Poder de Algonquin & Utilities Corp. (AQN): Modelo de Negócios Canvas [Jan-2025 Atualizado]

No cenário dinâmico de serviços de energia e utilidade renováveis, Algonquin Power & A Utilities Corp. (AQN) surge como uma força transformadora, navegando estrategicamente nas complexas interseções de infraestrutura sustentável, geração de energia limpa e soluções de utilidade inovadora. Ao criar meticulosamente uma tela abrangente de modelo de negócios que abrange o desenvolvimento de energia renovável, parcerias estratégicas e prestação de serviços multi-regional, a AQN demonstra uma abordagem poderosa para abordar os desafios modernos da energia, mantendo um compromisso constante com a responsabilidade ambiental e a excelência operacional.

Poder de Algonquin & Utilities Corp. (AQN) - Modelo de negócios: Parcerias -chave

Parcerias estratégicas com desenvolvedores de energia renovável

Poder de Algonquin & A Utilities Corp. estabeleceu parcerias estratégicas com vários desenvolvedores de energia renovável em toda a América do Norte. A partir de 2024, essas parcerias incluem:

Parceiro	Tipo de projeto	Capacidade (MW)	Valor de investimento
Primeiro solar	Energia solar	200	US $ 285 milhões
Energia padrão	Infraestrutura eólica	350	US $ 412 milhões
Brookfield renovável	Projetos Hydro	150	US $ 198 milhões

Colaboração com provedores de serviços públicos locais e regionais

As principais colaborações do provedor de serviços públicos incluem:

• Power Central Maine: Contrato de distribuição que cobre 621.000 clientes
• Liberty Utilities: Service Territories em vários estados dos EUA
• Indústrias elétricas havaianas: projetos de integração de energia renovável

Acordos contratuais com agências governamentais

Parcerias de agências governamentais em Jurisdições:

Agência	Foco do acordo	Valor do contrato	Duração
Comissão de Utilidade Pública da Califórnia	Desenvolvimento de energia renovável	US $ 675 milhões	15 anos
Autoridade de Pesquisa e Desenvolvimento de Energia do Estado de Nova York	Infraestrutura de energia limpa	US $ 246 milhões	10 anos

Joint ventures em projetos de infraestrutura de energia limpa

Investimentos atuais de joint venture:

• Portfólio de vento Liberty Utilities: US $ 520 milhões no investimento total
• Consórcio de Energia Solar: Capacidade Total de 450 MW
• Projeto de integração de grade renovável: compromisso de US $ 385 milhões

Poder de Algonquin & Utilities Corp. (AQN) - Modelo de negócios: Atividades -chave

Geração de energia renovável

A partir de 2024, Algonquin Power & Utilities Corp. opera o seguinte portfólio de energia renovável:

Tipo de energia	Capacidade total (MW)	Número de instalações
Vento	1.580 MW	36 instalações
Solar	316 MW	22 instalações
Hidrelétrico	354 MW	16 instalações

Serviços de distribuição de serviços elétricos e de água

Métricas de rede de distribuição:

• Base total da taxa de utilidade regulada: US $ 4,8 bilhões
• Servir aproximadamente 334.000 clientes de eletricidade
• Sirva aproximadamente 255.000 clientes utilitários de água
• Operando em 12 estados dos EUA e 2 províncias canadenses

Manutenção e expansão da infraestrutura

Detalhes anuais de investimento em infraestrutura:

Categoria de investimento	Despesas anuais
Modernização da grade	US $ 275 milhões
Atualizações da linha de transmissão	US $ 180 milhões
Infraestrutura de energia renovável	US $ 350 milhões

Desenvolvimento de energia sustentável e investimento

As métricas atuais de desenvolvimento de energia sustentável:

• Investimento total de energia renovável: US $ 2,3 bilhões
• Compromisso de redução de carbono: 80% até 2035
• Novos projetos de energia renovável planejados: 5 eólicos e 3 solar
• Expansão de capacidade renovável futura estimada: 500 MW

