Q3 2021 Algonquin Power & Utilities Corp Earnings Call

November 12, 2021

[It will be operating in the PJM integrated market.[ We look forward to welcoming the Kentucky power employees into the Liberty family. And to working with AEP during the closing and transition process.

We look forward to welcoming the Kentucky power employees into the Liberty family.

And to working with AEP during the closing and transition process.

The total enterprise value of the acquisition is approximately $2.8 billion. Comprised of assumed debt of approximately $1.2 billion and a cash purchase price of approximately $1.6 billion. From our perspective, this represents an attractive value is a multiple of 1.3 times rate base. Based on an estimated midyear 2022 rate base of approximately $2.2 billion.

Comprised of assumed debt of approximately $1 $2 billion.

And a cash purchase price of approximately $1 6 billion.

From our perspective.

this represents an attractive value is a multiple of 1.3 times rate base. Based on an estimated midyear 2022 rate base of approximately $2.2 billion.

Based on an estimated midyear 2022 rate base of approximately $2 2 billion.

This transaction will have the benefit of increasing our pro forma regulatory business mix to nearly 80% of our portfolio, from nearly 70% currently. And further increasing our service territory and regulatory jurisdiction diversification with a supportive regulatory framework. Upon closing of the transaction,

To nearly 80% of our portfolio from nearly 70% currently.

And further increasing our service territory and regulatory jurisdiction diversification.

With a supportive regulatory framework.

Upon closing of the transaction.

we expect to have approximately $9 billion of rate base. Increasing our pro forma electric rate base from 63% to 72% of our total pro forma rate base. We expect to close the transaction in mid-2022, subject to customary closing conditions, including the receipt of various state and federal regulatory and governmental approvals. We expect the transaction to be accretive to adjusted net earnings per share in the first full year of ownership, which will be calendar year 2023. And generate mid-single-digit accretion to our adjusted net EPS thereafter. While being supportive of our long term growth trajectory.

Increasing our pro forma electric rate base from 63% to 72% of our total pro forma rate base.

We expect to close the transaction in mid 2022.

Subject to customary closing conditions.

Including the receipt of various state and federal regulatory and governmental approvals.

We.

Spectra transaction to be accretive to adjusted net earnings per share in the first full year of ownership, which will be calendar year 2023.

And generate mid single digit accretion to our adjusted net EPS thereafter.

While being supportive of our long term growth trajectory.

Now I thought I'd spend a few minutes on the rationale behind the acquisition. And why we feel strongly that it represents a strategic fit for us. This acquisition fits squarely into our two playbooks of Greening the Fleet and improving return on equity from non-optimized assets.

And why we feel strongly that it represents a strategic fit for us.

This acquisition fits squarely into our two playbooks of Greening the fleet.

And improving return on equity from non optimized assets.

As I've mentioned in the past, Greening the Fleet is an important lever of growth and an area where we have a strong track record through the transition of our Empire and CalPeco utilities.

Greening of CPE is an important lever of growth and an area, where we have a strong track record through the transition of our Empire and Gallup equal utilities.

Just between 2017 and 2020, we successfully reduced absolute carbon emissions at the acquired Empire District electric utility by 33%. And at the acquired CalPeco electric utility by 38% by including renewables in the rate base, use of tax equity.

We successfully reduced absolute carbon emissions at.

At the acquired Empire District electric utility by 33%.

And at the acquired <unk> electric utility by 38%.

By including renewables in the rate base.

Use of tax equity.

And shutting down a 200-megawatt coal plant in the case of Empire District. We plan on leveraging this experience at Kentucky power. In particular, the Kentucky power business offers significant opportunities for us to transition the existing fossil fuel generation to renewables. Which will reinforce our leading role in the transition to a low carbon economy.

We plan on leveraging this experience at Kentucky power.

In particular, the Kentucky power business offer significant opportunities for us to transition the existing fossil fuel generation to renewables.

To reinforce our leading role in the transition to a low carbon economy.

We see a pathway to decarbonize. As it is our expectation that the low-cost resource to replace retiring, our transport coal will be a combination of renewables with support from energy storage. Wind and solar represent the lowest levelized cost of energy to date. And are expected to provide benefits for our customers. The existing unit power agreement with the Rockwood coal-fired plant will expire in 2022. And Kentucky Power's 50% interest in the Mitchell of oil-fired plant is expected to be retired or transferred by 2028. To replace the lost electric supply from Rockport and Mitchell, we see an opportunity to utilize the integrated resource planning process, to explore the potential. To replace over 1100 megawatts of fossil generating capacity with renewables.

It is our expectation that the low cost resource to replace retiring.

Our transport coal will be a combination of renewables.

With support from energy storage.

Wind and solar represent the lowest level <unk> cost of energy to date.

And are expected to provide benefits for our customers.

The existing unit power agreement with the Rockwood coal fired plant will expire in 2022.

And Kentucky Power's, 50% interest in the Mitchell of oil fired plant is expected to be retired or transferred by 2028.

To replace the lost electric supply from Rockport and Mitchell.

we see an opportunity to utilize the integrated resource planning process, to explore the potential. To replace over 1100 megawatts of fossil generating capacity with renewables.

To utilize the integrated resource planning process.

To explore the potential.

To replace over 1100 megawatts of fossil generating capacity with renewables.

This would represent our largest Greening the Fleet opportunity to date. And is aligned with our target to achieve net zero scope 1 and 2 emissions by 2050. We look forward to partnering with the Kentucky Public service Commission or KPSC. Through the integrated resource planning process and leveraging our Greenfield development expertise to deliver low cost clean energy solutions in Greening the Fleet capabilities.

Would represent our largest greening the fleet opportunity to date.

And is aligned with our target to achieve net zero scope, one and two emissions by 2050.

We look forward to partnering with the Kentucky Public service Commission or keep PSC.

Through the integrated resource planning process.

And leveraging our Greenfield development expertise.

To deliver low cost clean energy solutions in the fleet capabilities.

Okay.

<unk>.

It has had a successful track record of identifying, securing regulatory approvals and closing acquisitions. We have extensive experience in managing the integration of multi-modality utilities. Such as Kentucky power and Kentucky Transco.

Of <unk>.

Identifying.

Securing regulatory approvals and closing acquisitions.

We have extensive experience.

In managing the integration of multi modality utilities.

Such as Kentucky power and Kentucky Transco.

As with our previously acquired utilities, we strive to share learnings and best practices among our utilities. Through consistent improvement in our key performance metrics that provide value for our customers. A number of these acquisitions have been utility acquisitions from large entities. And our stewardship of those utilities as part of our Liberty family has helped us to create value for our shareholders and our customers. Similar with previous utilities, we will utilize our local responsive approach. As our local model has been costs within our regulatory allowances.

