Earnings
Home›Earnings›Results›Algonquin Power pursues US redomicile as Q2 earnings f…
Algonquin Power pursues US redomicile as Q2 earnings fall
The company said U.S. regulators approved multiple revenue adjustments totaling $97 million annually in Missouri, while it seeks shareholder approval for a Canada to Delaware redomicile in early 2027.
Algonquin Power & Utilities outlined regulatory progress and a plan to redomicile from Canada to the United States during its second-quarter earnings call on August 7, even as quarterly profits declined from the prior year, according to Yahoo Finance.
On the regulatory front, Missouri’s Public Service Commission approved $97 million in annualized revenue adjustments effective August 3, after Algonquin met customer service and billing metrics linked to its Empire Electric Missouri settlement. In Kansas, regulators approved an $8.8 million revenue adjustment tied to a settlement that also gives the company 50% of wind revenues in year one.
Algonquin also secured a Certificate of Convenience and Necessity from Missouri for a 250-megawatt gas-fired generation project under Missouri Senate Bill 4, which allows construction cost recovery while the project is still being built. Separately, it filed new rate cases at New York Water, Empire Electric Arkansas, and EnergyNorth Gas seeking $38.1 million, $8.4 million, and $35.8 million respectively, with new rates expected to take effect between spring and summer 2027, while the Department of Energy approved $5 million in reimbursement tied to a reinstated AMI grant.
The company’s main headline is the redomicile to Delaware with a new headquarters in Chicago, while keeping a presence in Oakville, Ontario. Management said over 80% of operations are already in the United States, and shareholder approval is expected in the first half of 2027, after it reported GAAP net earnings of $4.9 million, down from $14.8 million a year earlier.