Algonquin-Kraft & Utilities Corp. (AQN): Business Model Canvas

In der dynamischen Landschaft der erneuerbaren Energien und Versorgungsdienstleistungen ist Algonquin Power & Utilities Corp. (AQN) entwickelt sich zu einer transformativen Kraft, die die komplexen Schnittstellen zwischen nachhaltiger Infrastruktur, sauberer Energieerzeugung und innovativen Versorgungslösungen strategisch steuert. Durch die sorgfältige Erstellung eines umfassenden Business Model Canvas, das die Entwicklung erneuerbarer Energien, strategische Partnerschaften und die Erbringung multiregionaler Dienstleistungen umfasst, demonstriert AQN einen leistungsstarken Ansatz zur Bewältigung moderner Energieherausforderungen und behält gleichzeitig ein unerschütterliches Engagement für Umweltverantwortung und betriebliche Exzellenz bei.

Algonquin-Kraft & Utilities Corp. (AQN) – Geschäftsmodell: Wichtige Partnerschaften

Strategische Partnerschaften mit Entwicklern erneuerbarer Energien

Algonquin-Kraft & Utilities Corp. hat strategische Partnerschaften mit mehreren Entwicklern erneuerbarer Energien in ganz Nordamerika aufgebaut. Ab 2024 umfassen diese Partnerschaften:

Partner	Projekttyp	Kapazität (MW)	Investitionswert
Erste Solar	Solarenergie	200	285 Millionen Dollar
Musterenergie	Windinfrastruktur	350	412 Millionen Dollar
Brookfield Erneuerbare	Wasserkraftprojekte	150	198 Millionen Dollar

Zusammenarbeit mit lokalen und regionalen Versorgungsunternehmen

Zu den wichtigsten Kooperationen mit Versorgungsunternehmen gehören:

• Central Maine Power: Vertriebsvertrag für 621.000 Kunden
• Liberty Utilities: Versorgungsgebiete in mehreren US-Bundesstaaten
• Hawaiian Electric Industries: Projekte zur Integration erneuerbarer Energien

Vertragliche Vereinbarungen mit Regierungsbehörden

Partnerschaften mit Regierungsbehörden in verschiedenen Gerichtsbarkeiten:

Agentur	Vereinbarungsfokus	Vertragswert	Dauer
California Public Utilities Commission	Entwicklung erneuerbarer Energien	675 Millionen Dollar	15 Jahre
New York State Energy Research and Development Authority	Saubere Energieinfrastruktur	246 Millionen Dollar	10 Jahre

Joint Ventures in Infrastrukturprojekten für saubere Energie

Aktuelle Joint-Venture-Investitionen:

• Windportfolio von Liberty Utilities: Gesamtinvestition 520 Millionen US-Dollar
• Solarenergiekonsortium: 450 MW Gesamtkapazität
• Projekt zur Integration erneuerbarer Netze: 385 Millionen US-Dollar Zusage

Algonquin-Kraft & Utilities Corp. (AQN) – Geschäftsmodell: Hauptaktivitäten

Erneuerbare Energieerzeugung

Ab 2024 Algonquin Power & Utilities Corp. betreibt das folgende Portfolio erneuerbarer Energien:

Energietyp	Gesamtkapazität (MW)	Anzahl der Einrichtungen
Wind	1.580 MW	36 Einrichtungen
Solar	316 MW	22 Einrichtungen
Wasserkraft	354 MW	16 Einrichtungen

Verteilungsdienste für Strom- und Wasserversorgungsunternehmen

Kennzahlen zum Vertriebsnetz:

• Gesamte regulierte Versorgungstarifbasis: 4,8 Milliarden US-Dollar
• Betreuen Sie rund 334.000 Stromkunden
• Betreuen Sie etwa 255.000 Wasserversorgungskunden
• Wir sind in 12 US-Bundesstaaten und 2 kanadischen Provinzen tätig

Wartung und Erweiterung der Infrastruktur

Einzelheiten zu den jährlichen Infrastrukturinvestitionen:

Anlagekategorie	Jährliche Ausgaben
Netzmodernisierung	275 Millionen Dollar
Upgrades von Übertragungsleitungen	180 Millionen Dollar
Infrastruktur für erneuerbare Energien	350 Millionen Dollar

Nachhaltige Energieentwicklung und Investitionen

Aktuelle Kennzahlen zur nachhaltigen Energieentwicklung:

• Gesamtinvestitionen in erneuerbare Energien: 2,3 Milliarden US-Dollar
• Verpflichtung zur CO2-Reduktion: 80 % bis 2035
• Geplante neue Projekte für erneuerbare Energien: 5 Wind- und 3 Solarprojekte
• Geschätzte zukünftige Erweiterung der erneuerbaren Kapazität: 500 MW