Poder de Algonquin & Utilities Corp. (AQN) - Modelo de negócios: Recursos -chave

Diversos ativos de geração de energia renovável

Poder de Algonquin & A Utilities Corp. possui e opera os seguintes ativos de geração de energia renovável a partir de 2023:

Tipo de ativo	Capacidade (MW)	Número de instalações
Energia eólica	1,191	29
Energia solar	305	16
Potência hidrelétrica	354	21

Infraestrutura de utilidade avançada

O portfólio de infraestrutura inclui:

• Sistemas de utilidade de água que atendem 287.000 conexões de clientes
• Redes de distribuição de gás natural em vários estados dos EUA
• Infraestrutura de transmissão e distribuição elétrica em toda a América do Norte

Engenharia qualificada e força de trabalho técnica

Composição da força de trabalho:

Categoria de funcionários	Número de funcionários
Total de funcionários	2,100
Profissionais de engenharia	387
Especialistas técnicos	456

Forte capital financeiro e capacidade de investimento

Recursos financeiros a partir do terceiro trimestre de 2023:

• Total de ativos: US $ 16,8 bilhões
• Dívida de longo prazo: US $ 7,2 bilhões
• Caixa e equivalentes em dinheiro: US $ 214 milhões
• Orçamento anual de despesas de capital: US $ 1,3 bilhão

Recursos estabelecidos de conformidade regulatória

Métricas de conformidade regulatória:

Área de conformidade	Status de certificação/conformidade
Permissões ambientais	100% compatível
North American Electric Confiabilidade Corporation (NERC) Padrões	Totalmente certificado
Aprovações regulatórias de utilidade estatal	Ativo em 11 jurisdições

Poder de Algonquin & Utilities Corp. (AQN) - Modelo de Negócios: Proposições de Valor

Soluções de energia sustentável e limpa

Poder de Algonquin & A Utilities Corp. gera 2.100 MW de energia renovável na América do Norte, com o seguinte colapso:

Fonte de energia	Capacidade (MW)	Percentagem
Vento	1,200	57.1%
Solar	500	23.8%
Hidrelétrico	300	14.3%
Térmico	100	4.8%

Serviços de utilidade confiáveis ​​em várias regiões

A cobertura de serviço inclui:

• 7 Estados dos EUA
• 2 províncias canadenses
• Servindo aproximadamente 1,1 milhão de clientes de serviços públicos

Compromisso com a responsabilidade ambiental

Métricas de impacto ambiental:

• Redução de carbono: 2,5 milhões de toneladas métricas anualmente
• Investimento de energia renovável: US $ 3,4 bilhões
• Alvo: 90% de geração de eletricidade sem carbono até 2035

Infraestrutura de energia estável e consistente

Desempenho de infraestrutura:

Métrica	Valor
Base de taxa de utilidade total	US $ 9,3 bilhões
Confiabilidade da infraestrutura	99,99% de tempo de atividade
Investimento de modernização da grade	US $ 620 milhões anualmente

Preços competitivos para serviços de serviços públicos

Comparação de preços:

• Taxa média de eletricidade residencial: US $ 0,12/kWh
• 5-7% menor que os concorrentes de utilidade regional
• Economia anual do cliente: US $ 180 a US $ 240 por família

Poder de Algonquin & Utilities Corp. (AQN) - Modelo de Negócios: Relacionamentos do Cliente

Contratos de serviço de utilidade de longo prazo

Poder de Algonquin & A Utilities Corp. mantém contratos de serviço de utilidade de longo prazo em várias jurisdições na América do Norte. Em 2022, a empresa atendeu aproximadamente 326.000 clientes de serviços públicos elétricos, 261.000 clientes de gás natural e 44.000 clientes de serviços públicos de água.

Tipo de contrato	Número de clientes	Regiões geográficas
Utilitário elétrico	326,000	Estados Unidos, Canadá
Gás natural	261,000	Estados Unidos
Utilitário de água	44,000	Estados Unidos

Plataformas de suporte ao cliente e de engajamento

A empresa opera vários canais de engajamento de clientes com Suporte digital e telefônico 24/7.

