Algonquin Power & Utilities: Meeting with Management

研报英文原文证据摘录

Algonquin Power & Utilities: Meeting with Management

Equity Research

23 June 2026

Algonquin Power & Utilities

Meeting with Management

Our focus remains on Missouri customer billing and service

metrics, potential redomiciling, and California SB254 Phase 2

legislation. AQN OVERWEIGHT North America Power & POSITIVE Utilities

Price Target USD 7.00Yesterday, we met with Algonquin CFO Rob Stefani and VP of Investor Relations Brian

Price (18-Jun-26) USD 5.89Chin. Below are our takeaways from the meeting.

Potential Upside/Downside +18.8%

Source: Bloomberg, Barclays Research

MoPSC’s decision on customer billing and service metrics could come this week: Missouri

PSC’s Staff recommends the Commission not allow AQN’s suspended rate to take effect,

concluding that it failed to meet all six billing and customer service metrics across January, AQN.TO/AQN CT OVERWEIGHT

North America Power &

February and March 2026 – the required three consecutive months. Staff identified 7-10 Utilities POSITIVE

violations. If the Commission agrees with Staff (decision expected potentially this week), Price Target CAD 10.00

Algonquin’s $97 million annualized rate increase in Missouri remains blocked, with the three- Price (19-Jun-26) CAD 8.37

month compliance clock resetting. When AQN does eventually achieve the goal of three Potential Upside/Downside +19.5%

consecutive compliant months, the revenue phases in over three years. Source: Bloomberg, Barclays Research

Potential redomiciling impacts: Management stated that redomiciling from Canada to the US

North America Power & Utilities

could deliver $0.02-0.025 in annualized EPS benefit, comprised of roughly $0.01 from BEAT tax

Michael Lonegan

avoidance and $0.01-0.015 from elimination of Canadian withholding tax on dividends paid to +1 212 526 8462