And best practices among our utilities.

Consistent improvement in our key performance metrics.

That provide value for our customers.

A number of these acquisitions.

Have been utility acquisitions from large entities.

And our stewardship of those utilities as part of our Liberty family.

<unk> has helped us to create value for our shareholders.

And our customers.

Similar with previous utilities, we will utilize our local responsive approach as.

As our local model has been.

Costs within our regulatory.

The allowances.

In addition, we have generally been able to utilize our geographic diversity in a manner that reduces regulatory lag. As we have done with many of our utilities. Also contributing to our ability to earn returns is a focus on added regulatory mechanisms. Under our ownership. We have been able to secure decoupling mechanisms, capital trackers, property tax adjustments and similar mechansms, which all helped the utilities increase returns while providing build stability. And adding the necessary capital to allow us to better serve our customers.

We have generally been able to utilize our geographic diversity.

In a manner that region.

This is regulatory lag.

As we have done with many of our utilities.

Also contributing to our ability to earn returns is.

He is a focus on added regulatory mechanisms.

Under our ownership.

We have been able to secure decoupling mechanisms, capital trackers, property tax adjustments and similar mechansms, which all helped the utilities increase returns while providing build stability. And adding the necessary capital to allow us to better serve our customers.

Capital trackers.

Property tax adjustments.

And similar mechanic Adams, which all helped the utilities increased returns while providing build stability.

And adding the necessary capital.

To allow us to better serve our customers.

For example. After the acquisition of granite state electric in New Hampshire. Since our first test year, our returns have averaged nearly 9% Roe. Whereas under prior ownership, the returns were frequently under 3%.

After the acquisition of granite state electric and New Hampshire.

Since our first test year.

Returns have averaged nearly 9% Roe.

Whereas under prior ownership.

The returns were frequently under 3%.

Similarly, and perhaps more importantly. At Empire District Electric prior to our acquisition, ROEs achieved where commonly in the. Whereas under our ownership, we have been able to average nearly 9,5%. Kentucky Power is primarily regulated by the <unk>. BSC. Which we view as a constructive regulatory jurisdiction and it's highly rated by S&P from a regulatory perspective.

At Empire District Electric <unk>.

Prior to our acquisition.

<unk> achieved where commonly in the.

Whereas under our ownership.

We have been able to average nearly nine 5%.

Kentucky power is primarily regulated by the <unk>.

BSC.

Which we view as a constructive regulatory jurisdiction.

And is highly rated by S&P from a regulatory perspective.

Kentucky Power is a utility that has historically realized ROE below the authorized levels. When compared to peers in Kentucky. We see a compelling path forward to improving the earnings profile to achieve an area that is closer to the authorized amount of 9.3% for the distribution rate base through the availability of certain key regulatory features.

When compared to peers in Kentucky.

We see a compelling path forward to improving the earnings profile to achieve an area that is closer to the authorized amount of nine 3% for the distribution rate base.

Through the availability of certain key regulatory features.

For instance, forward test years are not currently being employed by Kentucky Power despite its approved use by other regulated peers in the state. And could provide for more timely recovery of costs and expenditures.

Forward test years are not currently being employed by Kentucky power. Despite its approved use by other regulated peers in the state.

And could provide for more timely recovery of costs and expenditures.

We look forward to working with the commission on implementing certain improvements to help us deploy the necessary investments to deliver reliable electric service to Kentucky Power's customers.

On implementing certain improvements to help us deploy the necessary investments.

To deliver reliable electric service to.

<unk>, Kentucky Power's customers.

And we plan to maintain Kentucky Power's headquarters in Ashland. Along with developing construct. Arthur will discuss our financing plan of the acquisition shortly.

Along with developing construct.

Arthur will discuss our financing plan of the acquisition shortly.

Lastly, on the acquisition front, I wanted to provide you with an update on our pending acquisition of New York American Water. We filed our joint proposal signed up by the PSC staff and the majority of Intervenors in early November with a hearing scheduled for November 16th.

I wanted to provide you with an update on our pending acquisition of New York American water.

We filed our joint proposal signed up by the <unk>.

<unk> staff <unk>.

the majority of Intervenors in early November with a hearing scheduled for November 16th.

With a hearing scheduled for November 16th.

While this has been a longer process than originally anticipated, we remain confident that the transaction will close. And we are on track to do that within the timeline set out in the stock purchase agreement, which costs were closing to occur on or prior to January 3, 2022.

We remain confident that the transaction will close.

And we are on track to do that within the timeline set out in the stock purchase agreement, which costs were closing to occur on or prior to January three 2022.

Moving on now to operational excellence. In a mission-critical industry, safety and reliability are always be most important areas of focus. I'm very pleased to share that we have passed the impressive milestone of over 650 days. That is over 9 million work hours without a single lost-time injury across our North American business. While keeping our customers and communities safe and maintaining our system reliability and resiliency.

In a mission critical industry.

Safety and reliability are always be most important areas of focus.

I'm very pleased to share that we have passed the impressive milestone.

Of over 650 days.

That is over 9 million work hours without a single lost-time injury across our North American business. While keeping our customers and communities safe and maintaining our system reliability and resiliency.

Without a single lost time injury across our North American business.

While keeping our customers and communities safe.

and maintaining our system reliability and resiliency.

I want to thank our employees during the wildfire season, which will really operational excellence are impacted our South Lake Tahoe area at [CalPeco]. And our local teams worked with incident command. I'm glad to say that operations have returned to normal. And our teams were proactive during the evolving event. [inaudible] Deploying fire retardant on Poles and clearing vegetation. Longer-term, we intend to continue to make investments for system resiliency, system hardening and wildfire prevention.

And our local teams worked with incident command.

I'm glad to say that operator.

This is a return to normal.

And our teams were proactive during the evolving event.

Bruce.

Will increase.

<unk>.

Deploying fire retardant on Poles and clearing vegetation.

Longer term.

we intend to continue to make investments for system resiliency, system hardening and wildfire prevention.

System hardening.

And wildfire prevention.

And we expect the outcome in the middle of next year. In our regulated businesses, we are closely tracking rising gas prices as we head into this winter. We have different [inaudible] in place, but overall, we expect the energy cost to increase and for this to flow through the customer bills through our various recovery mechanisms. Affordability is always a concern for us.

And we expect the outcome in the middle of next year.

In our regulated businesses, we are closely tracking rising gas prices as we head into this winter.

We have different risk.

This is in place, but overall.

For <unk>, we expect the energy cost to increase and for this to flow through the customer bills through our various recovery mechanisms.