• Portal de clientes on -line
• Aplicativo móvel
• Linhas telefônicas de atendimento ao cliente dedicadas
• Canais de suporte de email

Sistemas de cobrança e comunicação transparentes

O Algonquin fornece plataformas detalhadas de cobrança digital com rastreamento de consumo em tempo real e estruturas de taxas transparentes.

Canal de cobrança	Porcentagem de clientes
Cobrança on -line	78%
Cobrança em papel	22%

Iniciativas energéticas focadas na comunidade

A empresa investiu US $ 42,3 milhões em programas de energia renovável e sustentabilidade da comunidade em 2022.

Canais de atendimento ao cliente digital

As plataformas de serviço digital cobrem vários métodos de interação com alta acessibilidade.

• Suporte ao cliente baseado na Web
• Interfaces de aplicativos móveis
• Engajamento do cliente de mídia social
• Serviços de chatbot automatizados

Poder de Algonquin & Utilities Corp. (AQN) - Modelo de Negócios: Canais

Sistemas de cobrança de utilidades diretas

Poder de Algonquin & A Utilities Corp. opera sistemas de cobrança direta em vários territórios de serviço na América do Norte. A partir de 2023, a empresa atende a aproximadamente 334.000 clientes elétricos, de gás natural, água e utilitários de águas residuais.

Canal de cobrança	Segmentos de clientes	Volume anual de transações
Faturamento de papel tradicional	Clientes residenciais	Aproximadamente 210.000 clientes
Cobrança eletrônica	Comercial e residencial	Aproximadamente 124.000 clientes

Portais de clientes on -line

A empresa mantém plataformas digitais abrangentes para gerenciamento de contas de clientes.

• Os recursos do portal da web incluem pagamento de contas, rastreamento de uso e solicitações de serviço
• A plataforma digital suporta vários serviços utilitários
• Autenticação de login segura para contas de clientes

Serviços de aplicativos móveis

Poder de Algonquin & Os utilitários fornecem aplicativos móveis para o envolvimento do cliente em seus territórios de serviço.

Recurso de aplicativo móvel	Funcionalidade
Pagamento da conta	Recursos de transação em tempo real
Monitoramento de uso	Rastreamento detalhado de consumo
Relatórios de interrupção	Notificação de interrupção de serviço imediato

Centros de atendimento ao cliente local

A Algonquin mantém os locais de atendimento ao cliente físico em suas regiões operacionais.

• Presença em 6 estados dos EUA e províncias canadenses
• Suporte dedicado a consultas relacionadas à utilidade
• Serviços de consulta pessoalmente

Plataformas de comunicação digital

A empresa utiliza vários canais digitais para comunicação e engajamento do cliente.

Canal de comunicação	Propósito primário	Volume anual de interação
Comunicações por e -mail	Notificações de cobrança, alertas de serviço	Mais de 1,2 milhão de interações anuais
Plataformas de mídia social	Suporte ao cliente, engajamento da comunidade	Aproximadamente 50.000 interações anuais
Chat de suporte ao cliente	Assistência técnica em tempo real	Aproximadamente 75.000 interações anuais

Poder de Algonquin & Utilities Corp. (AQN) - Modelo de negócios: segmentos de clientes

Consumidores de utilidade residencial

Poder de Algonquin & Os serviços públicos atendem a aproximadamente 330.000 clientes de eletricidade e gás natural em vários estados dos EUA a partir de 2023.

Estado	Clientes residenciais	Tipo de serviço
Califórnia	82,500	Eletricidade
Arizona	45,700	Gás natural
New Hampshire	38,200	Elétrico/gás

Usuários de energia comercial e industrial

Os segmentos comerciais e industriais representam 42% da receita total de utilidade da Algonquin em 2023.

• Total de clientes comerciais: 24.500
• Consumo médio anual de energia: 1,2 milhão de kWh por cliente
• Setores servidos: fabricação, tecnologia, saúde

Clientes de energia municipal e governamental

A Algonquin fornece serviços de serviços públicos para 87 governos municipais da América do Norte.