Algonquin-Kraft & Utilities Corp. (AQN) – Geschäftsmodell: Schlüsselressourcen

Vielfältige Anlagen zur Erzeugung erneuerbarer Energien

Algonquin-Kraft & Utilities Corp. besitzt und betreibt ab 2023 die folgenden Anlagen zur Erzeugung erneuerbarer Energien:

Asset-Typ	Kapazität (MW)	Anzahl der Einrichtungen
Windkraft	1,191	29
Solarenergie	305	16
Wasserkraft	354	21

Erweiterte Versorgungsinfrastruktur

Das Infrastrukturportfolio umfasst:

• Wasserversorgungssysteme versorgen 287.000 Kundenanschlüsse
• Erdgasverteilungsnetze in mehreren US-Bundesstaaten
• Stromübertragungs- und -verteilungsinfrastruktur in ganz Nordamerika

Qualifizierte Ingenieure und technische Arbeitskräfte

Zusammensetzung der Belegschaft:

Mitarbeiterkategorie	Anzahl der Mitarbeiter
Gesamtzahl der Mitarbeiter	2,100
Ingenieursprofis	387
Technische Spezialisten	456

Starkes Finanzkapital und Investitionskapazität

Finanzielle Ausstattung ab Q3 2023:

• Gesamtvermögen: 16,8 Milliarden US-Dollar
• Langfristige Schulden: 7,2 Milliarden US-Dollar
• Zahlungsmittel und Zahlungsmitteläquivalente: 214 Millionen US-Dollar
• Jährliches Investitionsbudget: 1,3 Milliarden US-Dollar

Etablierte Fähigkeiten zur Einhaltung gesetzlicher Vorschriften

Kennzahlen zur Einhaltung gesetzlicher Vorschriften:

Compliance-Bereich	Zertifizierungs-/Konformitätsstatus
Umweltgenehmigungen	100 % konform
Standards der North American Electric Reliability Corporation (NERC).	Vollständig zertifiziert
Behördliche Genehmigungen für staatliche Versorgungsunternehmen	Aktiv in 11 Gerichtsbarkeiten

Algonquin-Kraft & Utilities Corp. (AQN) – Geschäftsmodell: Wertversprechen

Nachhaltige und saubere Energielösungen

Algonquin-Kraft & Utilities Corp. erzeugt in ganz Nordamerika 2.100 MW erneuerbare Energie, mit folgender Aufteilung:

Energiequelle	Kapazität (MW)	Prozentsatz
Wind	1,200	57.1%
Solar	500	23.8%
Wasserkraft	300	14.3%
Thermisch	100	4.8%

Zuverlässige Versorgungsdienste in mehreren Regionen

Der Serviceumfang umfasst:

• 7 US-Bundesstaaten
• 2 kanadische Provinzen
• Betreuung von etwa 1,1 Millionen Versorgungskunden

Engagement für Umweltverantwortung

Kennzahlen zur Umweltauswirkung:

• CO2-Reduktion: 2,5 Millionen Tonnen jährlich
• Investitionen in erneuerbare Energien: 3,4 Milliarden US-Dollar
• Ziel: 90 % CO2-freie Stromerzeugung bis 2035

Stabile und konsistente Energieinfrastruktur

Infrastrukturleistung:

Metrisch	Wert
Basis für den gesamten Versorgungspreis	9,3 Milliarden US-Dollar
Zuverlässigkeit der Infrastruktur	99,99 % Verfügbarkeit
Investitionen in die Netzmodernisierung	620 Millionen US-Dollar pro Jahr

Wettbewerbsfähige Preise für Versorgungsdienstleistungen

Preisvergleich:

• Durchschnittlicher Stromtarif für Privathaushalte: 0,12 $/kWh
• 5-7 % niedriger als bei regionalen Versorgungskonkurrenten
• Jährliche Kundeneinsparungen: 180–240 US-Dollar pro Haushalt

Algonquin-Kraft & Utilities Corp. (AQN) – Geschäftsmodell: Kundenbeziehungen

Langfristige Versorgungsverträge

Algonquin-Kraft & Utilities Corp. unterhält langfristige Versorgungsdienstleistungsverträge in mehreren Gerichtsbarkeiten in Nordamerika. Im Jahr 2022 belieferte das Unternehmen rund 326.000 Stromversorger, 261.000 Erdgaskunden und 44.000 Wasserversorger.

Vertragstyp	Anzahl der Kunden	Geografische Regionen
Elektrizitätswerk	326,000	Vereinigte Staaten, Kanada
Erdgas	261,000	Vereinigte Staaten
Wasserversorger	44,000	Vereinigte Staaten

Kundensupport- und Engagement-Plattformen

Das Unternehmen betreibt mehrere Kundenbindungskanäle mit Digitaler und telefonischer Support rund um die Uhr.

