million, and management expects HLBV income to average ~US$15 million per quarter in 2020, subject to seasonality). We expect investors to focus on updates regarding potential impacts from the COVID-19 pandemic, the ongoing senior management transition plan (CEO and CFO), the pending acquisition of the electric utility in Bermuda (BELCO) and water assets in New York state, progress toward the procurement of 600 MW of wind (greening Empire), and other non- regulated wind developments in North America. The FactSet mean EPS estimate for Q1/20 is US$0.21 (11 estimates ranging from US$0.20 to US$0.23), which matches our estimate.