Chris Huskilson appointed Chief Executive Officer OAKVILLE, ON, May 10, 2024 /CNW/ - Algonquin Power & Utilities Corp. (TSX:AQN) (NYSE:AQN) ("AQN" or the "Company") announced today that the Board of Directors has appointed Chris Huskilson as Chief Executive Officer with immediate effect. Mr. Huskilson, who has been Interim CEO since August 2023, will continue as a member of the Board. Mr. Huskilson's CEO appointment has been made following a thorough search conducted by the Board with the support of a nationally recognized search firm.  Kenneth Moore, the Chair of the Board, said, "The Board is extremely pleased to have selected Chris based on the progress being made at this important time in the Company's history.  Chris has both a tremendous track-record and significant industry experience, making him well-suited to lead AQN as it continues its strategic transformation into a pure-play regulated utility. The Board and Chris continue to work on the longer term CEO succession plan." Mr. Huskilson said, "After serving as Interim CEO for the last nine months, I am more convinced than ever that we are on the right path.  I see opportunity throughout the business to improve our consistency and profitability as we look to successfully execute on the sale of our renewables business and focus on our regulated utilities as a stand-alone business." First Quarter Financial Results The Company also announced today financial results for the first quarter ended March 31, 2024. All amounts are shown in United States dollars ("U.S. $" or "$"), unless otherwise noted. "In the first quarter, we continued our efforts to simplify the business and transition towards a pure-play regulated strategy, which included successfully winding down our international non-regulated development activities and our North American development joint venture," said Mr. Huskilson. "Our renewables results came in on target and we continue to make progress on the sale with an unchanged timetable. Although I am pleased to see growth in our Regulated Net Utility Sales and Divisional Operating Profit1, we have more work ahead to reduce our cost structure and focus on the Regulated Services Group as a standalone business." Mr. Huskilson continued, "It was also a busy quarter on the capital front, having closed approximately $2.3 billion in financing transactions. We appreciate investor confidence in the Company and the work we are doing to create long-term value for shareholders." First Quarter Net Utility Sales and Net Energy Sales1 of $519.9 million, an increase of 6%; First Quarter Adjusted EBITDA1 of $344.3 million, an increase of 1%; First Quarter Adjusted Net Earnings1 of $95.6 million, a decrease of 20%; and First Quarter Adjusted Net Earnings1 per common share of $0.14, a decrease of 18%, in each case on a year-over-year basis. All amounts in U.S. $ millions except per share information Three months ended March 31 2024 2023 Change Revenue $             737.1 $             778.6 (5) %     Regulated Services Group Revenue 636.6 688.2 (7) %     Renewable Energy Group Revenue 100.1 90.1 11 % Net earnings (loss) attributable to shareholders (89.1) 270.1 (133) % Per common share (0.13) 0.39 (133) % Cash provided by operating activities 130.7 34.2 282 % Adjusted Net Earnings1 95.6 119.9 (20) % Per common share 0.14 0.17 (18) % Adjusted EBITDA1 344.3 341.0 1 % Regulated Services Group Divisional Operating Profit1 257.0 245.7 5 % Renewable Energy Group Divisional Operating Profit1 86.3 95.2 (9) % Adjusted Funds from Operations1 189.2 208.1 (9) % Dividends per common share 0.1085 0.1085 — Long-term Debt 9,089.7 7,849.0 16 % 1 Please refer to "Non-GAAP Measures" below for further details. First Quarter 2024 Highlights Regulated Divisional Operating Profit growth from new rate implementations and recovery of investments – The Regulated Services Group recorded year-over-year growth in Divisional Operating Profit of 5% (see "Non-GAAP Measures" below). This increase is primarily due to the implementation of new rates and recovery of investments made at the CalPeco, Empire Oklahoma, and Granite State Electric Systems, as well as improved wind production at Empire Electric. Update of new renewable energy facilities within the Renewable Energy Group – During the first quarter, the Company purchased the remaining 50% equity interest in the Sandy Ridge II Wind Facility. Over $2.3 billion of financing transactions closed, including successful remarketing of senior notes, underpins investor confidence in AQN – The first quarter of 2024 was busy on the financing front for AQN. Successful initiatives included: Issuance of approximately $850.0 million of