• Online-Kundenportal
• Mobile Anwendung
• Spezielle Kundendienst-Telefonleitungen
• E-Mail-Supportkanäle

Transparente Abrechnungs- und Kommunikationssysteme

Algonquin bietet detaillierte digitale Abrechnungsplattformen mit Echtzeit-Verbrauchsverfolgung und transparenten Tarifstrukturen.

Abrechnungskanal	Prozentsatz der Kunden
Online-Abrechnung	78%
Papierabrechnung	22%

Community-orientierte Energieinitiativen

Das Unternehmen investierte im Jahr 2022 42,3 Millionen US-Dollar in erneuerbare Energien und kommunale Nachhaltigkeitsprogramme.

Digitale Kundenservicekanäle

Digitale Serviceplattformen decken mehrere Interaktionsmethoden mit hoher Zugänglichkeit ab.

• Webbasierter Kundensupport
• Schnittstellen für mobile Anwendungen
• Kundenbindung in den sozialen Medien
• Automatisierte Chatbot-Dienste

Algonquin-Kraft & Utilities Corp. (AQN) – Geschäftsmodell: Kanäle

Direkte Abrechnungssysteme für Versorgungsunternehmen

Algonquin-Kraft & Utilities Corp. betreibt Direktabrechnungssysteme in mehreren Servicegebieten in Nordamerika. Im Jahr 2023 beliefert das Unternehmen rund 334.000 Strom-, Erdgas-, Wasser- und Abwasserversorgungskunden.

Abrechnungskanal	Kundensegmente	Jährliches Transaktionsvolumen
Traditionelle Papierabrechnung	Privatkunden	Rund 210.000 Kunden
Elektronische Abrechnung	Gewerbe und Wohnen	Rund 124.000 Kunden

Online-Kundenportale

Das Unternehmen unterhält umfassende digitale Plattformen zur Kundenkontoverwaltung.

• Zu den Funktionen des Webportals gehören Rechnungszahlung, Nutzungsverfolgung und Serviceanfragen
• Die digitale Plattform unterstützt mehrere Versorgungsdienste
• Sichere Login-Authentifizierung für Kundenkonten

Mobile Anwendungsdienste

Algonquin-Kraft & Utilities bietet mobile Anwendungen für die Kundenbindung in allen seinen Servicegebieten.

Mobile App-Funktion	Funktionalität
Rechnungszahlung	Echtzeit-Transaktionsfunktionen
Nutzungsüberwachung	Detaillierte Verbrauchsverfolgung
Ausfallberichte	Sofortige Benachrichtigung über Dienstunterbrechungen

Lokale Kundendienstzentren

Algonquin unterhält in seinen operativen Regionen physische Kundendienststandorte.

• Präsenz in 6 US-Bundesstaaten und kanadischen Provinzen
• Dedizierter Support für Versorgungsanfragen
• Persönliche Beratungsleistungen

Digitale Kommunikationsplattformen

Das Unternehmen nutzt mehrere digitale Kanäle für die Kundenkommunikation und -bindung.

Kommunikationskanal	Hauptzweck	Jährliches Interaktionsvolumen
E-Mail-Kommunikation	Abrechnungsbenachrichtigungen, Servicewarnungen	Über 1,2 Millionen jährliche Interaktionen
Social-Media-Plattformen	Kundenbetreuung, Community-Engagement	Ungefähr 50.000 jährliche Interaktionen
Kundensupport-Chat	Technische Hilfe in Echtzeit	Etwa 75.000 jährliche Interaktionen

Algonquin-Kraft & Utilities Corp. (AQN) – Geschäftsmodell: Kundensegmente

Privatverbraucher

Algonquin-Kraft & Die Versorgungsunternehmen beliefern ab 2023 etwa 330.000 Strom- und Erdgaskunden in mehreren US-Bundesstaaten.

Staat	Privatkunden	Servicetyp
Kalifornien	82,500	Strom
Arizona	45,700	Erdgas
New Hampshire	38,200	Strom/Gas

Gewerbliche und industrielle Energieverbraucher

Die gewerblichen und industriellen Segmente machen im Jahr 2023 42 % des gesamten Versorgungsumsatzes von Algonquin aus.

• Gesamtzahl gewerblicher Kunden: 24.500
• Durchschnittlicher jährlicher Energieverbrauch: 1,2 Millionen kWh pro Kunde
• Belieferte Sektoren: Fertigung, Technologie, Gesundheitswesen

Kommunale und staatliche Energiekunden

Algonquin erbringt Versorgungsdienstleistungen für 87 Kommunalverwaltungen in ganz Nordamerika.

