Algonquin Power Posts $189 MM Loss for Q4

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Algonquin Power Posts $189 MM Loss for Q4

Algonquin Power & Utilities Corp. (AQN) has reported a net loss of $189.1 million, including discontinued operations, for the fourth quarter of 2024. This deepened the loss for the year to $1.39 billion. The company’s adjusted net earnings fell 44 percent year-on-year to $45.2 million for the fourth quarter. According to the company, adjusted net […]

The company’s adjusted net earnings fell 44 percent year-on-year to $45.2 million for the fourth quarter. According to the company, adjusted net earnings were negatively affected by the sale of its 42.2 percent stake in Atlantica Sustainable Infrastructure plc, higher borrowing costs to fund growth, higher effective tax rates, and the settlement of the purchase contracts underlying the company’s green equity units.

“The company continued to make strides in its transition to a pure-play utility … we successfully completed our Renewables and Atlantica sales, and we enter 2025 with a recapitalized balance sheet and significant opportunity for improvement”, Chris Huskilson, the recently replaced Chief Executive Officer (CEO) of AQN, said.

The sale of AQN’s renewable energy business was completed on January 8, 2025. It was divested to a wholly-owned subsidiary of LS Power for proceeds of approximately $2.1 billion, after subtracting taxes, transaction fees, and other preliminary closing adjustments, including an adjustment for estimated remaining completion costs for in-construction assets.

AQN has appointed a new CEO, Roderick West, who took over the company’s leadership on March 7, 2025. Huskilson has stepped down from his position but will continue to serve as a director of the company.

Additionally, on January 14, 2025, the company announced that Darren Myers would resign as Chief Financial Officer following the release of the fourth quarter 2024 results. The company has initiated a search for a permanent Chief Financial Officer. In the interim, on February 14, 2025, the company announced that Brian Chin, Vice President of Investor Relations, would be appointed as Interim Chief Financial Officer, effective March 7, 2025.

“It has been a privilege to lead Algonquin during this momentous period of transformation, and I look forward to seeing positive developments at the company under Rod West’s direction as he looks to accelerate our progress in 2025”, Huskilson said.

To contact the author, email [email protected]

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