Algonquin Power & Utilities Corp T.AQN

Alternate Symbol(s): AQN | T.AQN.PR.A | T.AQN.PR.D | AGQPF

Utilities Utilities - Diversified

Algonquin Power & Utilities Corp. is a Canada-based diversified international generation, transmission, and distribution company. The Company through its two business groups, the Regulated Services Group, and the Renewable Energy Group, provides sustainable energy and water solutions through its portfolio of electric generation, transmission, and distribution utility investments to over one million customer connections, largely in the United States and Canada. The Company is engaged in renewable energy through its portfolio of long-term contracted wind, solar, and hydroelectric generating facilities. The Company owns, operates, and/or has net interests in over four gigawatts (GW) of installed renewable energy capacity. The Company is focused on its expanding global pipeline of renewable energy and electric transmission development projects, organic growth within its rate-regulated generation, distribution and transmission businesses, and the pursuit of accretive acquisitions.

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Algonquin Power & Utilities Corp > Re Kentucky Power acquisition- RBC

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Post by bmbruceon Mar 30, 2023 2:46pm

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Post# 35369932

Re Kentucky Power acquisition- RBC

Joint filing from Kentucky parties want FERC to reject the pending Kentucky Power transaction

NYSE: AQN | USD 8.25 | Sector Perform | Price Target USD 8.00

Sentiment: Positive

Our Take

As we previously highlighted, AQN shareholders generally do not want the company to proceed with its pending $2.6 billion Kentucky Power transaction. The recent joint filing reduces the probability that AQN can close the Kentucky Power acquisition by April 26, 2023 (Outside Date), at which point AQN can pay a $65 million termination fee and walk away from the transaction. We believe additional parties in the coming days may make FERC filings that are not supportive of the transaction.

Details

With respect to AQN and AEP's FERC application to approve the pending Kentucky Power transaction, a joint filing from the Kentucky Public Service Commission, the Kentucky Office of the Attorney General, and Kentucky Industrial Utility Customers request that FERC reject the Kentucky Power transaction. The parties claim that the revised application failed to adequately address the adverse impacts of the Kentucky Power transaction on zonal transmission rates.

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