OAKVILLE, ON, Dec. 3, 2019 /CNW/ - Algonquin Power &
Utilities Corp. ("APUC" or "the Company") (TSX/NYSE: AQN) hosted
its tenth annual Analyst and Investor Day event today in
Toronto. During the event, APUC's
executive team provided an update on its corporate strategy, a
business overview including project updates, and a review of its
financial position.
"2019 has been a year of significant achievement as we completed
and announced transactions totaling approximately $1.5 billion of investments in our regulated
services business," said Ian
Robertson, Chief Executive Officer of APUC. "We have
increased our total capital plan for the next five years to
$9.2 billion, including $6.7 billion within our diversified regulated
services platform. Our organization is also well positioned to
capitalize on global growth in renewable energy and believe that
this growth is consistent with our long term commitment to
sustainability."
In conjunction with the Analyst and Investor Day, the Company
updated its five year forecasted Adjusted Net Earnings per share
compound annual growth rate, which remains in the range of 9 to
11%. APUC also updated its long term growth program with identified
investment opportunities totaling $9.2
billion through 2024, an increase from its $7.5 billion capital program for the five-year
period ended 2023 as announced last year. The updated capital plan
includes $6.7 billion in the
regulated services business, with $5.6
billion in customer driven organic investments focused on
enhancing quality of service for customers as well as its Greening
the Fleet initiatives. In addition, APUC's diversified renewable
energy business is well positioned with a $2.5 billion capital growth program and over
1,400 MW in the development pipeline.
APUC is hosting an encore presentation of its Analyst and
Investor Day event in New York
City on December 6, 2019.
Presentation materials will be available on the website at
www.algonquinpower.com.
A copy of the presentation and the webcast, which will be
archived and accessible for replay, will be available on the
website.
All dollar amounts referenced herein are in U.S. dollars unless
otherwise noted.
About Algonquin Power & Utilities Corp.
APUC is a diversified international generation, transmission and
distribution utility with approximately U.S. $11 billion of total assets. Through its two
business groups, APUC is committed to providing safe, reliable and
cost effective rate-regulated natural gas, water, and electricity
generation, transmission and distribution utility services to
approximately 801,000 connections in the
United States and Canada,
and is a global leader in renewable energy through its portfolio of
long-term contracted wind, solar and hydroelectric generating
facilities representing over 2.5 GW of net installed capacity and
more than 500 MW of incremental renewable energy capacity under
construction. APUC delivers continuing growth through an
expanding global pipeline of renewable energy, electric
transmission, and water infrastructure development projects,
organic growth within its rate-regulated generation, distribution
and transmission businesses, and the pursuit of accretive
acquisitions. APUC's common shares, Series A preferred shares, and
Series D preferred shares are listed on the Toronto Stock Exchange
under the symbols AQN, AQN.PR.A, and AQN.PR.D. APUC's common
shares, Series 2018-A subordinated notes and Series 2019-A
subordinated notes are listed on the New York Stock Exchange under
the symbols AQN, AQNA and AQNB.
Visit APUC at www.algonquinpowerandutilities.com and
follow us on Twitter @AQN_Utilities.
Caution Regarding Forward-Looking Information and Non-GAAP
Financial Measures
Certain statements included in this news release constitute
''forward-looking information'' within the meaning of applicable
securities laws in each of the provinces of Canada and the respective policies,
regulations and rules under such laws and ''forward-looking
statements'' within the meaning of applicable securities laws in
the United States, including
Section 27A of the U.S. Securities Act of 1933, as amended, and
Section 21E of the Securities Exchange Act of 1934, as amended
(collectively, ''forward-looking statements"). The words "will",
"expects", "intends" 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
performance of APUC, capital expenditure plans, investment
opportunities and development projects. 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 rely upon
assumptions and involve inherent risks and uncertainties. APUC
cautions that although it is believed that the assumptions are
reasonable in the circumstances, actual results may differ
materially from the expectations set out in the forward-looking
statements. Material risk factors include those set out in APUC's
most recent annual and interim Management's Discussion and Analysis
and most recent Annual Information Form, filed with securities
regulatory authorities in Canada
and the United States. 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, APUC undertakes no obligation to
update any forward-looking statements to reflect new information,
subsequent or otherwise.
Non-GAAP Financial Measures and Use of Non-GAAP Financial
Measures
The term "Adjusted Net Earnings per share" is not a recognized
measure under U.S. GAAP. There is no standardized measure of
"Adjusted Net Earnings per share" and, consequently, APUC's method
of calculating this measure may differ from methods used by other
companies and therefore may not be comparable to similar measures
presented by other companies. A calculation, analysis and
reconciliation of "Adjusted Net Earnings per share" to the nearest
U.S. GAAP measure can be found in APUC's Management's Discussion
& Analysis for the year ended December
31, 2018 and for the period ended September 30, 2019.
Adjusted Net Earnings is a non-GAAP measure used by many
investors to compare net earnings from operations without the
effects of certain volatile primarily non-cash items that generally
have no current economic impact or items such as acquisition
expenses or litigation expenses that are viewed as not directly
related to a company's operating performance. APUC uses
Adjusted Net Earnings to assess its performance without the effects
of (as applicable): gains or losses on foreign exchange, foreign
exchange forward contracts, interest rate swaps, acquisition costs,
one-time costs of arranging tax equity financing, litigation
expenses and write down of intangibles and property, plant and
equipment, earnings or loss from discontinued operations,
unrealized mark-to-market revaluation impacts, changes in value of
investments carried at fair value, and other typically
non-recurring items as these are not reflective of the performance
of the underlying businesses of APUC. APUC believes that
analysis and presentation of net earnings or loss on this basis
will enhance an investor's understanding of the operating
performance of its businesses. Adjusted Net Earnings is not
intended to be representative of net earnings or loss determined in
accordance with U.S. GAAP, and can be impacted positively or
negatively by these items.
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SOURCE Algonquin Power & Utilities Corp.