Affordability is always a concern for us.

And so we continue to work with our various partners and our energy efficiency programs and low-income programs to help mitigate these costs, where we can.

And low income programs.

To help mitigate these costs, where we can.

And finally. We remain firmly committed to sustainability through the inclusion of environmental, social and governance values in our broader corporate strategy and digital operations.

We remain firmly committed to sustainability through the inclusion of endy.

Environmental social and governance values in our broader corporate strategy and digital operations.

I am pleased to report that last month, we announced our scope 2 emissions by 2015. The achievement of our net zero target is supported by our strong decarbonize and track record, extensive experience in regulated utility management and deep expertise in renewables development.

The achievement of our net zero target is supported by our strong decarbonize and track record.

Extensive experience in regulated utility management.

And deep expertise.

In renewables development.

I spoke earlier of our Greening the fleet capabilities. And wanted to highlight our track record of environmental stewardship. Since acquiring the [Empire distributivity] company in 2017, total score one greenhouse gas emissions have been reduced by over 1 million metric tons. And scope 1 and 2 emissions intensity per dollar of revenue have decreased by 26%.

And wanted to highlight our track record of environmental stewardship.

Since acquiring the empire distribute duty.

Company in 2017.

<unk> total score one greenhouse gas emissions have been reduced by over 1 million metric tons.

And scope, one and two emissions intensity per dollar of revenue have decreased by 26%.

Similarly at CalPeco, we have already reduced our carbon intensity of CalPeco by 46% since 2017. At .0013 per dollar of revenue, our carbon has among the lowest carbon intensities among its peers in the industry. Concurrent with the release of our net zero target, we also released our 2021 sustainability report. Which not only outline our progress on our ESG initiatives. But also provided a higher level. Some of which we have already achieved ahead of schedule. And others that we are confident in meeting. With that, I'll pass it over to Arthur who will speak to our third quarter 2021 financial results. Arthur.

At 0013 per dollar of revenue.

<unk> has among the lowest carbon intensities among its peers in the industry.

Concurrent with the release of our net zero target.

we also released our 2021 sustainability report. Which not only outline our progress on our ESG initiatives. But also provided a higher level. Some of which we have already achieved ahead of schedule. And others that we are confident in meeting. With that, I'll pass it over to Arthur who will speak to our third quarter 2021 financial results. Arthur.

Which not only outline our progress on our ESG initiatives.

But also provided a higher level.

Some of which we have already achieved ahead of schedule.

And others that we are confident in meeting.

With that I'll pass it over to Arthur <unk>.

We will speak to our third quarter 2021 financial results. Arthur.

Arthur.

Thank you, and good morning, everyone. I'm pleased to report solid third-quarter results, reflecting the benefits of [Algonquin.] Third-quarter 2021 consolidated adjusted EBITDA was [inaudible] $9 million, we reported for the same period last year, but slightly below our expectations.

I'm pleased to report solid third quarter results, reflecting the benefits of Algonquin.

Third quarter 2021 consults.

<unk> adjusted EBITDA.

Strength from 197.

I think $9 million, we reported for the same.

Period last year, but slightly below our expectations.

The regulated services group delivered $195.8 million in operating profit in the current quarter, which compares to $146.1 million in the same quarter last year. This improvement primarily Rand water utility as both. For last year. As well as contributions from our wind facilities that were placed in service earlier this year as part of the Midwest Greening The Fleet initiative. At energy North and Peach state. The Park water in Apple Valley system. In California.

Services group delivered $195 8 million operating profit in the current quarter, which compares to $146 1 million in the same quarter last year.

This improvement primarily Rand water utility as both.

For last year as.

As well as cost.

Contributions from our wind facilities that were placed in service earlier this year as part of the Midwest Greening The fleet initiative.

At energy North and Peach state.

Park water in Apple Valley system.

In California.

Okay.

This was offset by the impact of a one-time retroactive rate increase in Q3 of last year at the CalPeco Electric system. I should also note that the regulated services group did not experience any material negative impacts from COVID-19 this quarter.

I should also note that the regulated services.

This was group did not experience any material negative impacts from COVID-19 this quarter.

However, the comparative results from Q3 2020 were negatively impacted by the pandemic by approximately $4.2 million.

2020 were negatively impacted by the pandemic by approximately $4 2 million.

Moving on, the renewable energy group reported a Q3 divisional operating profit of $72.5 million, which compares to $67.1 million in the same quarter last year, an increase of about 8%. But below our expectations for this business unit.

But below our expectations for this business unit.

The addition of Sugar Creek and Maverick Creek wind facility generation facilities as well as the Great Bay 2 and Alta Vista solar generation facilities, all contributed to the quarter over quarter increase in operating profit.

Our investment in Atlantica also continued to provide benefits with dividends received increasing by $2.8 million over the prior year. However, this increase was partially offset by several factors. We experienced lower overall production at our wind generation facilities, primarily due to resource shortfalls. Excluding the impact of the newly added facilities production in our existing power generation facilities was 7.3% lower than the same quarter last year or approximately $15.4 below the long term average.

However, this increase was partially offset by several factors.

We experienced lower overall production at our wind generation facilities, primarily due to resource shortfalls.

Excluding the impact of the newly added facilities production in our existing power generation facilities was seven 3% lower than the same quarter last year or approximately $15 four below the long term average.

Production shortfalls, along with lower than expected realized pricing also negatively impacted the results from our investments in the Texas coastal wind facilities.

Lastly, performance at our Sanger facility was negatively impacted this quarter by higher carbon compliance costs and lower capacity payments.

Some of these impacts were partially offset by higher realized renewable energy pricing on our US wind facilities as well as operating renewable tax credit benefits, which would have been otherwise included as part of the renewable energy group's operating profit. And in adjusted EBITDA, but are reflected in our overall adjusted net earnings.

Profit.

And in adjusted EBITDA, but are reflected in our overall adjusted net earnings.

In total, our Q3 adjusted net earnings per share came in at 15 cents, which is in line with the 15 cents reported last year. And I want to spend a few minutes on the financing plan, which is designed to maintain our mid triple B investment-grade credit ratings and maintain a strong and resilient balance sheet. Concurrent with the announcement of. The purchase price.

And I want to spend a few minutes on the financing plan, which is designed to maintain our mid triple B investment grade credit ratings and maintain a strong and resilient balance sheet.

Concurrent with the announcement of <unk>.

The purchase price.

Yes.

This offering is expected to satisfy all of our common equity needs to the expected closing of the transaction in mid-2022. To fund the remainder of the cash purchase price, we plan to utilize some or all of the following sources. First, hybrid debt. Which has seen some very attractive rates in the market recently and provides for an attractive funding source receiving 50% equity credit from S&P and Fitch.