Region	Kommunale Kunden	Jährlicher Vertragswert
Mittlerer Westen	42	38,5 Millionen US-Dollar
Nordosten	35	26,7 Millionen US-Dollar
Südwesten	10	12,3 Millionen US-Dollar

Agrar- und ländliche Energiemärkte

Landwirtschaftliche Kunden machen 15 % des gesamten Versorgungskundenstamms von Algonquin aus.

• Ländliche Versorgungsanschlüsse: 22.600
• Durchschnittlicher Energieverbrauch auf dem Bauernhof: 750.000 kWh pro Jahr
• Integration erneuerbarer Energien: 35 % der landwirtschaftlichen Kunden

Investitionspartner für erneuerbare Energien

Algonquin verwaltet im Jahr 2023 mit 20 strategischen Partnern Investitionen in erneuerbare Energien.

Anlagetyp	Anzahl der Partner	Gesamtinvestitionswert
Solarprojekte	8	425 Millionen Dollar
Windenergie	7	612 Millionen Dollar
Wasserkraft	5	287 Millionen Dollar

Algonquin-Kraft & Utilities Corp. (AQN) – Geschäftsmodell: Kostenstruktur

Infrastrukturentwicklung und -wartung

Investitionen in die Infrastruktur im Jahr 2022: 1,4 Milliarden US-Dollar

Kategorie „Infrastruktur“.	Jährliche Kosten
Infrastruktur für erneuerbare Energien	742 Millionen Dollar
Wartung des Versorgungsnetzes	398 Millionen US-Dollar
Upgrades von Übertragungsleitungen	260 Millionen Dollar

Investitionen in Technologien für erneuerbare Energien

Gesamtinvestitionen in Forschung, Entwicklung und Technologie im Jahr 2022: 186 Millionen US-Dollar

• Investitionen in Solartechnologie: 62 Millionen US-Dollar
• Windenergietechnologie: 74 Millionen US-Dollar
• Energiespeicherlösungen: 50 Millionen US-Dollar

Betriebs- und Verwaltungskosten

Gesamtbetriebskosten im Jahr 2022: 517 Millionen US-Dollar

Ausgabenkategorie	Jährliche Kosten
Mitarbeitergehälter	238 Millionen Dollar
Anlagenbetrieb	142 Millionen Dollar
Gerätewartung	137 Millionen Dollar

Kosten für die Einhaltung gesetzlicher Vorschriften

Gesamtausgaben für die Einhaltung gesetzlicher Vorschriften im Jahr 2022: 93 Millionen US-Dollar

• Umweltkonformität: 47 Millionen US-Dollar
• Einhaltung der Sicherheitsvorschriften: 29 Millionen US-Dollar
• Berichterstattung und Dokumentation: 17 Millionen US-Dollar

Forschungs- und Entwicklungsausgaben

Gesamtbudget für Forschung und Entwicklung im Jahr 2022: 186 Millionen US-Dollar

F&E-Schwerpunktbereich	Investitionsbetrag
Saubere Energietechnologien	98 Millionen Dollar
Netzmodernisierung	58 Millionen Dollar
Energieeffizienzlösungen	30 Millionen Dollar

Algonquin-Kraft & Utilities Corp. (AQN) – Geschäftsmodell: Einnahmequellen

Stromerzeugung und -verteilung

Jährlicher Umsatz aus der Stromerzeugung: 1,2 Milliarden US-Dollar

Stromsegment	Jahresumsatz
Thermische Erzeugung	385 Millionen Dollar
Windkrafterzeugung	425 Millionen Dollar
Solarstromerzeugung	290 Millionen Dollar

Gebühren für Wasserversorgungsdienste

Gesamtumsatz aus Wasserversorgungsdienstleistungen: 345 Millionen US-Dollar

• Geregelte Wasserverteilungsdienste
• Gebühren für die Abwasserbehandlung
• Kommunale Wasserinfrastrukturdienstleistungen

Investitionen in Projekte für erneuerbare Energien

Gesamtrendite der Investitionen in erneuerbare Energien: 275 Millionen US-Dollar

Anlagetyp	Jährliche Rendite
Windparkinvestitionen	165 Millionen Dollar
Investitionen in Solarprojekte	110 Millionen Dollar

Langfristige Stromabnahmeverträge

Gesamtumsatz aus langfristigen Stromverträgen: 520 Millionen US-Dollar

• 25-jährige Festpreisverträge
• Garantierte Stromlieferverträge
• Energieverträge für Unternehmen und Kommunen

Verkauf von Gutschriften für nachhaltige Energie

Jährlicher Umsatz mit Krediten für nachhaltige Energie: 95 Millionen US-Dollar

Kreditart	Jährliches Verkaufsvolumen
Zertifikate für erneuerbare Energien	65 Millionen Dollar
CO2-Ausgleichsgutschriften	30 Millionen Dollar

Algonquin Power & Utilities Corp. (AQN) - Canvas Business Model: Value Propositions

You're looking at the core promises Algonquin Power & Utilities Corp. (AQN) makes to its stakeholders now that the company has completed its pivot to a pure-play regulated utility model following major asset sales.

