Algonquin

What Algonquin does

Algonquin Power & Utilities Corp. (TSX/NYSE: AQN) is a Canadian-domiciled, publicly-listed holding company that delivers rate-regulated electricity, natural gas, water, and wastewater utility services to over 1.27 million customer connections through its wholly-owned operating subsidiary Liberty Utilities. Following the January 2025 sale of its non-regulated renewable generation business to LS Power for up to $2.5 billion, Algonquin repositioned as a pure-play regulated utility operating across 13 U.S. states, one Canadian province, Bermuda, and Chile, with a rate base of approximately $8.2 billion and total assets of approximately $14.1 billion as of December 31, 2025.

The company's underlying technology consists of physical regulated utility infrastructure — electric distribution and transmission lines, natural gas distribution pipelines, water distribution mains, and wastewater collection systems — supplemented by a small Renewable Natural Gas (RNG) anaerobic digestion platform acquired through Sandhill Advanced Biofuels that produces approximately 500 MMBTU/day from dairy-farm biogas. The company is investing in differentiated capabilities including a Sustainable Effluent to Aquifer Project (SEAP) in Arizona, microgrid demonstrations such as the Sagehen project with UC Berkeley, and an EHS 4.0 digitized safety analytics platform, alongside participation in a multi-state hydrogen hub consortium in New York.

Algonquin's revenue model is a rate-regulated subscription-style recurring model approved by state public utility commissions and provincial regulators under cost-of-service methodology, with monthly billing to residential, commercial, industrial, and institutional customers. Revenue is driven by authorized returns on invested rate base plus volumetric charges and surcharges, providing high cash-flow visibility. The company funds growth via a ~$3.2 billion 2026-2028 capital plan, tuck-in regulated acquisitions (e.g., Massachusetts natural gas utility), and senior unsecured debt issuance at the Liberty Utilities operating subsidiary level. The current executive team — CEO Rod West, COO Peter Norgeot (formerly Entergy COO), and CFO Robert Stefani (formerly Southwest Gas/PECO CFO) — was substantially refreshed in early 2026 to lead the post-divestiture operating model.

Name

Algonquin

Legal name

Algonquin Power & Utilities Corp.

Website

https://algonquinpower.com

Company type

Public

Founded year

1988

Operating status

Operating

Headcount range

1,001–5,000 employees

Short description

Algonquin Power & Utilities Corp. (TSX/NYSE: AQN) is a Canadian regulated utility holding company operating as Liberty Utilities, providing electricity, natural gas, water, and wastewater services to over 1.27 million customer connections across 13 U.S. states, Canada, Bermuda, and Chile.

Ownership category

akta.pro rank

Product category

Regulated Utility Services

NAICS

Electric Power Transmission, Control, and Distribution (22112), Electric Power Generation, Transmission and Distribution (2211), Utilities (22), Utilities (221)

SIC

Electric Services (4911), Natural Gas Distribution (4924), Water Supply (4941), Electric, Gas & Sanitary Services (4900)

akta.pro primary industry

Electric Distribution System Owners (Wires-Only Companies) (EUADABAI)

akta.pro secondary industry

Regulated Natural Gas Utility (LDC) Customer Acquisition & Switching (EUAAADAA)

Keywords

• Regulated utility services
• Electricity distribution
• Natural gas distribution
• Water and wastewater services
• Rate-regulated utilities