Senior Notes – On January 12, 2024, Liberty Utilities Co. completed an offering of $850.0 million of senior notes. Net proceeds of the offering were used to repay indebtedness. Issuance of approximately $305.5 million of Securitized Utility Tariff Bonds – On January 30, 2024, Empire District Bondco, LLC completed an offering of approximately $305.5 million of securitized utility tariff bonds to recover previously incurred qualified extraordinary costs associated with the February 2021 extreme winter storm conditions experienced in Texas and parts of the central U.S. and energy transition costs related to the retirement of the Asbury generating plant. Remarketing of 1.18% Senior Notes due 2026 – On March 28, 2024, the Company successfully remarketed its $1,150.0 million of previously-issued senior notes related to its green equity units. The proceeds from the remarketing were used, as an interim step prior to settlement of the purchase contracts issued as a component of the green equity units, to purchase a portfolio of treasury securities maturing on June 13, 2024, and funds generated upon maturity of the treasury portfolio are expected to be used on June 17, 2024 to settle the purchase contracts. Progress on business simplification strategy – During the first quarter, the Company continued to execute on its previously-stated goal of simplifying the overall business. These initiatives included purchasing the 50% interest previously owned by Ares in Liberty Development Energy Solutions B.V. and Liberty Development JV Inc., which the Company had used as its non-regulated development platform, selling its interest in three development solar assets in Spain to Atlantica Sustainable Infrastructure plc, and selling its 100% equity interest in the 74.9 MW thermal facility in Windsor Locks, Connecticut. Quarterly Adjusted Net Earnings per share growth offset by simplification and growth funding - For the quarter, the Company's Adjusted Net Earnings per share were down $0.03 year over year, with growth in the Company's regulated business offset by the winding down of the Company's development joint venture, increased interest expense to support growth, and a resumption of tax credit recoveries to a more normalized run rate versus the same period in the prior year (see "Non-GAAP Measures" below). AQN's unaudited interim consolidated financial statements for the three months ended March 31, 2024 and management discussion and analysis for the three months ended March 31, 2024 (the "Interim MD&A") will be available on its website at www.AlgonquinPower.com and in its corporate filings on SEDAR+ at www.sedarplus.com (for Canadian filings) and EDGAR at www.sec.gov/edgar (for U.S. filings).  Earnings Conference Call AQN will hold an earnings conference call at 8:30 a.m. eastern time on Friday, May 10, 2024, hosted by Chief Executive Officer, Chris Huskilson, and Chief Financial Officer, Darren Myers. Date: Friday, May 10, 2024 Time: 8:30 a.m. ET Conference Call: Toll Free Dial-In Number 1 (800) 715-9871 Toll Dial-In Number 1 (647) 932-3411 Conference ID 2875788 Webcast: https://edge.media-server.com/mmc/p/obfgqcep  Presentation also available at:  www.algonquinpower.com  About Algonquin Power & Utilities Corp. and Liberty Algonquin Power & Utilities Corp., parent company of Liberty, is a diversified international generation, transmission, and distribution utility with approximately $18 billion of total assets. AQN is committed to providing safe, secure, reliable, cost-effective, and sustainable energy and water solutions through its portfolio of generation, transmission, and distribution utility investments to over one million customer connections, largely in the United States and Canada. In addition, AQN owns, operates, and/or has net interests in over 4 GW of installed renewable energy capacity. AQN's common shares, preferred shares, Series A, and preferred shares, Series D are listed on the Toronto Stock Exchange under the symbols AQN, AQN.PR.A, and AQN.PR.D, respectively. AQN's common shares, Series 2019-A subordinated notes and equity units are listed on the New York Stock Exchange under the symbols AQN, AQNB, and AQNU, respectively. Visit AQN at www.algonquinpower.com and follow us on Twitter Caution Regarding Forward-Looking Information Certain statements included in this news release constitute ''forward-looking information'' within the meaning of applicable securities laws in each of the provinces and territories of Canada and the respective policies, regulations and rules under such laws and ''forward-looking statements'' within the meaning of the U.S. Private Securities Litigation Reform Act of 1995 ...