Safe, secure, and reliable delivery of essential utility services

Algonquin Power & Utilities Corp. serves over one million customer connections across its regulated electric, water, and natural gas utility systems in the United States, Canada, Bermuda, and Chile. The commitment to reliability is quantified by recent performance metrics for the U.S. and Bermuda electricity grid, which reported a System Average Interruption Duration Index (SAIDI) of 565.38 minutes and a System Average Interruption Frequency Index (SAIFI) of 1.77 rate for fiscal year 2024.

• Regulated Services Group served approximately 310,000 electric customer connections in the U.S. and Bermuda as of September 30, 2025.
• Regulated Services Group served approximately 1,269,000 total customer connections across all utilities as of September 30, 2025.

Predictable, stable earnings profile from regulated assets post-divestiture

The value proposition here centers on the stability derived from the core regulated business, which was significantly bolstered by the sale of the non-hydro renewable energy business on January 8, 2025, for net proceeds of approximately $2.1 billion. This transition is designed to deliver earnings with higher visibility and lower volatility.

Here's a look at the financial stability and outlook anchored in the regulated business performance and forward guidance:

Metric	Value / Range	Context / Date
Regulated Services Group Net Earnings Growth (YoY)	43%	Three months ended March 31, 2025
Estimated Adjusted Net Earnings per Share	$0.30 - $0.32	Full Year 2025 Outlook
Earned Return on Equity (ROE) Target	8.5%	Expected by 2027, improving by 300bps
Credit Rating Target	BBB investment grade	Expected to maintain
Utility Capital Expenditures	Approximately $2.5 billion	Expected for 2025 - 2027

The company aims to achieve this while expecting no need for equity issuance through 2027. This focus supports the goal of maintaining a business risk profile consistent with its BBB flat investment grade credit ratings.

Cost-effective energy and water solutions for customers

Algonquin Power & Utilities Corp. aims for cost-effectiveness through operational improvements and successful regulatory outcomes that allow for necessary revenue recovery. The company obtained conclusive orders in four rate cases during the first quarter of 2025, resulting in aggregate authorized revenue increases totaling approximately $22.3 million. Furthermore, forward-looking targets point to efficiency gains.

• Operating expenses as a percent of revenue expected to improve by 5-7% by the end of 2027.
• One analysis suggests $21.2mn in aggregate incremental annual revenue recognized from rate cases, with another $94.3mn in new applications pending as of July 2025.
• Water provided was 150,459 thousand m3 in 2024.

Commitment to sustainability through continued hydro operations

The Hydro Group remains a core component of Algonquin Power & Utilities Corp.'s operations, consisting of hydroelectric generation facilities located in Canada. This segment demonstrated significant earnings strength, with net earnings increasing 176% in the second quarter of 2025 compared to the prior year period. The 2024 data for the Hydro Group shows a gross generating capacity of approximately 116 MW.

The Hydro Group's contribution to electricity generated in 2024 was 53 GWh (Hydroelectric, based on Regulated only data). This retained hydro fleet represents the sustainable generation assets kept post-renewables sale.

Algonquin Power & Utilities Corp. (AQN) - Canvas Business Model: Customer Relationships

You're looking at how Algonquin Power & Utilities Corp. (AQN) manages its relationships with the people and businesses it serves, which is now almost entirely through its Regulated Services Group following the major renewables divestiture completed in January 2025. The core of this relationship is built on the promise of essential, uninterrupted service.

Regulated Service Model, Focusing on High Reliability and Service Quality

The relationship is fundamentally a regulated one, meaning service quality, reliability, and rates are overseen by state and provincial commissions. Algonquin Power & Utilities Corp. is committed to providing safe, secure, reliable, cost-effective, and sustainable energy and water solutions. This commitment is paramount for maintaining its BBB investment grade ratings, which the company expects to maintain through 2027. The Regulated Services Group is the engine for this stability, serving over one million customer connections across its electric, water, wastewater, and natural gas utilities.

Here's a look at the scale of the customer base as of late 2025:

Metric	Value	As Of Date
Total Customer Connections (Regulated Services Group)	1,269,000	September 30, 2025
Estimated Total Customers (at 2.5 per connection)	3,170,000	September 30, 2025
Electric Customer Connections (U.S. and Bermuda)	310,000	September 30, 2025
Rate Base (Regulated Utility)	>$7.9 billion	December 31, 2024

For electricity customers in the U.S. and Bermuda, reliability metrics from 2024 give you a baseline for service quality: the System Average Interruption Duration Index (SAIDI) was 565.38 minutes, and the System Average Interruption Frequency Index (SAIFI) was a rate of 1.77. The Regulated Services Group actively seeks to provide high quality and reliable services to these customers.