Headquarters

HQ city

Oakville

HQ country

Canada

HQ region

North America

Offices3 records

Markets served

GTM type

B2C

Offering type

Services

Cost components

Infrastructure, Operations, Personnel, Technology or R&D, Marketing or Sales

Revenue model

1. Regulated Electric Utility Services: Rate-regulated electricity distribution and transmission services through Liberty Utilities across 13 U.S. states. Revenue is generated through regulated utility rates approved by state public utility commissions, providing stable, recurring cash flows based on authorized rate of return on rate base.
2. Regulated Natural Gas Distribution: Rate-regulated natural gas distribution utilities serving customers in multiple U.S. states and Canada. Revenue derived from regulated rates that include purchased gas costs and authorized margins.
3. Regulated Water and Wastewater Services: Water distribution and wastewater collection services across multiple U.S. states, Chile, and Bermuda. Approximately 53,000 gas customers added through Massachusetts natural gas utility acquisition. Revenue from regulated rates based on cost-of-service methodology.
4. Non-Regulated Renewable Generation (Former): Previously owned and operated diversified portfolio of non-regulated renewable and clean power generation assets including hydroelectric, wind, solar, and thermal facilities with combined gross generating capacity of approximately 2.3 GW. Business sold to LS Power in January 2025 for approximately $2.1 billion.

Pricing tiers

Go-to-market motion1 record

Distribution channels1 record

Marketing channels5 records

Core offering

Algonquin Power & Utilities Corp., operating through its Liberty Utilities brand, provides rate-regulated electricity distribution, natural gas distribution, water, and wastewater collection services to over 1.27 million customer connections across 13 U.S. states, 1 Canadian province, Bermuda, and Chile. The company completed a strategic transformation to a pure-play regulated utility model in January 2025 by divesting its non-regulated renewable energy business.

Product overview

Algonquin Power & Utilities Corp. operates as a diversified utility company with two primary business segments. The core business is the Regulated Services Group (operating as Liberty Utilities), which provides rate-regulated electricity, natural gas, water, and wastewater collection services to over 1.27 million customer connections across 13 U.S. states, 1 Canadian province, Bermuda, and Chile. The company previously operated a Renewable Energy Group segment (non-regulated renewable power generation including hydroelectric, wind, solar, and thermal facilities), which was sold to LS Power in January 2025, transitioning Algonquin to a pure-play regulated utility model. Additional products include the Sandhill RNG platform (acquired renewable natural gas from anaerobic digestion on dairy farms) and Suralis (rebranded water/wastewater operations in Chile).

Differentiator

Problem solved

Functional benefit

Brands

• Suralis: Rebranded water and wastewater utility operating in Chile.
• Liberty Utilities

Products and services

• Liberty Utilities Regulated Services Rate-regulated electricity distribution, natural gas distribution, water supply, and wastewater collection services delivered directly to residential, commercial, industrial, and institutional customers through company-owned utility infrastructure across North America.
• Sandhill Renewable Natural Gas (RNG) Renewable Natural Gas produced by capturing biogas from dairy farm organic waste decomposition and purifying it for pipeline injection, displacing carbon-based natural gas for transportation fuel and methane sequestration purposes.
• Suralis Water and Wastewater Utility Regulated water and wastewater utility services operated by Algonquin in Chile, serving customers under the Suralis brand.
• BELCO Electric Utility (Bermuda) Regulated electricity distribution services to customers in Bermuda, operated as Bermuda Electric Light Company (BELCO).

Quantifiable outcome

• Reduced GHG emissions by one million metric tons from 2017 levels (target met)
• +8 more outcomes

Named customers1 record

Segments5 records

Ideal customer profiles2 records

Technology focussed No

API detail

Has API

No

API docs

API detail

Core technology

AI maturity

App detail

Feature4 records

Partnerships

Five partnerships are on record, tiered flagship and core.

• Algonquin Anishinabe NationflagshipStrategic or Co-development Partner · 26 March 2026Long-term economic partnership between the Ottawa Senators NHL team and the Algonquin Anishinabe Nation for development of a new NHL arena at LeBreton Flats in Ottawa. This partnership represents potentially the first of its kind for any First Nation in Canada, with expected substantial ongoing revenue from the arena development and operations.
• Hydrogen Hub Consortium (New York Multi-State Initiative)coreStrategic or Co-development PartnerAlgonquin-Liberty is part of a multi-state hydrogen ecosystem consortium in New York with approximately 40 initial hydrogen ecosystem partners. The initiative aims to develop a proposal to become one of at least four regional clean energy hydrogen hubs, supporting New York's goal of reducing GHG emissions by 85% by 2050.
• Central Arizona Water Conservation District (CAWCD)coreStrategic or Co-development PartnerJoint development partnership for the Sustainable Effluent to Aquifer Project (SEAP) in Arizona, jointly funded by Liberty and CAWCD. The project helps offset and reduce rate impact on Liberty customers while protecting and safeguarding community water supply.
• Sandhill Advanced BiofuelscoreOthersAcquired developer of Renewable Natural Gas (RNG) anaerobic digestion projects located on dairy farms in Wisconsin. Four sites generating approximately 500 MMBTU/day of RNG for transportation and sequestering methane from dairy farms.
• Massachusetts Natural Gas UtilitycoreOthersAcquisition of Massachusetts natural gas utility adding approximately 53,000 gas customers, expanding regulated utility footprint in the Northeast U.S.

