-- Algonquin Power & Utilities (AQN) reported Q1 earnings on Friday, showing electricity distribution of 1,692.6 gigawatt-hours, compared with 1,800.6 GWh a year earlier.
Natural gas usage rose to 21.64 million metric million British thermal unit for the quarter ended Mar. 31, up from 20.70 million MMBTU a year earlier.
Residential electricity usage declined to 779.3 GWh in Q1 from 865.2 GWh a year earlier, while commercial and industrial electricity usage fell to 913.3 GWh from 935.4 GWh in the year-ago period.
Algonquin reported residential natural gas usage to 11.48 million MMBTU in Q1 from 11.13 million MMBTU a year earlier.
Commercial and industrial gas usage climbed to 10.17 million MMBTU from 9.57 million MMBTU, AQN added.
Algonquin expanded regulated utility customer connections to about 1.291 million as of March 31, compared with 1.279 million a year earlier, led by growth in water and wastewater operations, the company said.
Algonquin said unfavorable weather reduced quarterly net revenue by $11.9 million compared with slightly favorable conditions a year earlier, while higher labor, benefits, and property tax costs increased operating expenses.
The company plans to invest about $3.2 billion in regulated utility infrastructure between 2026 and 2028, including about $0.8 billion in 2026, $1.1 billion in 2027, and $1.3 billion in 2028.
The utility expects the total regulated rate base to expand to about $9.7 billion by 2028 from roughly $8.2 billion at the end of 2025, supported by a projected annual growth rate of 5% to 6%.
Algonquin secured approval for a $97 million Missouri Empire Electric settlement and a $45.3 million New England Gas settlement, while CalPeco received approval for a $48.6 million annualized revenue increase retroactive to Jan. 1, 2025.
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