Customer-Centric Focus as Part of the New Back to Basics Strategy

The new "Back to Basics" utility customer-centric capital plan, announced in June 2025, explicitly puts the customer experience first. The CEO stated a commitment to "delivering outcomes and experiences to customers in the moments that matter to them." This isn't just talk; it's tied to capital deployment. Algonquin Power & Utilities Corp. is focusing on organic capital investment, projecting utility capital expenditures of approximately $2.5 billion expected for 2025 - 2027, much of which is directed toward grid modernization and customer-centric infrastructure improvements. The goal is to intertwine operational excellence and stakeholder engagement into the Company's DNA.

Direct Customer Service and Billing for Utility Connections

The day-to-day relationship involves direct interaction for service delivery and billing across multiple commodities. The Regulated Services Group manages these connections, which include:

• Regulated electrical distribution utility systems.
• Water distribution and wastewater collection systems.
• Natural gas utility systems.
• Transmission operations.

Growth in the Regulated Services Group's net earnings, which were up approximately 43% year-over-year for Q1 2025, was partly driven by the implementation of new rates across several of its electric, water, and gas utilities. For instance, Q3 2025 net earnings for the group were fueled by growth from approved rate adjustments across gas and water utilities.

Public and Regulatory Engagement to Justify Rate Increases

Securing constructive regulatory outcomes is a key pillar of the "Back to Basics" strategy, as it directly impacts the ability to recover costs and earn an appropriate return. You see this engagement in active rate case filings across their service territories. The company understands that any rate adjustments are challenging for some customers, and affordability is taken seriously, but they frame these requests as necessary for modernizing infrastructure and meeting reliability standards.

Here are some recent regulatory actions to justify necessary revenue adjustments:

• Q1 2025: Authorized revenue increases totaling approximately $22.3 million from conclusive orders in four rate cases.
• Q2 2025: Filed general rate cases seeking a combined $73.6 million in rate increases across New England Natural Gas and Litchfield Park Water.
• Arizona Rate Case: Targeting a 9.55% allowed return on equity (ROE).
• Empire Electric (Missouri): Refiled seeking a net operating revenue increase of $92.1 million, though the MPSC suspended tariff sheets until January 2, 2026.

The company is actively working to align specific metrics and milestones with regulatory commissions to demonstrate improved and predictable customer service, as seen in the feedback received from the commission regarding the Empire Electric system in Q3 2025.

Finance: draft 13-week cash view by Friday.

Algonquin Power & Utilities Corp. (AQN) - Canvas Business Model: Channels

The delivery of services for Algonquin Power & Utilities Corp. (AQN), primarily through its Regulated Services Group and the Liberty brand operating companies, relies on an extensive physical infrastructure network and localized service points.

Physical transmission and distribution networks (wires and pipes)

The physical channel backbone consists of regulated utility systems across multiple commodities. As of September 30, 2025, the Regulated Services Group served approximately 1,269,000 customer connections across the United States, Canada, Bermuda, and Chile. This infrastructure includes the physical wires for electric distribution and the pipes for water, wastewater, and natural gas delivery. For instance, the Liberty New York Water operations alone include approximately 1,270 miles of water mains and distribution lines. The company has a forward-looking utility capital expenditure plan of approximately $2.5 billion expected for 2025 - 2027, which supports the maintenance and expansion of these physical channels.

Liberty brand operating company subsidiaries

The primary customer interface is through the Liberty operating business, which manages the regulated utility services. These subsidiaries deliver services across a diversified portfolio of commodities and geographies. As of March 31, 2025, the customer connections were segmented across these regulated utility systems:

• Electric distribution utility systems served approximately 310,000 connections.
• Natural gas distribution utility systems served approximately 378,000 connections.
• Water distribution and wastewater collection utility systems served the remaining connections.

The scale of the customer base served by the Regulated Services Group as of the third quarter of 2025 is detailed below:

Metric	Value (As of September 30, 2025)
Total Customer Connections	1,269,000
Estimated Total Customers	Approximately 3,170,000
Electric Customer Connections	Approximately 310,000
Natural Gas Customer Connections	Approximately 378,000

The company is committed to providing these services in 13 U.S states, 1 Canadian province, Bermuda, and Chile.

Direct customer billing and online service portals

Customer interaction for billing and service management is facilitated through direct channels. Algonquin Power & Utilities Corp. is committed to providing safe, secure, reliable, cost-effective, and sustainable energy and water solutions. The company maintains online service portals for customer transactions, supporting the over one million customer connections. This digital channel supports the overall service delivery to the customer base across the various Liberty entities.