To fund the remainder of the cash purchase price, we plan to utilize some or all of the following sources.

First hybrid debt.

Which has seen some very attractive rates in the market recently and provides for an attractive funding source received 50% equity credit from S&P and Fitch.

We continue to maintain a significant room in our capital structure share for this low-cost capital. Second, potential monetization of nonregulated assets or investments. The current low-cost capital environment continues to precipitate a strong valuation for quality renewable generation assets.

Second potential monetization of nonregulated assets or investments.

Current low cost capital environment continues to precipitate a strong valuation for quality renewable generation assets.

Although our core competency continues to be as a developer, operator and owner of regulated and renewable assets. We believe augmenting this Carbonell capital through monetization of some of our new renewable assets or investments has the potential to drive greater shareholder value.

To drive greater shareholder value.

Lastly, mandatory convertible units. As you've heard me say before, we believe that mandatory convertible units are a great fit in our capital structure, having the potential to be lower-cost capital compared to common equity and more effectively match the investments cash generation profile with its financing.

As you've heard me say before we believe that mandatory convertible units are a great fit in our capital structure, having the potential to be lower cost capital compared to common equity and more effectively match investments of cash generally the investments cash generation profile with its financing.

However, recognizing the ultimate conversion to common equity. If used as a financing source, we intend to be prudent in the magnitude of their use. While we expect to have the majority of our permanent financing in place at or near the transaction close. We also secured an approximately $2.7 billion acquisition financing commitment to support the acquisition.

Used as a financing source, we intend to be prudent in the magnitude of their use.

While we expect to have the majority of our permanent financing in place at or near the transaction close.

We also secured an approximately $2.7 billion acquisition financing commitment to support the acquisition.

Finally, I wanted to say just a few words on the acquisition itself. We view this acquisition to be of compelling value and expect it to be accretive to adjusted net EPS in the first full year of ownership, generating mid-single-digit accretion to adjusted net EPS that support growth in our adjusted net EPS over the long term.

We view this acquisition to be of compelling value and expect it to be accretive to adjusted net EPS in the first full year of ownership generate mid single digit accretion to <unk>.

Adjusted net EPS that support growth in our adjusted net EPS over the long term.

Now moving on to provide some updates on our other financing activities and progress on our 2021 capital plan. Since August of 2020, we have placed into operation approximately 1400 megawatts of renewable energy projects from our construction pipeline.

Since August of 2020, we have placed into operation approximately 1400 megawatts of renewable energy projects from our construction pipeline.

During the first nine months of the year <unk> has developed deploy capital on initiatives relating to the sale of over our electric water and gas systems, as well as delivering new renewable generation from our projects, including Maverick Creek Wind, Alta Vista Solar at our Midwest [greening].

<unk> has developed deploy.

Deploy capital on initiatives relating to the sale of.

Over our electric water and gas systems, as well as delivering new renewable generation from our projects, including Maverick Creek Wind Alta Vista.

Solar at our Midwest screening.

Bringint the total capital deployed so far this year to approximately $3.4 billion and on track for expected capital deployment in 2021 of over $4 billion. During the third quarter, the company utilized its ATM program, raising proceeds slightly north of $100 million.

<unk> 2021 of over $4 billion.

During the third quarter the company utilized its ATM program, raising proceeds slightly north of $100 million.

We view the ATM program is allowing for cost-effective on opportunistic issuance of common stock. Result, we do not expect further issuance under the ATM until after the expected closing date of the Kentucky power acquisition at the earliest.

Result, we do not expect further issuance under the ATM until after the expected closing date of the Kentucky power acquisition at the earliest.

At the end of the third quarter, the company had a problem. Approximately $1.9 billion of liquidity and capital reserves available. We continue to have strong support from our key banking partners. And expect to maintain resilience and liquidity profile as our business continues to expand.

Approximately $1 9 billion of liquidity.

City and capital reserves available.

We continue to have strong support from our key banking partners and.

And expect to maintain resilience and liquidity profile as our business continues to expand.

Before turning things over to Arun, I'd like to provide a brief update on our 2021 adjusted net EPS guidance. Excluding the impact of the market disruption on the Senate wind facility related to winter storm already in Q1, we continue to expect our 2021 adjusted net earnings per share to be in or around the lower end of the company's range of 71 to 76 cents as communicated previously.

Excluding the impact of the market disruption on the <unk>.

The Senate wind facility related to winter storm already in Q1, we continue to expect our 2021 adjusted net earnings per share to be in or around the lower end of the company's range of 71 to 76.

communicated previously.

We continue to assume our earnings guidance normal and our earnings guidance normalized weather patterns in the fourth quarter, as well as resource availability and production on our renewable generating facilities that is within long term averages.

We also assume that the company is able to obtain constructive regulatory outcomes as well as the absence of any supply chain delays that will impact our estimated placed in service dates, based on the current equipment delivery and construction schedules. With that, I will hand, it back to Arun to outline our strategic plans.

With that I will hand, it back to Arun to outline our strategic plans.

Thank you, Arthur. Before we close out our prepared comments this morning, I want to give an update on our strategic initiatives. With society and economics working hires are both well-positioned to contribute to and benefit from this decarbonization transition. We remain committed to our strong rack with many different levers at our disposal. Having deployed nearly $3.4 billion of capital this year.

Before we close out our prepared comments this morning.

I want to give an update on our strategic initiatives.

With society and economics, working hires are both well positioned to contribute to.

And benefit from this decarbonization transition.

We remain committed to our strong rack.

With many different levers at our disposal.

Having deployed nearly.

$3 $4 billion of capital this year.

We remain on track for our 2021 planned capital expenditures. The addition of Kentucky power will be additive to the company's long term investment pipeline. Another growth lever on our renewable side that I'd like to touch on is our significant focus on new Greenfield development.

The addition of Kentucky power will be a good due to the company's long term investment pipeline.

Another growth lever on our renewable side that I'd like to touch on.

One is our significant focus on new Greenfield development.

As a reminder, this prospective greenfield pipeline is over and above our long term capital investment plan. Our greenfield investments are focused on securing new opportunities and continuing to advance the projects that will eventually form part of our best long term capital plan in future years.

Our greenfield investments are focused on securing new opportunities and continuing to advance the projects that will eventually form part of our best long term capital plan in future years.

We look forward to discussing this in more detail at our upcoming analyst and Investor Day, which is scheduled for the morning of Tuesday December 14th. Where we will be providing the investment community the opportunity to hear from key members of the leadership team for an update on our operations, strategic direction and future growth plans for Algonquin.

