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Alqonquin Power & Utilities Corp. Price Target Update

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Algonquin Power & Utilities Corp. with $10.9B in assets is a diversified North American power generation, transmission and distribution utility. With the closing of the Empire Acquisition, adding $4B in assets APUC has materially expanded its utility operations in the U.S. They now serve 783,000 electric, gas, and water customers within its regulated utility business, and APUC's portfolio of power generating facilities now contains both regulated and non-regulated power facilities with a total generating capacity of over 2,500 MW. The Distribution Group operates in the United States and provides rate regulated water, electricity and natural gas utility services to 780,000 customers. The non-regulated Generation Group owns or has interests in a portfolio of North American based contracted wind, solar, hydroelectric and natural gas powered generating facilities representing more than 1,545 MW(1,050 MW) of installed capacity. The Transmission Group invests in rate regulated electric transmission and natural gas pipeline systems in the United States and Canada.

Wind, hydro and natural gas powered generation contributes about 10% of revenues, natural gas distribution 65%, electric utilities 20%, and the balance from water and waste water services. Revenues subject to public utility board regulations comprise 80% of revenues and 50% of operating earnings. All US operations are subject to utility regulation, 25% of Canadian earnings are regulated. Approximately 80% of revenues are in US dollars, dividends are paid in US dollar effective Sept-2014.

Emera Inc. is the privatized successor to Nova Scotia Power, a crown corporation who own natural gas and electric utility businesses primarily in the Canadian Maritime provinces. Assets total $29B. Emera owns 5% of Algonquin and cannot increase their interest higher than 25%.

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