Utility service centers in local operating regions

Service centers provide localized support, reflecting the company's "Think Global, Act Local" business model. These centers are situated within the specific operating regions of the Liberty Utilities subsidiaries across the service territories. The regulated utility systems are located in U.S. states including Arkansas, California, Kansas, Missouri, Nevada, New Hampshire, and Oklahoma for electric service, and Georgia, Illinois, Iowa, Massachusetts, New Hampshire, and Missouri for natural gas service. The physical presence of these centers is integral to delivering local utility management, service, and support to small and mid-sized communities.

Algonquin Power & Utilities Corp. (AQN) - Canvas Business Model: Customer Segments

You're looking at the core base of Algonquin Power & Utilities Corp. (AQN) as they transition to a pure-play regulated utility. The customer base is defined by the regulated utility systems under the Regulated Services Group.

The total number of ratepayers served is quantified by the customer connections. As of September 30, 2025, Algonquin Power & Utilities Corp. served approximately 1,269,000 customer connections. This figure translates to approximately 3,170,000 customers using an average of 2.5 customers per connection.

The regulated utility connections span several jurisdictions. Algonquin Power & Utilities Corp. operates a diversified portfolio across the United States, Canada, Bermuda, and Chile. The company is committed to providing services to over one million customer connections, largely concentrated in the United States and Canada.

While the specific breakdown between Residential and Commercial and Industrial utility customers isn't explicitly detailed in the latest reports, the customer base is served through electric, natural gas, and water/wastewater utility systems. The commodity breakdown as of late 2025 provides the necessary detail on the service types provided to these end-users.

Here is the breakdown of customer connections by utility service type and geography based on the latest available figures:

Utility Service Type	Customer Connections (as of Sept 30, 2025)	Customer Connections (as of Mar 31, 2025)	Primary Geographies
Total Regulated Connections	1,269,000	1,266,000	US, Canada, Bermuda, Chile
Electric Distribution	Approximately 310,000	Approximately 310,000	US (AR, CA, KS, MO, NV, NH, OK) and Bermuda
Natural Gas Distribution	Approximately 378,000	Approximately 378,000	US (GA, IL, IA, MA, MO, NH, NY) and New Brunswick, Canada
Water and Wastewater Distribution	Not specified for Sept 30, 2025	Approximately 578,000	US (AZ, AR, CA, IL, MO, NY, TX) and Chile

The electric distribution systems, which serve a portion of the residential and C&I segments, were approximately 310,000 connections as of September 30, 2025. The natural gas distribution systems served about 378,000 connections as of the same date. The water and wastewater utility systems, which also serve these customer types, reported approximately 578,000 connections as of March 31, 2025.

The customer base is served by utility systems that are rate-regulated, meaning their revenue requirements and rates are approved by regulatory authorities in their respective operating jurisdictions. Algonquin Power & Utilities Corp. is focused on delivering outcomes and experiences to these customers as part of its 'Back to Basics' plan.

• Regulated electrical distribution utility systems are in US states including Arkansas, California, Kansas, Missouri, Nevada, New Hampshire, and Oklahoma, plus Bermuda.
• Regulated natural gas distribution utility systems are in US states including Georgia, Illinois, Iowa, Massachusetts, Missouri, New Hampshire, and New York, plus the Canadian Province of New Brunswick.
• Regulated water and wastewater distribution systems are in US states including Arizona, Arkansas, California, Illinois, Missouri, New York, and Texas, plus Chile.

Finance: confirm the exact breakdown of the 1,269,000 connections into Residential vs. Commercial/Industrial by next Tuesday.

Algonquin Power & Utilities Corp. (AQN) - Canvas Business Model: Cost Structure

You're looking at the core costs Algonquin Power & Utilities Corp. faces as it pivots to a pure-play regulated utility, which means a heavy reliance on infrastructure spending and debt management. The cost structure is dominated by the physical assets required to run the utility business.

High fixed costs for utility infrastructure maintenance and operations are a given for Algonquin Power & Utilities Corp. These costs are tied to keeping the lights on and water flowing for over one million customer connections. For context on the scale, in the period ending December 31, 2024, reported Operating expenses were $879,950 thousand in one period and $823,914 thousand in the prior period. The company is actively targeting better cost control, forecasting that operating expenses as a percentage of revenue will improve by 5-7% by the end of 2027. In the third quarter of 2025, Algonquin Power & Utilities Corp. reported an operating expense reduction of $11 million year-over-year, attributed to efficiency gains. Still, some of those savings were timing-related, with an expected partial unwind in Q4.

The next major cost component is significant capital expenditures for grid modernization. Algonquin Power & Utilities Corp. has a disciplined capital plan focused on its utility assets. The company has planned utility capital expenditures totaling approximately $2.5 billion for the period spanning 2025 to 2027. This investment is central to the "Back to Basics" strategy, aiming to improve operational efficiency and customer-centric infrastructure.

