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Algonquin Power & Utilities Corp. Q3-2020 Earnings, Price Target Update

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Algonquin Power & Utilities Corp (AQN, AQN.PR.A,D) operations include two North American business units consisting of: the Liberty Power Group, which owns and operates a portfolio of non-regulated renewable wind, solar, hydro electric and thermal electric generation facilities; and the Liberty Utilities Group, which owns and operates a portfolio of 40 regulated electric, natural gas, water distribution and wastewater collection utility systems, and transmission operations primarily in the US. APUC also owns a 44% share of Atlantica Yield PLC (NYSE: AY) initially acquired during 2018 for $984.M.(41%). The capital development program consists of a $9.2B development pipeline from 2020 through the end of 2024 of which $1.6B is under construction. Atlantica acquires, owns and manages a diversified international portfolio of contracted renewable energy, power generation, electric transmission, and water assets. Including investment income from Atlantica, 55% of AFFO is from Utilities, 25% from Power generation and 20% is from Atlantica and other investments. The Utilities Group earns 55% of revenues from regulated electric distribution, 33% from natural gas utilities, water utilities-9% and other -3%. The power generation segment is 80% wind powered, 12% from hydro and the balance mainly from solar. Assets total $11B as Sept-30-2020, compared to $9.4B as of Dec-31-2018. The debt ratio is approximately 85%.

The Liberty Utilities Group operates a portfolio of regulated utility systems throughout the United States serving 801,000 connections. The Liberty Utilities Group's regulated electrical distribution utility systems and related generation assets are located in California, New Hampshire, Missouri, Kansas, Oklahoma, Arkansas and New Brunswick. New Brunswick Gas was acquired in Dec-2018. The electric utility systems have 266,000 electric connections and operate a fleet of generation assets with a net capacity of 1.7 GW. The Liberty Utilities Group's regulated natural gas distribution utility systems are located in Georgia, Illinois, Iowa, Massachusetts, New Hampshire, Missouri and New Brunswick, serving 368,000 natural gas connections. The Liberty Utilities Group's regulated water distribution and wastewater collection utility systems are located in Arizona, Arkansas, California, Illinois, Missouri, and Texas which together serve approximately 167,000 connections.

The Liberty Power Group generates and sells electrical energy produced from a portfolio of wind, solar, hydro an thermal facilities. Approximately 88% of the electrical output from the hydroelectric, wind, and solar generating facilities is sold pursuant to long term contractual arrangements which as of Sept-30-2020 had a production-weighted average remaining contract life of approximately 18 years.

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