Algonquin Power Announces Intention to Redomicile to United States
The utility provider reported second-quarter revenue of $543.9 million, an increase of $16.1 million over the prior year.
Algonquin Power & Utilities Corp. (AQN), a utility provider, announced on August 7, 2026, its intention to redomicile the incorporation of the company to the United States. The company expects to seek shareholder approval for the move in the first half of 2027.
For the three months ended June 30, 2026, the company reported revenue of $543.9 million, compared to $527.8 million in the same period in 2025. This increase was driven by the implementation of approved rates, including $12.1 million at the CalPeco Electric System and $2.1 million across several water and sewer systems in New York, Arizona, and Bella Vista. The Empire District Electric System contributed $2.7 million to the increase, which the company attributed to slightly favorable weather.
Net earnings attributable to common shareholders fell 67% to $4.9 million from $14.8 million in the prior-year period. Net earnings attributable to common shareholders from continuing and discontinued operations dropped 95% to $1.0 million from $21.5 million. Adjusted net earnings for the quarter were $29.2 million, a 13% decrease from the $33.6 million reported in the second quarter of 2025.
Financial results were impacted by a Senior Note Offering, which generated approximately $3.1 million in investment income but resulted in approximately $7.7 million in interest expense. Additional interest expense increases were attributed to higher utilization of credit facilities. The company also recorded a rate reduction of approximately $3.1 million at the Apple Valley and Park Water systems in California, retroactive to the third quarter of 2025.
For the six months ended June 30, 2026, the Regulated Services Group reported revenue of $1,285.6 million, up from $1,171.8 million in the prior-year period. This group's revenue consisted of $679.1 million from regulated electricity distribution, $409.2 million from regulated natural gas distribution, and $197.3 million from regulated water reclamation and distribution. Net earnings for the Regulated Services Group were $149.4 million for the first half of 2026, compared to $167.5 million in the same period in 2025.
Electricity distribution results within the Regulated Services Group were influenced by the implementation of approved rates at the CalPeco Electric System totaling $72.8 million, which included $48.6 million in retroactive revenues to the first quarter of 2025. These gains were partially offset by $34.2 million in higher wildfire insurance expenses recovered in rates. The company also recorded a $4.8 million rate base reduction at the Granite State Electric System in the first quarter of 2025.
The company previously sold its renewable energy group, excluding hydro, on January 8, 2025, and now reports those activities as discontinued operations.