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Algonquin Power reports increased earnings in Q2

DCN-JOC News Services
Algonquin Power reports increased earnings in Q2

OAKVILLE, ONT. — Ontario-based Algonquin Power and Utilities Corp. reported increases in revenues and earnings compared to the second quarter of 2021 in addition to the completion of a wind power project in Saskatchewan in its recent Q2 report.

The firm reported revenue of $624.3 million, an increase of 18 per cent compared to the second quarter of 2021; all figures are in U.S. dollars. Adjusted EBITDA was $289.3 million, an increase of 18 per cent compared to Q2 2021; and Adjusted Net Earnings were $109.7 million, an increase of 19.6 per cent compared to the second quarter of 2021.

On April 14, the Renewable Energy Group, an Algonquin Power business group, achieved commercial operations at its 175-megawatt Blue Hill Wind Facility, located in southwest Saskatchewan. The energy generated from the facility is being sold through a long-term power purchase agreement with SaskPower.

On Aug. 5, Renewable completed its acquisition of U.S.-based Sandhill Advanced Biofuels, LLC. Sandhill is a developer of renewable natural gas (RNG) anaerobic digestion projects located on dairy farms with a portfolio of four projects in the state of Wisconsin. Two of the projects recently achieved commercial operation status, while the other two projects are in late-stage development.

Once fully constructed, the portfolio is expected to produce renewable natural gas at a rate of approximately 500 million British thermal units per day. The acquisition represents the company’s first investment in the non-regulated RNG space.

The Q2 report also announced the pending acquisition of Kentucky Power Company and AEP Kentucky Transmission Company, Inc.

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