Algonquin Power Revenue Rises as Regulated Services Expand
The utilities provider reported total revenue of $792.4 million for the first quarter ended March 31, 2026
Algonquin Power & Utilities Corp. (AQN), a utilities operator in the United States, Canada and other regions, reported total revenue of $792.4 million for the three months ended March 31, 2026. This compared to $692.4 million in the same period the previous year.
Growth was driven primarily by the Regulated Services Group, which saw revenue rise to $768.3 million from $667.5 million in the prior-year period. The company attributed the increase to several factors, including the implementation of approved annualized rates at the CalPeco (CA) Electric system of $48.6 million, which generated retroactive revenues of $60.7 million for the first quarter of 2025. These gains were partially offset by $28.5 million in recovered wildfire insurance expenses.
Revenue gains were distributed across the company's regulated segments:
* Regulated electricity distribution revenue rose to $372.2 million from $330.4 million. * Regulated natural gas distribution revenue rose to $302.0 million from $246.7 million. * Regulated water reclamation and distribution revenue rose to $94.1 million from $90.4 million.
Net earnings attributable to common shareholders for the period were $83.6 million, compared to $94.2 million in the prior-year quarter. The company's total net earnings for the three months ended March 31, 2026, were $68.1 million, down from $78.9 million in the same period in 2025.
Operating income rose slightly to $180.8 million from $178.9 million. However, operating expenses increased to $243.0 million from $201.6 million. The company also recorded other net losses of $21.3 million, compared to $13.7 million in the prior-year period.
Liquidity and capital reserves stood at $1,294.0 million as of March 31, 2026, a decrease from $1,444.7 million on December 31, 2025. This included $55.5 million in cash on hand. The company reported a net increase in cash, cash equivalents and restricted cash of $18.3 million for the quarter.
On April 17, 2026, Liberty Utilities Co. entered into a $1.15 billion senior unsecured syndicated delayed draw term facility that matures on April 17, 2028.