AQN reports lower Q2 profits but secures regulatory approvals and plans a US redomicile to boost growth.
Algonquin Power & Utilities (AQN) announced plans to redomicile from Canada to Delaware, aiming to strengthen its US regulatory and operational footprint. The move follows a mixed Q2 earnings report, with profits falling short of last year’s figures despite recent regulatory wins.
The company secured $97 million in annualized revenue adjustments from Missouri regulators and $8.8 million from Kansas, tied to settlements and performance metrics. Additional approvals include a 250-megawatt gas-fired project in Missouri and pending rate cases seeking $38.1 million, $8.4 million, and $35.8 million across three states.
AQN also received $5 million in DOE reimbursements for an AMI grant, reinforcing its focus on infrastructure investments. New rates from the pending cases are expected to take effect in 2027.