Where we will be providing the investment community the opportunity to hear from key members of the leadership team for an update on our operations.

Our strategic direction.

And future growth plans for Algonquin.

In summary. Our three strategic pillars of operational excellence, growth and sustainability will be a key foundation as we continue to build a business. And strive to bring long term value to our shareholders.

Our three strategic pillars of operational excellence.

Growth.

And sustainability will be a key foundation as we continue to build a business.

And strive to bring long term value to our shareholders.

We remain well-positioned to continue to execute on our growth strategies while pursing our sustainability goals, guided by maximizing operational excellence on behalf of our investors and customers. With that, I will turn the call over to the operator on the line.

While pursing our sustainability goals.

Guided by maximizing operational excellence.

On behalf of our investors.

And customers.

With that.

I will turn the call over to the operator on the line.

Okay.

As a reminder, to ask a question press the pound key. Press star then the number one on your telephone keypad. Please stand by while we compile the Q&A roster. Your first question comes from the line of Rupert Merer from National Bank. Your line is now open.

At Star then the number one on your telephone keypad.

<unk> bio will be compile the Q&A roster.

Your first question comes from the line of Grupo <unk> from National Bank. Your line is now open.

Thank you good morning. A key acquisition and the potential for asset sales. Have you had discussions in the past on selling assets? Which assets you might select first things in the portfolio? Or would you may be looking at selling a share.

A key acquisition and the potential for us.

Asset sales.

Have you had discussions in the past on selling assets and.

Okay.

Which assets you might select.

Things in the portfolio or.

And would you may be looking at selling a share.

Well first of all our ruberg.

We do.

We're going to be guided by making sure we maintain a very strong balance sheet.

Thats, an absolute must for us.

So from a business risk and credit profile perspective.

And whatever we do in terms of asset recycling, probably will be more on the renewable side of the business.

We believe.

It could be a combination of some of the things you talked about.

It could be orphan assets.

That we perhaps developed or acquired many years ago that need not be a good strategic fit anymore or it may be opportunities to bring in low cost capital, while maintaining our strong development and operational.

Leavers.

So we.

We probably will not be.

Obviously announcing which exact assets before we are prepared to do so.

Okay. That's fair enough and then secondly, if we can talk about it.

Supply chain logistics issues and.

Any inflationary pressures you might see on your operations.

Engineered.

Sure.

Not baking in any any protection.

And what sort.

Sort of risks.

Should we be baking in there.

Sure.

So first of all I don't want to give a little bit of context soda back in 2020.

We had 6200 megawatts of renewables under construction and that.

Okay, and I am very pleased to.

Energy board that by and large we were able to bring in.

That 60 to 100 megawatts of construction projects into operation.

In 2021 and so on.

We have actually done a lot in terms of insurance.

Turing, we are able to effectively match.

As our supply chain efforts now having said that.

Yes, we are seeing.

Issues around shipping.

Issues around delivery front from the various boards, but I believe we have a pretty effective supply chain management team and we do not see any.

Huge movements are significant movement in terms of our project milestones.

Yes.

Are you seeing any inflationary pressures either on your construction costs.

Operations.

Anticipating any impact.

So certainly.

Two items I just first of all.

Many of them.

The EPC contracts and laundry equipment supply agreements, we have Dr. Under dialogue under fixed supply fixed price contracts right now implement supply and EPC agreement contract as close as possible to the offtake agreements. So yes, we have seen some pressures.

Okay.

And inflationary pressures anywhere from depending on cloud, especially component, 5% to 10%, but we have also seen.

<unk>.

An increase an uplift in the offtake pricing. So we have been able to preserve the kinds of returns that we.

We look forward.

I'll leave it there thank you.

Thank you Robert.

The next question comes from the line of David <unk> from Raymond James Your line is open.

Thanks, Good morning, everyone. I'm wondering if you can just provide any color on the path to improving Roe.

Be it timing and what you see is whether that's the future test year or anything like that.

Certainly this is something we're very focused on in <unk>.

David as I talked about earlier.

Our <unk> and other.

Granite state and some of our other utilities as well alright. So.

The iron.

Early is not optimized.

Right now in Kentucky power.

We obviously will be working closely.

We work this effectively and we do.

Do something Thats in the best interest of the customers as well. So there are things like for example, the union.

Power agreement with us.

Our Rockport, which is a coal plant that is based in Indiana. There are a certain number of costs that have been deferred and disallowed for future.

Included in revenues.

So that's one lever.

Other one is utilizing forward test years, which as I said in my.

Our prepared remarks are utilized by <unk>.

As such as.

The 43%.

Equity that that we see right now we believe we have room to increase that as well and other <unk>.

Capital and.

<unk> cost tracking mechanisms that are available I mean, Kentucky is a very constructive regulatory state.

And we definitely look forward to working with the commission closely.

<unk> once again best for our customers over the long term.

That's great color. Thanks, Arun and then maybe just one more from me as you look ticket greening the fleet, Kentucky power I'm curious if you had any initial thoughts on what the mix of renewables might be and if you could potentially even include storage there.

So if you look at we look at store is whenever we look at any.

The renewable projects these days and.

And it is becoming more and more compelling we will talk about this a lot more at Investor day.

But by and large we believe that.

Between solar and wind in that in the theater, Kentucky Solar is hasnt.

It Hasnt, probably better resource availability and better economics, there are pockets.

In the state of Kentucky.

Key where wind is a strong resource.

We will have to work through obviously.

<unk> make sure that we work with the commission through the integrated.

The IRB process.

We firm up our plans.

Okay.

Excellent thanks for that I'll turn it over.

Thanks, David.

Your next question comes from the line of Nelson <unk> from RBC. Your line is now open.

Great. Thanks. Good morning, everyone. First question just to follow up on David's question on Greening, Kentucky.

Just in terms of the Rockport facility Rolling off that you pay at the end of 2022.

What is Kentucky power requirement.

To backfill that capacity do you have enough spare capacity for now for that facility.

Facility.

Roll off or alright.

I can just provide a bit more details on like if you have to get new capacity by the end of.

At the end of.

2022.

B, you've got Mitchell goal.

Got big Sandy gas and then you have.

And interestingly enough over the last several years, what we've seen is.

Purchases from the grid or in fact, a lower cost.

Dan purchases from.

From the pro forma core plants so.

For the EPA expires.

This should actually be.

Positive.

<unk>.

In terms of us being able to procure newer cost energy from the grid as compared to <unk>.

Okay.

Okay, but there's no requirement to have available capacity as backup or anything right.

There are some utility capacity requirements and we will be working with AEP to replace the work for that contract on a short term basis to make sure we stay in compliance with those.

Okay got it.