Scale indicators11 records

Recent moves8 records

Expansion highlights7 records

Direct peers

• SJW Group: Pure-play water and wastewater utility holding company serving over 1 million people across California, Texas, Connecticut, and Maine. Comparable to Algonquin's regulated water utility operations including New York American Water.
• Northwest Natural Gas Company: Pacific Northwest natural gas distribution utility serving ~2.5 million people in Oregon and Washington with water utility interests. Comparable to Algonquin's regulated gas and water distribution operations at a similar mid-cap scale.
• American Water Works Company: Largest U.S. investor-owned water and wastewater utility, serving ~14 million people. Directly comparable as a publicly listed North American rate-regulated water utility with similar acquisition-driven growth; Algonquin's New York American Water subsidiary was carved out of this company.
• New Jersey Resources Corp. Diversified energy services company with regulated natural gas distribution (New Jersey Natural Gas), clean energy ventures, and storage/midstream. Comparable to Algonquin's blend of regulated gas distribution plus renewable/clean energy initiatives such as RNG.
• Essential Utilities, Inc. Multi-state regulated water, wastewater, and natural gas utility serving over 5 million people across 10+ states. Closely comparable diversified regulated utility business model and similar mid-cap profile to Algonquin's Liberty Utilities.
• Emera Incorporated: Canadian-based regulated electric and gas utility holding company with operations in North America and the Caribbean (including Barbados Light & Power). Directly comparable as a publicly traded Canadian-listed diversified utility with cross-border regulated operations similar to Algonquin.
• Southwest Gas Holdings: U.S. natural gas distribution utility serving ~2 million customers across Arizona, Nevada, and California. Comparable to Algonquin's natural gas distribution business; newly appointed Algonquin CFO Robert Stefani previously served as CFO here.

Broad incumbents

• Sempra: U.S.-based energy infrastructure holding company with regulated electric and gas utilities in California, Texas, and international LNG infrastructure. Comparable as a North American regulated utility operator with overlapping customer segments, though substantially larger and more diversified.
• National Grid plc: Large U.K.-listed international electric and gas T&D utility with major regulated operations in the U.S. Northeast. Comparable to Algonquin as a multi-jurisdiction regulated electric and gas utility, though considerably larger and more diversified.
• WEC Energy Group, Inc. Large U.S. regulated electric, natural gas, and steam utility serving Wisconsin, Illinois, Minnesota, and Michigan. Comparable diversified regulated utility model with focus on rate base growth, though at a significantly larger scale than Algonquin.

Market position

Strengths4 records

Weaknesses5 records

Competitive moat6 records

Key risks7 records

Key highlights7 records

Customer concentration

• Xx.com/aqn_utilities
• YouTubeyoutube.com/channel/UCFv3Yyio_MJXwsmxHJmdyiA
• LinkedInlinkedin.com/company/algonquin-power-and-utilities-corp
• Instagraminstagram.com/aqn_algonquinpower

Compliance5 records

Revenue estimate

Valuation estimate

Number of profiles

Profiles11 records

Subsidiaries5 records

Funding overview

Funding rounds4 records

Investors

Funding detail is available on the Subscription and Enterprise plan.Contact sales →

M&A4 records

Investments

M&A and investment is available on the Subscription and Enterprise plan.Contact sales →

Frequently asked questions about Algonquin