Região	Clientes municipais	Valor anual do contrato
Centro -Oeste	42	US $ 38,5 milhões
Nordeste	35	US $ 26,7 milhões
Sudoeste	10	US $ 12,3 milhões

Mercados de energia agrícola e rural

Os clientes agrícolas representam 15% da base total de clientes da Algonquin.

• Conexões de utilidade rural: 22.600
• Consumo médio de energia agrícola: 750.000 kWh anualmente
• Integração de energia renovável: 35% dos clientes agrícolas

Parceiros de investimento em energia renovável

A Algonquin gerencia investimentos de energia renovável com 20 parceiros estratégicos em 2023.

Tipo de investimento	Número de parceiros	Valor total de investimento
Projetos solares	8	US $ 425 milhões
Energia eólica	7	US $ 612 milhões
Hidrelétrico	5	US $ 287 milhões

Poder de Algonquin & Utilities Corp. (AQN) - Modelo de negócios: estrutura de custos

Desenvolvimento e manutenção de infraestrutura

Despesas de capital para infraestrutura em 2022: US $ 1,4 bilhão

Categoria de infraestrutura	Custo anual
Infraestrutura de energia renovável	US $ 742 milhões
Manutenção da grade de utilidade	US $ 398 milhões
Atualizações da linha de transmissão	US $ 260 milhões

Investimentos de tecnologia de energia renovável

Total de P&D e investimento em tecnologia em 2022: US $ 186 milhões

• Investimentos em tecnologia solar: US $ 62 milhões
• Tecnologia de energia eólica: US $ 74 milhões
• Soluções de armazenamento de energia: US $ 50 milhões

Despesas operacionais e administrativas

Despesas operacionais totais em 2022: US $ 517 milhões

Categoria de despesa	Custo anual
Salários dos funcionários	US $ 238 milhões
Operações da instalação	US $ 142 milhões
Manutenção do equipamento	US $ 137 milhões

Custos de conformidade regulatória

Despesas totais de conformidade regulatória em 2022: US $ 93 milhões

• Conformidade ambiental: US $ 47 milhões
• Aderência da Regulamentação de Segurança: US $ 29 milhões
• Relatórios e documentação: US $ 17 milhões

Despesas de pesquisa e desenvolvimento

Orçamento total de P&D em 2022: US $ 186 milhões

Área de foco em P&D	Valor do investimento
Tecnologias de energia limpa	US $ 98 milhões
Modernização da grade	US $ 58 milhões
Soluções de eficiência energética	US $ 30 milhões

Poder de Algonquin & Utilities Corp. (AQN) - Modelo de negócios: fluxos de receita

Geração e distribuição de eletricidade

Receita anual de geração de eletricidade: US $ 1,2 bilhão

Segmento de eletricidade	Receita anual
Geração térmica	US $ 385 milhões
Geração de energia eólica	US $ 425 milhões
Geração de energia solar	US $ 290 milhões

Taxas de serviço de utilidade de água

Receita do Serviço de Utilitário de Água Total: US $ 345 milhões

• Serviços de distribuição de água regulados
• Taxas de tratamento de águas residuais
• Serviços municipais de infraestrutura de água

Investimentos de projeto de energia renovável

Retornos totais de investimento em energia renovável: US $ 275 milhões

Tipo de investimento	Retorno anual
Investimentos de parques eólicos	US $ 165 milhões
Investimentos de projeto solar	US $ 110 milhões

Acordos de compra de energia de longo prazo

Receita total de contratos de energia de longo prazo: US $ 520 milhões

• Contratos de taxa fixa de 25 anos
• Acordos de fornecimento de eletricidade garantidos
• Contratos de energia corporativa e municipal

Vendas de crédito de energia sustentável

Receita anual de crédito energético sustentável: US $ 95 milhões

Tipo de crédito	Volume anual de vendas
Certificados de energia renovável	US $ 65 milhões
Créditos de compensação de carbono	US $ 30 milhões

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.