Then my next question just relates to Balco I believe there is a $35 million rate increase request I didn't get a chance to pull the rate case filing but can you just talk about the key drivers of the increase and is it mainly just due to higher oil prices that you've been seeing.

Yes, so I mean, I think the two main drivers Nelson.

You hit on one of them, which is the increased fuel prices and then in the last rate agreement there was some deferred costs being in the middle.

Covid pandemic may.

Maybe as a reminder, in context railroads traditionally we've been filing a new rate case.

DRA in Bermuda. This is us now going to offer sort of multi year filing this will be a two year rate case.

Okay. Thanks, I'll leave it there and get back in the queue.

Thanks Vanessa.

The next question comes from the line of Julien Dumoulin Smith from Bank of America. Your line is now open.

Hey, good morning team, thanks to timely opportunity.

Good morning Julien.

It's a pleasure we are doing.

Indeed, hey, so maybe just following up I'll, let me just first focus on Kentucky here.

Just as you think about the first off Mitchell could that be transferred sooner here just as you think about the timeline to agricole here. If you can elaborate on that and then also can you quantify a little bit.

I know you alluded to earlier the earned ROE just what the timeline is there and again I noticed the head of your analyst day, but as Youre thinking about that coal transition how much coal is in rate base. Today as you think about that outlook that youre going to provide as well as that timeline to get to your earned ROE given the sort of the cadence of the rate cases around this.

Sure.

First on Mitchell.

Julian <unk>.

<unk>.

As Im sure Youre aware.

The Kentucky Commission basically.

Through the investment for CCR.

Which takes the <unk>.

Project capable of delivering.

Continuing to operate through 2028.

And.

The commission did not approve.

The investments and EOG, which.

<unk> actually.

We're able to plant two.

So and so given that.

Order we are.

Our view of that.

We will be able to transfer that ownership from Kentucky power too.

The West Virginia subsidiary of AEP in 2028 are there compelling reasons for us to be an economic for us to be able to transfer that earlier, that's something we'll obviously look at that but again, we will have to work with the commission.

On that account.

Europe arent utterly question Ed.

The allowable arrow in Kentucky at nine 3%.

And I believe that some of the earlier common demand Julian around.

The disallowance of <unk> under the Rockport.

We used the <unk>.

Equity thickness from 43% to something higher.

<unk> utilizes an of forward test years.

And some of the other mechanics that are already available in Kentucky.

We will.

We hope to be able to come closer much closer to the <unk>. However, we have continued to be fairly conservative.

In our modeling as to.

Our forward looking.

Views on that so we remain pretty confident to be able to get much closer to <unk>.

Okay.

Got it so just.

Just to clarify that when you say youre, considering your model and Youre, saying youre not necessarily fully assuming that as you look at your outlook.

Over the five year period.

That's right.

We assume that we will get closer got it act button can you clarify the coal and rate base here just as you think about that pivot over time.

And what's the starting point that we're at today, if you think about.

You sort of the degradation from coal rate base to transition to renewable over time.

So clearly the trend is and will start happening at the end of 2022, right and and obviously another big point in time is <unk> win that we will no longer.

Have one ownership I'll ask Mitchell.

Third part obviously is how quickly can we bring renewables into the rate base, we're working through the IRB process and <unk>.

In a given.

In eastern Kentucky, given the much lower LTV of renewables, we believe that.

We should be able to start layering in renewables as perhaps even as early as towards the end of 2024.

Got it excellent.

Alright, if I can I know, we're also fixated myopically on Kentucky here, but I've got to ask the question around Bvd here reconciliation. How are you thinking about your prospects under this legislation here, especially given how you guys talked about renewables at times.

And specifically also I'd be curious if you could comment on how you think about HBV.

Given this legislation to I mean, obviously, you're an expanding opportunity set and some nuances I imagine for tax and how you guys recognizing too.

Well, let me first.

Answer on the build back better right.

What I usually.

To folks is that.

Renewables has gone beyond followers.

It's becoming.

Already become an economic value proposition right.

Yes.

All of the deal wins.

That are out there.

Based on the things like build back better could can only help us.

I will also go beyond that.

One of the fairly easy things I think the binding the administration could do through an executive order in fact is direct purchases through.

Through the federal government of renewables, we already have.

The Great Bay Solar project, where the General services administration of the Federal government is the off taker. So we have all of the accounting regulatory.

Bob.

Policies and processes in place to in fact directly contract with the federal government as well so.

With all of that tailwind.

And what the binding on municipalities trying to do to accelerate the pace of renewables. We believe that all of these deal wins can only benefit us Arthur why don't you respond.

Respond to the <unk> first good.

Good morning Julien.

From.

The planned basically I mean, a lot of tailwind increased flexibility obviously with the.

With the proposals around the extension of the tax credits this makes.

<unk> equity financing continues to be viable for us also with the.

Direct pay proposals that out obviously.

Provides another dimension of financing and as well as.

I said before we continue to have to tax appetite internally. So that we can continue we can look at.

At monetizing some of our own tax credits as well. So so from an overall perspective as it provides flexibility and to but we'll we'll use it to.

Yeah.

Alright, guys. Thanks for the time best of luck.

Thank you Julien.

The next question comes from the line of Sean Stewart from TD Securities. Your line is now open.

Thanks, Good morning, everyone.

Good morning, Sean Good morning.

Just a couple of questions New York American water, just so I understand it ahead of the hearings next week.

If there are still dissenting parties on this transaction how does that play out.

Post this hearing.

And how does that inform your thinking around the closing date of early January worst case scenario.

Hey, Good morning, Sean This is Johnny So I think in the joint proposal that we filed with the commission we had all parties ball one signing up and so I think we feel.

Very confident in terms of the process that we've gone through the large degree of alignment.

In with all the parties down in long island, and so I really feel pretty confident coming through the hearing that we should be seeing an order in the not too distant future.

Thanks Jonny for that.

Second question is on agents and.

You've got the new partnerships in place.

Can you give us some context on what <unk> brings to the table for you guys and thoughts on.

Advancing that vehicle using it as a growth lever going forward.

So.

With <unk> as you know we have had abbott Google as a partner.

And based on everything.

That is out in the public.

<unk>.

It was a challenging partnership given the financial challenges.

There have been going through.

So with areas of what we have is very solid.

<unk> partner for us to work through our development and construction.

Nancy and in a rather and then also bringing a bespoke partner every time, we do a project we now have.

The contractual terms and conditions and everything.

Pretty much.

With one partner and also there is no conflicts of interest given that the auto financial partner and they are not looking to enhance their own EPC.

Yes.

GAAP diluted or anything with steward.

<unk>.

