Bullboard - Stock Discussion Forum Algonquin Power & Utilities Corp T.AQN.PR.A

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

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... see more

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

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Post by bmbruce on Mar 30, 2023 2:46pm

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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Comment by SargeX on Mar 30, 2023 3:48pm

Now wouldn't the deal falling through be a nice outcome. I hated it and said so from the second it was announced. I do find it quite funny how so many people talk the big "Green" story right up until it hits their personal pocket-book directly. Also, funny that most people don;t think about what the renewables movement is going to do to our economy and eventually our taxes. The ...more

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Comment by rad10 on Apr 04, 2023 5:42am

I suspect the market will respond favourably to this deal failing. It's clear the CEO needs to move on. We have seen several examples of nonsense utilities deals - hydro one and avista on the other side of the continent in Washington state etc. This deal also makes no sense. CEO messed up, needs to fall on his sword. Board needs to bring in fresh leadership and ...more

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