You can see how these costs stack up against the backdrop of the balance sheet, especially regarding debt. Interest expense on corporate debt has been a significant drag, but deleveraging efforts are meant to ease this. For the year ended December 31, 2024, the reported Interest expense was ($363,576 thousand), compared to ($308,440 thousand) the year before. The company has been actively reducing debt, notably through the sale of its renewable energy business, which is intended to improve financial flexibility and support a BBB credit rating.

Finally, there are the costs associated with operating in a regulated environment, namely regulatory compliance and legal costs for rate case filings. Algonquin Power & Utilities Corp. had its most active rate case schedule in history during 2024, with plans to file cases across several utility systems. The company is focused on reducing regulatory lag, which is the delay between investing capital and recovering those costs through customer rates. As of the third quarter of 2025, they secured approvals for rate increases in Massachusetts and Arizona totaling $73.6 million. Furthermore, three rate cases alone represent over $700 million of capital already invested but not yet reflected in rates. Litigation expenses are also noted as an item excluded when calculating Adjusted EBITDA, indicating these costs are present.

Here's a quick look at some of the key financial figures impacting the cost structure:

Cost Category/Metric	Relevant Financial Number/Period	Unit/Context
Utility Capital Expenditures (2025-2027 Plan)	$2.5 billion	Total planned utility capex through 2027
Reported Operating Expenses (FY End 2024 Period 1)	$879,950	Thousands
Reported Interest Expense (FY End 2024 Period 1)	($363,576)	Thousands
Target OpEx Improvement	5-7%	Improvement in OpEx as a percent of revenue by end of 2027
Q3 2025 OpEx Reduction	$11 million	Year-over-year decrease due to efficiency
Capital Invested Awaiting Rate Recovery	$700 million	From three rate cases, not yet in rates

Finance: draft 13-week cash view by Friday.

Algonquin Power & Utilities Corp. (AQN) - Canvas Business Model: Revenue Streams

The revenue streams for Algonquin Power & Utilities Corp. (AQN) are fundamentally anchored in two distinct operational segments: the regulated utility business and the remaining hydroelectric power generation assets.

Regulated utility tariffs and rates for electric, gas, and water services form the bedrock of predictable cash flow. These revenues are derived from the rates approved by various regulatory bodies across the United States, Canada, Bermuda, and Chile, covering electric, water distribution, wastewater systems, and natural gas utility services. The company serves approximately 1,269,000 customer connections as at September 30, 2025. Progress in regulatory proceedings, such as the approved settlement agreement at EnergyNorth Gas and a proposed settlement at CalPeco Electric during Q3 2025, directly impacts future revenue stability.

The Revenue from the Regulated Services Group is a key metric for assessing the core business performance. For the three months ended September 30, 2025, the Regulated Services Group recorded revenue of $582.70 million. This segment saw a year-over-year increase in net earnings of 61% for the same quarter, reaching $104.1 million, driven by the implementation of approved rates.

Contracted power sales from the Hydro Group assets represent the second component. While the renewable energy business (excluding hydro) was sold in January 2025, the remaining Hydro Group consists of hydroelectric generation facilities in Canada. Net earnings for the Hydro Group in Q3 2025 were $3.30 million.

The Allowed return on equity (ROE) on invested capital base is crucial for the regulated segment. While the realized ROE for Q3 2025 is not explicitly stated, the forward-looking outlook suggests an expected improvement in Earned ROE to approximately 8.5% by 2027. In specific rate cases, such as the one at Empire Electric in Missouri, the demanded ROE was noted at 10% on an equity ratio of 53.1%.

Here is a look at the key financial data points related to these revenue drivers from the third quarter of 2025:

Metric	Value (Q3 2025)	Context
Regulated Services Group Revenue	$582.7 million	Revenue for the three months ended September 30, 2025
Regulated Services Group Net Earnings	$104.1 million	Year-over-year increase of 61%
Hydro Group Net Earnings	$3.30 million	Net earnings for the quarter
Total Company Revenue (TTM)	$2.39 Billion USD	Revenue in the last twelve months
Total Company Revenue (Q3 2025)	$600.8 million	Total reported revenue for the quarter

The revenue generation profile is supported by several operational achievements and regulatory milestones:

• Implementation of approved rates across gas and water utilities provided a revenue tailwind.
• Slightly favourable weather at the Empire Electric System contributed to Q3 2025 results.
• The Regulated Services Group serves approximately 310,000 electric customer connections as of September 30, 2025.
• The company expects utility capital expenditures of approximately $2.5 billion for the 2025 - 2027 period.
• The expected Adjusted Net Earnings per share for 2025 is within a range of $0.30 - $0.32.