We do intend to retire the agent's name and of DCD everything now under a Liberty development all of our development activities globally. So you will probably be not be earning about <unk>.

Going forward from us.

Okay Thats understood. That's all I have thanks very much Harry.

Thank you.

The next question comes from the line of Rob Hull from Scotiabank. Your line is now open.

Good morning, everyone I wanted to circle back on <unk> comments that youre seeing a little bit of cost inflation on newer novo projects, but PPA pricing is coming up as well.

How are discussions going for the next phase of contracted renewable projects could we see a little bit of an air pocket here.

FTE.

Yes.

<unk> uptake or is one a little bit more certain shale and whether or not.

<unk> is transitory or if thats your firewall just want to get a sense of how discussions are going.

My comments is that we are seeing inflationary pressures.

Depending on when certain commodities.

But also it could include things like shipping and other.

Transport is amazing is that on the flip side.

Yes.

<unk>.

They're off the prices as well.

We have been able to preserve the economics of all of our projects.

And one of the things we do is really try to make sure we.

Sign off on the EPC and the major equipment supply contracts as close to the offtake agreements as possible. So there is really middle of any daylight between the two.

Sure.

Where we are exposed that's really what I was.

Trying to say in my remarks, I don't know if I use anything from particular from your question or.

The next phase of renewables are the ones that you still need to secure a PPA.

The pace of conversations going on those to get those secured a day.

Has any inflationary environment slowed it down or are they still making good progress.

No we're still making good progress Rob we continue to advance those discussions will be sharing more at Investor day.

On some of those discussions, but we also.

We will anticipate as we as we move forward that the counterparties are willing to transact at higher prices, but we have to have the difficult discussion of if there is uncertainty and things that are unknown out how.

How do we take advantage of that risk because.

Do not take that on and we remain disciplined so if we have to push a project out will push a project out.

The discussion.

Directly to your question have been going well.

Okay. Good to hear and then a second question just in terms of how Youre looking at the Atlantic stake.

We haven't seen a ton of Dropdowns, but you do have this capital requirement coming at us.

Kentucky do you viewed dropdowns to atlantica.

As an attractive source of capital and I guess secondarily, how are you viewing atlantica from a strategic point of view.

Sure So look atlantica remains.

A very attractive investment, especially given the.

The price at which we are able to enter.

Atlantica right.

It is also very aligned with our overall ESG poster I mean, <unk> been really be more as the.

Number one renewable energy company globally and so we.

We are very aligned on that front as well.

We continue to work with them.

Well, we in fact have dropdown.

Last quarter Q.

One of our assets in Colombia that was under construction that is now fully operational so so we havent done dropdowns as we think about.

Green.

Possibly monetizing our.

Some of our renewable energy assets, we will do Watson.

Yes.

Or.

Hi.

From a balance sheet perspective, first and foremost.

But also <unk>.

What is best in the context of <unk> for our shareholders.

And if it is found that dropdowns into atlantica as Paul.

The best outcome.

We will give that serious consideration as well.

Thank you.

Thanks, Rob.

The next question comes from the line of Ben Pham from BMO capital markets. Your line is now open.

Hi, Thanks, good morning.

So there is.

Some commentary or a sentence on that.

Hey.

Matching year targeted utility exposure.

780% and I think thats.

Maybe the first time I have seen maybe some more specific numbers they put their.

Sir correct me if I'm wrong.

My question is that.

Is that really.

You may made a frame us how.

How are you thinking about that.

At Kentucky brings to 80%. So are you basically say you don't want to ask.

Alright that utility.

Batch or M&A as much anymore post Kentucky.

Does it impact how you sell renewable assets, because that's kind of changed that mix Raj maybe credit rating driven.

Good morning, Ben first and foremost our balance sheet again.

We were laser focused on making sure that.

But we do not degrade our triple B credit rating business mix, obviously is a part of that.

There is no.

Very very clear Red line on what exactly that business mix should be which gives us.

Our optionality frankly on how we grow regulated versus renewables the higher.

Regulated mix pro forma with can be power, obviously takes us closer to 80% of which obviously has a positive impact on the businesses risk.

Credit profile and so on and so forth. It also gives us optionality on on.

Accelerating our growth on the renewable side because it is lifted we will do.

Come back to 70%.

Is still weak.

And the right mix for four.

Our credit rating that opens a room just on the renewable side of the business for over 2700 megawatts now that all ramped up.

On top of whatever we could do in terms of greening the fleet.

Kentucky, So it really does accelerate significantly.

<unk> Prudential.

Our growth of renewables both in rate base.

In Kentucky as well as on the renewable side of the business.

Okay.

That answer your question Ben Yes.

Yes, that's helpful.

Maybe two.

Follow up on some of.

Our first comments around the remaining funding for Kentucky.

Bob.

It sounds like I, just I just maybe wanted confirmation is I guess, if you were to pass.

Cleared a funding near term it sounds like your bias right now is hybrid securities maybe.

Maybe a little bit of <unk>.

Non regulated asset sales, but less of those.

<unk>.

<unk> given that that future equity.

Dilution.

Is that correct.

I think I mean, one thing I can say about the remaining funding.

I think planet gives us a lot of flexibility right.

Alright.

This slide seconds high hybrids are very attractive.

Got flexibility with mandatory.

We talked about.

Potential asset recycling opportunities.

There could be thereabout, but right now we really have.

This provides us flexibility.

Okay.

Is there I know you feel quite good about not needing external equity.

ATM through mid 2022, but is there.

Any sort of scenario.

Dark skies scenario triple for us is our strong balance sheet.

We need to maintain a strong balance.

Speculate I guess is a lot here and I won't speculate on where there could be.

And a lot of the dark cloud.

We're looking forward I think what we say.

Got it.

In my remarks.

<unk>.

It continues to hold.

Okay, and maybe maybe a cleanup question on the tax credits you mentioned that your bookings this year from five sensors. So do you.

Trust and <unk>.

<unk>.

EPS going forward do you expect it to increase decrease.

That's a great question and I will say.

Yes.

Kind of look through it.

I spoke to the flexibility that that now will have actually under the build better back plan as well.

Is the ability to self monetize is going to be there for us and is one of the ways that.

So they will look to.

Potentially fund projects again, whichever way best Optimizes via the particular projects economics, so yes.

I would say that as a tool that will have to continue to.

To manage our overall effective tax rate.

Okay, great. Thank you.

Thanks again.

The next question comes from the line of Andrew <unk> from Credit Suisse. Your line is open.

Thanks, Good morning, I guess the question is for Arun.

It's really around the whole notion of the organization getting bigger.

Which had been on a great growth trajectory for a while and then you've got another acquisition number fold.

How do you maintain the entrepreneurial culture.

The status of the organization and that has historically been known for as you expand the entire enterprise.

It's a great question, Andrew and Luca.

One of the things I'm really really pleased about at.

<unk> is that very entrepreneurial culture, it's one of our guiding principles.

<unk>.

That and the strategic thinking is both on the renewable side of the business and on a regular decided in that business.

As you see things like Greening the fleet on the regulated side of the business as well we have been successful.

In the pudding.

Significant amount of renewables into rate base.

<unk>.

Tax equity.

Perhaps.

Pioneers doing that into the rate base.

We are doing things like.

The renewable natural gas, we've got a lot of storage pipeline.

We are doing.

Community solar projects.

There is a lot of different levers, we have but really everything is really around the whole decarbonize and transform reason right.

I am extremely excited about is that that opens up a huge amount of opportunities and we.

Our.

We absolutely stand to benefit hugely from that transformation over the next 10 20 years and Thats, where we are.

<unk>.

Really trying to align the entire company and all of our entrepreneurial bent is really towards that.

That's helpful. And then maybe just a follow up and related if you think about your overall portfolio now 10 years ago with some of the acquisitions that were done were.

Theyre meaningful to the company and those assets aren't that meaningful now, but maybe they have traditional value and there's things that could be done around those assets. So how do you think about just rationalizing parts of the portfolio.

Maybe help us the financial structure.

Versus the entrepreneurial efforts that can be driven off of some of the assets that are across North America.

And again.

We do want to look at that very strategically right I mean so.

Thank you.

Frankly, each of our assets on jurisdictions, we should be looking at it.

Our perspective of.

Dewey grow do evolve.

<unk> diverse right.

And.

At the end of the day, what is best for our shareholders.

And we do look at.

And certain assets that we may have acquired 10 15 years ago that may not be good strategic fits for so when we when we think about things lagging of asset recycling does.

Obviously, we are.

At the top of the.

<unk> for us, but other than that.

We also have been we have lots of opportunities given our scale on the renewable side two really.

<unk>.

The use of flywheel in terms of.

But basically bringing in lower cost capital.

Utilizing some of that for for continued development continue to provide that.

The kind of growth and returns that we want to provide to our shareholders. So there is a lot of good that could come from that process as well.

Okay. Thank you very much that's very helpful. Thanks.

Thanks, Andrew.

First question comes from the line of Lee Your line is now open.

Hi, good morning.

Okay.

I just wanted to start off with some questions on.

Kentucky and some of the comments you made on the nonstrategic.

Yes.

Certain assets.

To be clear there is no currently any preference to so either it's taken atlantica or an existing assets.

To help finance, the Kentucky acquisition.

Nigel what we've talked about is the various financing sources and one of them could be asset recycling.

But I think what Arthur has also said repeatedly is that we in fact have especially given our recent.

<unk> deal that we have a lot of flexibility on how we are going to fund the remainder of the balance.

Doug enough hybrid <unk> group.

Looks very attractive right now, but we.

We could be looking at other sources as well such as asset recycling.

Okay, Okay got it.

Just wanted to get I guess, a bit more of your thought process behind the <unk> acquisition. It seems like Theres a lot of value to unlock maybe AEP codell.

<unk> it wasn't interested in doing how do you view these assets in terms of risk return profile, maybe relative to some other M&A opportunities you're seeing in the market, especially when you take into consideration the size of the transaction.

One we're excited about the spelling values and winning when you think about one three times rate base and you just look at the other transactions that have been done out there, but this is a very compelling value.

Values right.

Second of all.

When you look at the fact that <unk> is in fact, a highly rated constructive regulatory jurisdictions.

Thats, another plus as well.

<unk> you look at the Greening the fleet.

A potential <unk> that I talked about earlier, especially given the fact that.

From where we were fortunate.

Sure.

As in the state of Indiana, and the other <unk>.

<unk> plan from what you were purchasing power and onward to 2% is in West Virginia.

And so.

From the perspective of Kentucky.

Being able to add significant amount of newer lower cost renewable energy in the state of Kentucky.

To replace.

The.

The energy that is being brought in from either Indiana, Our West Virginia and that is pooled and has a higher cost that has to be extremely compelling as well and on top of that what I talked about is the other playbook that we have where.

The examples like Grand nights data examples like Empire, which were underperforming when we acquired them and the fact that we have been able to bring them back to at or close to a LIBOR I read I think brought that playbook also speaks for itself. So for all of those reasons, we're actually very excited about this opportunity.

Okay got it and Eric just one final quick question, if I can on the Empire, Missouri rate case.

Just any any preliminary thoughts on the staff recommendation.

Nation.

And that rate case, I know, it's still ongoing but just any thoughts.

I think at this point in time as we're in the middle of the process.

Probably not the right time to comment.

Forward to engaging with.

Through the process and look forward to getting a fair outcome.

Okay. Thank you.

<unk>.

There are no further questions at this time I would now like to turn the conference back to Ireland, but this quarter.

Thank you operator, and thank you very much for those we were able to join US today for taking the time on our call today.

With that please stay on the line for our disclaimer.

Our discussion during this call contains certain forward looking information, including but not limited to our expectations regarding earnings ample expenditure pending acquisitions potential feature cleaning the fee initiatives and potential future funding sources and transaction.

Forward looking information is based on certain assumptions, including those described in our most recent MD&A filed on SEDAR and Edgar and available on our website and is subject to risks and uncertainties that could cause actual results to differ materially from historical results or results anticipated by the forward looking information.

Looking information provided during this call speaks only as of the date of this call and is based on the plans beliefs estimates projections expectations opinions and assumptions of management as of today's date, there can be no assurance that forward looking information will prove to be accurate and you should not place undue alarm.

On forward looking information, we disclaim any obligation to update any forward looking information Archie explain any material difference between subsequent actually events and such forward looking information, except as required by applicable law. In addition, during the course of this call. We may refer to certain non-GAAP financial measures include.

But not limited to adjusted net earnings adjusted net earnings per share or adjusted net EPS adjusted EBITDA adjusted funds from operations and divisional operating profit. There is no standardized measure of such non-GAAP financial measures and consequently, <unk> method of calculating these measures may differ from methods used by other companies.

And therefore, it may not be comparable to similar measures presented by other companies.

For more information about both forward looking information and non-GAAP financial measures, including a reconciliation of non-GAAP measures to the corresponding GAAP measures. Please refer to our most recent MD&A filed on SEDAR in Canada or Edgar in the United States and available on our website and that concludes our call. Thank you for joining.

This concludes today's conference call. Thank you for participating you may now disconnect.

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